While it is possible to make money online without betting any money, taking part in poker tournaments, or even playing against the house, there is an increasing amount of opportunity to make real money through playing online poker.
With the right strategy, dedication, and math skill, it is possible to become a high-roller in no time. Let’s take a look at how to make money playing online poker:
The High Roller Mentality
First off, it is important to understand that the poker world is changing. While playing online has offered great benefits for players, it has also opened the doors to a new level of competition. With the rise of bots and online tracking, players are constantly under the microscope. With more scrutiny comes greater expectation and, eventually, greater profitability.
In the mid-2000s, it was common for poker players to travel to Vegas to participate in the World Series of Poker. These days, the Vegas trip is considered a luxury. Even diehard poker fans can’t help but feel the momentum shifting as the sport evolves.
It used to be that the winning factor in poker was largely psychological. While a few lucky souls may have had the advantage of superior intellect, in the grand scheme of things, good old-fashioned luck was the name of the game. Poker analytics has taken the mystery out of the game, and it’s made a big difference. The days of putting your pants on one leg and your shirt on the other just to make sure you weren’t cheating are long gone. It’s all about the math now.
The Math Behind High Roller Play
Back in the day, if you won big playing poker, it was largely because you were fortunate enough to get some good cards and dealt a royal flush. While getting lucky is great, it’s not the most efficient way to win. To put it plainly, you can get lucky and still lose, sometimes badly.
The key to being a high roller is not relying on luck but instead using statistics to your advantage. This means keeping track of appropriate indicators and relying on them instead of on your emotions. If you can master this, you will be able to beat the house, and the opportunities for real profit are endless. The following indicators can help you spot trends and patterns, and therefore identify potential winning hands:
- The frequency of certain hands
- The strength of certain hands
- Whether to raise or fold certain hands
- Whether to play tight or loose
- The type of betting strategy to employ
- The type of poker table to play at (Tables or Stacks)
- The optimal number of players to play with (Determines how much competition you should expect)
- The deck (Determines the randomness of the whole game)
- Whether to play at all hours of the day (Determines how much luck you’re going to get)
- Whether to play in tournaments or just for fun (More fun, but less money)
The first step in preparing for high roller play is to determine how much experience you have. While it’s always great to get off to a good start and establish a healthy bankroll, you need to be realistic about what you’re capable of. Calculate how much you’re going to need to play with, how much you’re going to need to spend on gas, how much time you can spare, and so on. Be smart about how much you’re risking. Otherwise, you’re simply throwing away money that you may need for other purposes. Planning is extremely important when it comes to using statistics in order to beat the house. You can never have enough information, so take the time to develop a game plan before even touching a poker chip.
How to Play at the Right Level of Competition
The next step is to determine the right level of competition for you. Like with anything else in life, you get out of something what you put in. The more you participate in poker (either online or off), the more you’ll learn and the more you’ll be able to profit from. The general rule of thumb is this: the more professional the player, the greater the potential for profit. The flip side is that you’re bound to lose money if you play with people that are outside of your league. Never play against the big boys in the first place, or if you must, go at your own risk. It’s always a good idea to scope out the level of competition before getting into high roller play.
Build The Right Bankroll
Once you’ve decided what level of competition you’re willing to face, the next step is to build a bankroll. Your bankroll is the amount of money you’re willing to risk. You can’t afford to lose more than what you’ve got in your bankroll. Your bankroll is your insurance policy against loss. It can be handy to keep track of how much money you’ve got left over from your last bankroll. Knowing how much you’ve got left helps determine how much you should risk per hand. One good way to build your bankroll is to play in tournaments. For more information on why playing in tournaments is a great way to build your bankroll, check out our blog post here. Another very important rule about building your bankroll is to never, ever borrow money from anyone. You’ll end up in a lot of trouble if you do. Instead, use your own savings or take out a loan against your home. Having a home equal in value to at least two years of your annual salary in the event of losing the house is something to be careful about. It’s also important to build a diverse bankroll, including both winnings and losses. Your goal is to end up with a bankroll that is as close to 100% winning as possible. The more you can do to increase your odds of winning, the greater your potential for profit. If you’re looking for a quick and easy way to make money online, you could try taking part in online poker tournaments. There are many different sites where you can play for free or for real money. Just make sure you’re aware of the gambling laws in your country.
Taking part in poker tournaments offers many advantages. You get to test your skills against other people, you can build a bankroll, and you can potentially win great prizes. Whether you win or lose, you learn a lot. If you do decide to give it a try, make sure to follow all the right steps. First off, make sure you’re eligible to participate. Second, make sure you read the T&C’s (Terms and Conditions) before you start playing. Third, make sure your own country and state of California allow for online gambling. Finally, make sure you have a private place to play, free from distractions. This is especially important if you’re going to be playing for real money. If you keep all of these things in mind and play responsibly, you can’t go wrong. Good luck out there.