Monday, 6 August 2012

The WSOP main event favourite?

He's been chosen as the favorite by betting sites to take down the 2012 World Series of Poker Main Event at 3-1 odds, and the man himself, Jesse Sylvia seems to agree with this by reportedly saying, "I will be the next champ."  The odds, and most likely a lot of Sylvia's confidence, are based on his chip lead.  He'll be sitting down in seat 6 at the Rio, Las Vegas on 28th October with a stack of 43.8 million chips.

Sylvia says he's learned a lot from fellow final tablist Russell Thomas, whom he roomed with in 2010.  Since that time, Thomas went on to a full time job as an actuary while Sylvia turned pro.  They had many conversations during the first 10 days of the 2012 Main Event, about chip counts and hands played and a few jokes about the impossible dream of them both making the final table.  But by the time they got to 10-handed they both just looked at each other, too speechless to do anything but shake their heads in wonder
.
Jesse started playing with friends in home games during in his final year of high school in his home town of Martha's Vineyard.  He moved on to on-line play once he was in college, making small deposits and learning the game.  It was in his senior year that he stunned fellow students and himself by cashing in a big Sunday online tournament for over $100,000 - playing in the university's math lab because his own laptop was broken.  He's had many peaks and valleys since he started playing, but Jesse says he needs those in his life, not just working a regular job in an office.

Though Sylvia says he can live on no money and be very happy, and in just making the final table has made a lot of money, he does recognize that it's not the kind of money to do whatever you want for the rest of your life.  But still his gut instinct tells him that come 28th October, Jesse Sylvia will be 'going for the glory' and the WSOP Main Event bracelet.

Carl "The Dean" Sampson plays poker at www.pokerstars.co.uk

Saturday, 4 August 2012

The FTP balances

Christmas bonuses are not really relevant for professional poker players.  Even recreational players don't equate the holiday season with poker unless there happens to be a great tournament they can make around that time or the extra time off they might get from their day jobs gives them extra playing time.

This year, however, anyone who has a balance on Full Tilt Poker (formerly known, at best, as a balance in limbo) might be feeling like a Christmas bonus is coming their way.  Many, if not most, of the on-line players who had money on FT when the ground fell out from under us courtesy of the U.S. Department of Justice shut-down, had gradually stopped thinking of their balance as real money as the reality of the big freeze took hold.  The loss sank in more quickly for some, but it was painful for all.

And now, TA DAH!  The official announcement has finally come that balances will be repaid, and we can be done with hints, inklings and speculation at long last - at least regarding the legitimacy of the PokerStars/Full Tilt deal.  International players have the most clear-cut information at this point: www.pokerstars.co.uk  will be repaying balances in full.  U.S. players have to apply to the U.S. Department of Justice, which is quite a bit more daunting.

But any online player who had a balance on Full Tilt now finds their balance changing colors - again.  If they had money on the site, they were in the black.  Losing that balance put them in the red.  Now come the shades of grey.  Some view it as 'found' money and have said they'll splurge with it.  Some have 2010 tax debts that must be paid (or repaid).  Many are saying they plan to leave their balances on Full Tilt because 'the best poker software in the world run by the best poker business in the world' will be their best bet.  But the resounding feeling from all players is 'Tis the season to be jolly!'.

Poker in Prague

The city of Prague is home to many wonders, ancient and modern.  Some of the newest:
The infamous Ice Bar atop the Hilton Hotel - where the customers all look like Jedi knights once they're wrapped up in the hooded cloaks the bar provides.  Though I'm not sure Yoda would approve of the 'Minus 9', the most popular cocktail the bar serves: vodka, cranberry juice and elderberry syprup, served in a beaker made entirely of ice, as is most everything else in this balcony bar overlooking the city.

Fancy hurtling down a mountain at 62km?  The Prague Bobsleigh track begins gently enough but the pace picks up very quickly as you ride on your little sled down and down through eight looping curves.  There is a handbreak and helmet provided for the more sensible adventurist.
But possibly the most exciting experience Prague offers in 2012 is the MindSports Festival in November/December.  On offer will be Scrabble, eSports, Backgammon, Bridge, Risk and a stunning three weeks of poker events.

The Prague Poker Festival will take place 26th November through 16th December at the King's Casino and 5-star Corinthia Hotel.  Numerous titles are on offer here including World Poker Tour, PokerStars European Poker Tour and the Grand Series of Poker Live.

The WPT main event will start with day 1A on 3rd December and run through the 9th.  They've included 3 starting days for this 3300euro entry event.
The EPT main even will follow starting on 9th December through the 14th - a six day event with an entry fee of 5300euro for which structures will be published later this month.

The GSOP live begins their 1000 + 100 euro main event on 12th December for four days of play ending on the 15th.

The World Sit 'n' Go Masters kicks off the Prague Poker Festival on 27th November with a 2,200euro entry, four day event.  Another notable is the Kings High Roller two day event with an entry fee of 20k euro running 7th and 8th December.  888, win365 and PokerTraveller all have events lined up as well (many of which have entry fees around 500euro) to make this festival a fantastic reason to visit Prague and experience as many wonders as you can handle.

Carl "The Dean" Sampson plays poker at www.pokerstars.co.uk

Thursday, 2 August 2012

Value betting is the key

One of the key areas where players fall down in no limit play is by not extracting the full value from their hands or as much value as they possible could. Let us say that the total possible losses in poker amount to $500,000 per year while the total possible gains amount to the same.

A good player may reduce those losses by $100,000 over the space of a year and come close to maximising their value and have $450,000 in gains. This leaves them with a net plus of $50,000 in profits. Poker is about maximising the value that you get from winning hands. If you do not try to do this all the time and you are merely "satisfied" with winning pots then you will stagnate as a poker player.

Quite often you will need to value bet in spots where other players may fear to bet at all. Like for example if you have 10c-10d and the board is 9-5-2-A-5. If you bet the river then there are many hands that can call you that called on the flop. Hands like top pair or 8-8, 7-7 and 6-6. If you do not like the thought of betting fully for value then you can dovetail the number of hands that beat you to the size of your value bet. So however thin or thick your value is can be tailored to your value bet size.

Come and play poker with The Dean at www.pokerstars.co.uk

Making a living from poker

Is it possible for a player to make a living from poker with almost no money? Well that depends on the player and how good they are. The answer to the question is "yes" but that comes down to how good the player is and not how much they have has a bankroll.

A strong NLHE player will be able to use a 20 buy in bankroll at say NL50 which is only $1000. Even a mediocre winning reg who won say $5/100 hands would make $15/hour plus rakeback and sign up bonuses.

Adding rakeback and sign up bonuses would add another $5/hour and so a mediocre winning player could make $20/hour. For a 50 hour working week then this equates to $1000/week and $50,000/year. This is not the kind of money to make you rich but we are talking about money that at least 99% of the online poker playing population couldn't earn.

In fact there is no way that even 1% of the playing population were earning $50,000+. With a global poker population of around 50 million then 1% is 500,000 people. So if 500,000 people were taking $50,000 or more from the economy then the entire online industry couldn't sustain those losses. That equates to $25 billion. I would be surprised if even one player in a thousand made $50k from playing online poker.

Carl "The Dean" Sampson plays poker at www.pokerstars.co.uk

Tuesday, 24 July 2012

The World of Professional Poker Part 2

The 2000 WSOP winner Chris “Jesus” Ferguson renowned as one of the best players in the world once went 18 months without seriously cashing. If players as good as that can experience runs like that then what price the lesser players. It is why behind the scenes, players are constantly swapping pieces of each other in tournaments and doing deals that the public never get to see. Then we have the mystery financial backers that are behind a lot of professional players, these are the guys that make the money without even playing poker as long as they tag on to a good enough player.

In short, the named players do not need money because they know that they can get it from somewhere or someone. If a player had to finance themselves these days to play on the circuit, there would be hardly any big name players. The top players know how demanding tournament poker can be and is why they frown on the publicity thrown on certain players all because they have won a tournament or two. They know that the reverse can easily happen and especially in some of these tournaments with speeded up structures where literally anyone can win if they are aggressive enough and have enough gamble to try and amass a big stack.

But the way that poker is promoted and marketed, it advertises BIG tournaments with BIG prize money to lure players into the game in the same way that the National Lottery attracts people to buy lottery tickets by making the jackpot well into seven figures. They know that if they spread the prize money more evenly that many people would lose interest once they knew that even if they did win that the amount would not be a life changing sum of money. But players perceive that they are in with a shot of winning these tournaments but for the vast majority of them, this is an illusion.

You will no doubt have heard of the term “dead money”. It is a term used by the pro’s to indicate the players in the tournaments that have no chance…it is just a polite way of saying it. But if you asked one hundred players if they viewed themselves as the “dead money”, how many would say yes? But when one of them gets lucky by winning one of them by overcoming astronomical odds then they are touted as the next poker superstar. Look out for part 3 of this series coming soon.

The World of Professional Poker part 1

I want to lift the lid on just what professional poker actually is in 2012 and to wipe away the crap and the smokescreen that is created. The reason that I have included this topic in my blog is very simple. During your poker life, you will be constantly bombarded by pictures and stories about all things poker on TV, websites and magazines and such. Some of it is good stuff and some of it is not so good.

Something can be bad in many different ways, it can be bad if it is misleading and someone is trying to learn from that piece of material. In fact MIS-LEADING is probably a better phrase for the image of the poker world seen through the eyes of the average person. Let me tell you a few home truths about tournament poker. There are not many players making it pay operating solely on their own and this is not my opinion but common knowledge within the industry.

What the successful professionals are doing that you hear about is cushioning their participation by other means. Many of them have big sponsorship deals from magazines and poker sites that actually pay for or heavily subsidise their tournament buy ins. Any player that plays on the big circuit needs at least $650,000 in buy ins alone every year, add to this the air fares and hotel expenses and everything else that goes with it and it is approaching a million dollars.

A player has to win close to a million dollars a year just to BREAK EVEN. If they have a bad year then they could very rapidly get into serious financial difficulty of which many actually have. A couple of years ago, a big name World Series of Poker bracelet winner had to pawn their bracelet in a Las Vegas pawn shop because they were skint. The entire thing was kept under wraps and to avoid any embarrassment for the player, I will not name him as I know people who are good friends with him. But these stories are common in the poker world, the variance in these big tournament fields these days is frightening. I will going deeper into this topic in part 2 and so look out for that.

Come and play poker with Carl at www.pokerstars.co.ukhttp://www.pokerstars.co.uk/poker/how-to-play/strategy/