Poker Stars Get Into Easter Spirit Early!?!

Joe Cada, Peter Eastgate, & Daniel Negreanu as playboy bunnies

So I came across this picture on some chick's blog... :)

 *Check out our videos for more fun online poker stuff!

 

 

Rule #1: Bankroll Management

Rule #2: BANKROLL MANAGEMENT! (*No, I can’t resist even the most obscure chance to reference Fight Club, so get use to it chickies…)

If this blog goes on for 50 years and I post 15,000 quality posts, I promise that this is the one you NEED to stick with you if you want to succeed in this sport. PREFACE: If you find you’re the type of person that lets “pride” or “arrogance” seep into their decision making process, then I would highly recommend you: a) fix the glitch that’s causing this problem (and it is a problem my friends), or b) throw in the [proverbial] poker towel.

Even the best poker player in the world (that’s right, even [Insert Player's Name Here] can AND WILL go broke without appropriate management of his allocated poker funds). So let’s get this concept out in the open, decide to stick like glue to some basic guidelines, and “going broke” will be something you will only have to watch others (who shrug off rules 1 & 2) do.

The fact of the matter is, whether you’re a newly competent poker player or a seasoned professional, your monetary lifeline must be used appropriately. With proper bankroll management (which I’ll detail subsequently), players are able to comfortably play and increase their levels, take shots at exceptionally juicy games, and avoid the faux pas of a premature poker death (read: go bust).
*Note: The “guidelines” below apply to players who have a good handle on the game. They’ve played thousands of hands, practice concepts such as: table selection & playing in position, and so on… If you are not “there” yet, no worries, it’s only a matter of time & practice– so either practice at penny poker or the “for fun” tables until you’re comfortable with some of the novice concepts.

There’s REALLY no reason to “practice” at levels about $.02/$.04. Don’t make these early “lessons” any more expensive than they really need to be.


POKER BANKROLL MANAGEMENT GUIDELINES:

GAME	HIGH RISK	BALANCED	PRO/CONSERVATIVE
Limit Cash Game	200+ Big Bets	300+ Big Bets	400-500+ Big Bets
No-Limit Cash Game	15+ Max Buyins	20+ Max Buyins	30-40+ Max Buyins
SnG Tournaments	15-20+ Buyins	25+ Buyins	30-40+ Buyins
MT Tournaments	60 Buyins+	80+ Buyins	100+ Buyins

Poker & Taxes

Whether or not you play poker for a living or as a hobbyist, if you do it while living inside the US of A (and wager real money while doing so), the government is going to want their piece of your action.

If you play for recreation, your tax filing is going to be pretty straightforward. You’ll simply add all of your gambling winnings/losses up at the end of your tax return.  Whether or not you’re planning to have an accountant take care of your finances or you opt to fill it out online, be relieve to know that this is very difficult to mess this up.  Note: Filing as a recreational gambler, you will not get to write anything off as a tax deduction (other than writing off a portion of your losses if you are a loser– no nice way to put that). And yes… you will have to pay taxes on any/all winnings… just like a waiter has to pay taxes on all of his tips <wink>. But seriously…

If you are a professional poker player (definition of a professional poker player: your sole source of income comes from playing poker) then you are in a very different boat altogether. You are “self-employed”. Woo hoo… feels good doesn’t it? Materials, travel expenses, business lunches, computers, gas… these are all part of your business.  Your business is you- the poker player.  There are a plethora of things that can be deducted when you make poker your own “business”.  I highly recommend you do your research on this if you are a professional. The more you know, the more you’ll be able to lessen the sting (legitimately) come tax season. I have read three books thus far that I found useful.

1. How to turn your poker playing into a business

Although not the best for tax advice in general, a must read if you are going to be playing poker for a living.  This book is very useful if you play a lot in brick and mortar casinos (live poker).

2. The gamblers guide to taxes

This book deals with more of your recreational pit game gambler.

3. How to pay zero taxes (2008 Edition)

This book gives excellent tax advice and is the most useful overall.

Poker tracker is a good tool to help you track your daily wins and losses.  In the event of an audit your auditer will likely want to see that you have kept good records as a poker player.  A daily log showing wins and losses is a must for record keeping. I recommend you keep a detailed daily log in a spreadsheet such as Excel– but whatever works best for you.

Women & Poker...

these are the things they'll have to work tirelessly to overcome...

 

I actually feel for Jennifer in this clip– you can tell she’s super nervous. But Jesus– who checks a river like this? Is it just me or does Jennifer Harman actually sneer at her for a nanosecond?

  

Pretty humorous. If you’ve ever seen the Poker After Dark series where Clonie Gowen plays with Gus Hansen, then you’ll have already noted how uncomfortable she seemed to constantly make him. Hands down the first time I’ve ever felt sorry for a guy for a female making advances at him.

  

No comment…

  

Here we see Tiffany Michelle go above and beyond to avoid any traces of poker etiquette.

  

Apparently, some “pros” can’t even read the board. Wow, wow, wow. How polite of Chad Brown to check that down and not make her look worse.

  

This really annoyed me. I mean, it’s bad enough you choose to gloat in a fellow female players’ tourney demise, but did you forget you were on TV while doing so? The heel click is very subtle…

 

Okay-- clearly a setup, but this video went viral and now women look incompetent because these chicks are too easily amused.

 

Let's Talk About Rakeback baby...

Let’s talk about you      and     me  ….

Okay, now that song can be stuck in your head too!


Well, with the successful launch of PokerFish Rakeback, I feel the need to discuss this incredibly lucrative topic.

If you’re completely in the dark about what rakeback is, I recommend you take a peek at our static FAQ Page for a textbook definition-- but basically, it's money you receive every month just for playing online poker (and the more you play the more you earn).

The bottom line is, there is NO WAY you (or anyone else) should be playing online poker (for real money) unless you’re playing under an account that is earning you rakeback. It would be the like working at your job for no paycheck.

Below is the visual image I get whenever someone tells me that haven’t “signed up for rakeback…yet…”:

Let’s talk about the pros and cons of playing online poker while earning rakeback… shall we?

Pros:

1. Signing up is easy and earning rakeback is even easier-- I mean it's passive income. Essentially, you are receiving funds for something that you’d be doing anyway as a poker player… Rakeback is paid directly into your poker account on a regular basis. Check out our Rakeback Offers to get started now.

2. You can be a “break even” poker player and, with rakeback, be turning a consistent profit still! That’s right… you don’t even have to be that good! LOL. However, I imagine you WANT to be good, and while you’re getting there, rakeback is a great way to prevent you from going busto. But, since we don't like the idea of our members just "breaking even" in their play for long, we've created the "How To Become A Successful Online Poker Player" video tutorial series.

3. Rakeback allows you, as your skills increase, to build your bankroll exponentially (you are now making money in multiple ways after all) and this will allow you to graduate to higher limit games (where your profits will increase) and so on and so forth…

Cons:

Hmmm… can’t think of one… unless of course you suffer from Chrematophobia.

So how much can one earn playing poker for rakeback? Check out our Rakeback Calculator to get a realistic estimate on what YOU can realistically expect to be paid each month.

For example though--

Let’s say you play $1/$2 No Limit Hold'em, 6 handed, for an average of 3 hours a day (your lunch break and before you go to bed).

At 30% rakeback (like you'd get at Ultimatebet) playing 4 tables at once (which is not difficult once you've been playing a couple of weeks or so)… well, that’d earn you about $500 a week!

That’s an extra $26,000 a year! Just for playing a few hours of leisurely online poker.

And remeber, THAT’S if you’re a break-even player! If you are a winning poker player, then you’re obviously making much (much!) more…

SIGN UP AT POKERFISHRAKEBACK.COM NOW & START EARNING RAKEBACK!

Poker Raps... yo

I’m just going to go ahead and say it. I love poker raps. Yes… why don’t I marry them? I’d totally marry them. All day and then tomorrow. I think they are funny, interesting, & entertaining (the big 3!). Once I listen to one… I just want more.

Now, there are exceptions of course… some are WAY too serious and therefore come off as pretentious and irritating– you know what/who I’m talking about. But in general, you really can’t top the “intrigue” factor of a good poker rap.

So, without further ado, here are a few worth listening to:

 

 

Is it just me or does Prahlad Friedman make Vanilla Ice look like DMX?

Phil Hellmuth's Lack of Composure

No. This is not new or newsworthy per se... what it is: extremely entertaining.

And maybe a couple oldies but goodies as well...

 

I mean.... I could watch these all day :)