Well there many players that actually do make a living playing poker. It can be online or offline. You have pros like Phil Ivey, Daniel Negreanu whom are professional poker pros that started off live and then played online as well. You have pros like Tom Dwan and Daniel Cates whom are online specialist that turn literally nothing into millions. You have great stories such as Annette Obrestad whom at the age of 15 turn literally nothing into millions by willing a free roll poker tournament and then the rest is history. Also there was Chris moneymaker whom made the poker boom when he won the World Series of Poker Main Event in Las Vegas as an amateur. He qualify by winning a $40 satellite tournament at Pokerstars when it was still legal in the US. He literally turned $40 into 2.5 Million in the most prestigious poker tournament of the year.
So where does that leave you and me. Well you have to start somewhere and the best place to start is in your own home. You can find friends that play poker and play home games until your knowledge of the game is good enough to make the jump to the casinos. If you don’t have any friends that play poker, don’t worry about it. There are hundreds of free poker games online that you can play and build your skills from. They even have poker on Facebook. In addition there are thousands of poker books that you can read and lots of articles online that you can related to poker.
Now what do you do after you think you have a good grasp of the game? You head to the casinos and play in their daily poker tournaments which can run from $35-$100 depending on the poker room and the casino. So how much can you win from a $35 – $100 tournament?
Lets break it down
$35 tournament with an average of 100 players is about $3500 in the prize pool. 1st will be around $900 give or take. You still make money if you get into the final table.
So lets just say there is around 100 players every time you play poker.
- $35 gives you a payout of $900
- $55 gives you a payout of $1400
- $100 gives you a payout of $2500
These are just the daily tournaments in the casinos. Normally when you get 1st place in a daily tournament they give you a free buy in into a bigger one like a $225.
- $225 gives you a payout of $5,600
So if you can have a win rate of 3 first places a month at the lowest level at $35 you can still make $1650 profit for playing 30 games.
Where do you go from here? Well you try out for $50-S100 satellites. That will get you into bigger tournament buy ins with more players. Or you can use your poker
winnings and buy into them if you have the bankroll for that. We will talk about bankroll management in another post.
So now that you are in a $600 buy in tournament and you happen to take that down. That is Equivalent to the average middle class worker.
Here is an estimated payout for these high buy in tournaments that you would normally expect with high volume.
- $600 gives you a payout of $40,000
- $1,000 gives you a payout of $100k
- $1,600 gives you a payout of $180k
Now you can only imagine when you get up to the $5,000 and $10,000 buy ins that will get you $1-$10million dollars. They even have a millionaire maker in Las Vegas for only $1500 . You can turn that into $1million. Poker isn’t for everyone but it can be a great hobby to earn extra money. Furthermore, if you really get lucky you can have a Cinderella story like Chris Moneymaker. Hope you run good in all your poker games and try to stay away from that nasty river for the bad beat. GOOD LUCK