Is online poker a viable source of income?
Making money through gambling is akin to living the dream. A limitless, tax-free living, all attained through little-to-no work. And yet, is no easy thing. While you can tip the odds in your favour, ultimately, this is a pursuit of chance. Poker, however, is a game of skill, so can we make a living from it? Success at poker is also dependent on your current skill level.
Fortunately, many rooms offer and tickets. Meaning you can bypass the entry fee or buy-in, giving you an opportunity to begin to build a bankroll. Of course, for those of you who play poker often enough, enjoy it and win regularly, then it is more than likely that you have given serious consideration to the idea of turning professional already. Such might be either full–time or to supplement your current wages if you are struggling to stretch across the month and you need to bring home a little extra money for yourself or your family. While making it as a high roller or taking the World Series of Poker (WSOP) by storm might be a fantasy, it is quite possible to make some extra cash playing online poker.
Before you begin to play for cash, you will need to ensure that you are the best poker player you can possibly be and that your card skills are finely tuned. Practice and hard work bring with it improvement so read up and study the game, be it Omaha Hi-Lo, Texas Hold ‘em or Seven–Card Stud. Be sure to observe and learn from great players, either from the rail or through the live streams that have become increasingly popular within the online poker community. This way you will further your knowledge and understanding of the game while building your confidence and taking your game to the next level.
Consider it an investment for the future.
The first thing to remember is to consider playing online poker as an investment into the future than a chance to make big money right away. This way, you are far less likely to blow through your hard earned — or won — money. Doing so is why it is critical to play within your means and only ever gamble with a bankroll that you can afford to lose. You achieve this by delegating an amount that you can never breach. In other words, set your limit and stick to it.
Set your targets
Another thing is to set out clear targets. Once set, make sure that you are comfortable and happy with these and remember that as your skills continue to grow with experience, so you can always increase your targets later. It is crucial to remember that the whole purpose of playing is to build up a significant enough bankroll to make a substantial supplement to your current, everyday income. Figure out the amount that you would be happy to win — or forfeit — for the hours that you plan on spending playing and set that as your target. For example, let’s say that your target is to win £100 every five hours of playing poker online.
Identify a game you can beat
Your next step on your way up poker’s ladder of success and you start playing for high stakes is to identify a game that you can beat. Such could be Texas Hold ‘em or Omaha Hi-Lo. Whatever you fancy. Some online poker players choose to focus on Sit & Go’s, which typically play on reduced tables, and many online poker rooms now offer a lottery-style prize–pool booster, designed to increase the payout. These, though, are highly randomised, and while success is as likely as in other games, so too is the likelihood of winning nothing more than your buy-in, which could be as little as a few pence. Either way, to be in for the best chance of making money playing poker online, you will need to spend time playing the discipline that you are the best at and most comfortable. It might take a little experimentation and is not typically an easy thing, but it is worth the research time to establish where your strengths lie.
If you are planning to treat online poker as a job, you will need to utilise all the tools available to you. We have already talked about advice from the pros and reading the right materials, but it is also worth investing in some of the broad range of online poker tools available that have the potential to make you money by keeping track of the things that worked and didn’t work for you in the past.
Specialised tracking software allows you to track statistics on every hand, meaning you can analyse your opponents as well as your game, helping you improve further and fine–tune your strategy. You will have to purchase this software, but again, think of this expenditure as an investment following the adage ‘you gotta spend money to make money’. If you start to win and add to your income as planned, then it will be more than worth it, and you can start to afford the finer things in life. Either that or you get so good that maybe, just maybe, is not such a pipe dream after all.