We posed this one to professional poker player and WSOP bracelet winner Blair Rodman, author of Kill Phil. Here's what he had say and -- fair warning -- you might not like it.
Playing poker for a living seems like a great concept, but it’s much harder than most people realize and the number of players who make a good income from just the playing of the game (excluding the outside sources of income for famous players) is much smaller than most people think.
Let’s break it down.
First and most importantly, can you beat the games? Vegas card rooms are populated by some of the best players in the world. Many a hometown champ has moved to Las Vegas with the dream of prospering as a poker pro, only to go back home with his tail between his legs -- and little else. And that was when the poker economy was strong, with lots of loose money around. In the current economic climate, the lack of loose higher-limit games has forced pros to play smaller-level games just to survive, thereby condensing the better players into fewer lower-level games, such as the ones to which you refer.
What are your strengths? There's a world of difference between limit, no-limit, and tournaments. Few players are adept in all arenas, plus which area to focus on is a highly individual decision.
The best way to determine your strengths and weaknesses –- and whether in fact you are a winning player –- is through meticulous record keeping.
How healthy is your bankroll? This is another crucial factor and many players with the talent to beat the games fail, because of a lack of understanding of variance and bankroll management. A rule of thumb used to be that you needed 200 times the big bet in limit games, i.e., $4,000 if you want to play 10-20 limit. Modern games are more aggressive and have bigger swings, so this needs to be adjusted upward.
I'd estimate a 2-5 no-limit game to be about the equivalent of 10-20 limit in bankroll terms. Tournaments are a different animal, with much greater variance. Many players go broke chasing the dream of playing on TV for millions of dollars.
Even for exceptionally talented players, the road to long-term success in poker is loaded with potholes. Proper bankroll management dictates that you play games small enough to keep your chances of going broke to a minimum. For most people, this means playing at limits that don't get the juices flowing. This is known as "grinding," a decidedly unglamorous way to survive in the world of professional poker. However, to stray away from strict bankroll guidelines or to "play above your bankroll" is courting disaster.
Another issue is that your poker bankroll should be completely separate from any other living expenses. Many players who have initial success want to live the life of a successful pro, which usually entails dipping into their bankroll. When the inevitable downswing comes … yet another aspiring pro hits the rail.
Other factors against the pro:
The bottom line is that making a living as a Vegas pro is a tough road that lacks much of the glamour portrayed in the media. If you have a game or games at home or on the Internet where you're making money, think hard before giving them up for the lure of Las Vegas. And not to be a killjoy, but players who do have the talent and discipline necessary to succeed in poker could probably succeed in many other areas that would be more exciting and rewarding.
