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Olympic gold medalist Michael Phelps, Brazilian soccer star Neymar and legendary Australian cricket player Shane Warne live-stream a game of online poker.
This heavy-weight match, of course, is a dream scenario. It comes from the mind of Seth Palansky, vice president of corporate communications for Caesars Interactive Entertainment. Palanksy primarily deals with the World Series of Poker‘s (WSOP) land-based operations. But with recent events, his duties have shifted online.
Online poker hasn’t gone anywhere. It, along with online casino games, have merely vaulted to the front of the gambling activity list.
Due to the coronavirus pandemic, all 465 commercial casinos in the US have temporarily closed. All sporting events have gone on hiatus. Spectators around the world have dug deep into the gambling pit and taken to betting on sports like table tennis and Australian rules football.
In a way, one could argue the chaos has reignited the online poker discussion. (Last year’s WSOP tournament and the success of Pennsylvania online casinos are examples of recent conversations with a pro-online poker overlap.) But if it continues to be talked about in a post-COVID-19 gaming world, it is an entirely different conversation.
Pushing the online poker discussion forward
The central question is not whether legislation can be passed, because four states have done it. Instead, it’s getting lawmakers up to speed on how online poker operates.
“It comes down to the familiarity of government officials with sports, more so than poker. Obviously, they are involved in their communities, and they have their sports teams, and so it’s much more top of mind,” Palansky said in an interview.
This is true. Generally speaking, most state lawmakers are more familiar with their hometown team than the complexities of poker.
Following the demise of the Professional and Amateur Sports Protection Act (PASPA), states salivated at the opportunity of bringing sports betting to their residents. However, in the ensuing commotion, online poker was left behind.
A seasoned executive in the gaming industry, Palansky said his constituents have tried to help push online poker legislation forward with a federal framework and continue to lobby at the state level.
But he also said the current state of gaming might also be a catalyst for further discussion.
“I think something like what we are going to be going through here, not in just the short-term, but this [pandemic] is going to have long-term ramifications on the economy. Government entities are going to be looking for funds to help solve some of the issues that are being created as a result of where we are today,” he said.
Multi-state player pools in online poker
“With sports betting grinding to a halt and, of course, 100% of commercial casinos closed in the US, it’s a shame the states can’t be getting some tax revenue during these extremely difficult times from online poker,” Palansky said in an email.
Currently, only four states are operating online poker:
- Delaware
- Nevada
The tax revenue generated is incremental compared to sports betting and general land-based casino revenue. It resembles more of a Band-Aid and is in no way keeping the gambling industry afloat. But it does, however, provide funds at a time where every nickel and dime is needed.
But according to Palansky, a critical hurdle preventing legislation from moving forward in other states is the understanding that online poker relies heavily on the ability to offer multi-state player pools.
Much like any gambler, players are interested in risking as little as possible to win as much as possible. However, according to Palansky, if you only allow players to compete against those in their state, you limit the prize pool up for grabs.
“The reason daily fantasy sports can offer those big prize pools is because they are offering them across multiple states. If they had to restrict to a single state, the prize pools wouldn’t be compelling enough to get people to play,” he said. “Same problem in poker. So, getting all players in the same pool allows the offering to be much more robust, which creates interest, creates demand and enhances the offering.”
Currently, DE, NV and NJ are locked in what is called the Multi-State Internet Gaming Agreement (MSIGA). This accord allows for players from the aforementioned states to compete against each other. Pennsylvania, unfortunately, only allows its players to compete against other players within its borders.
It can’t only be about the money
“The most important piece to understand for online poker is the reliance on liquidity to make it work. Meaning, right now, we are locked in a tri-state poker shared market where residents in NJ, DE, NV are all playing with each other. We are able to segregate by where the participant is from and ensuring the tax revenue goes back to that state on where the participant is.”
Some government officials hunt for revenue to balance state budgets. Others seek jobs to bring to their state. But there are a few lawmakers who look for both.
There is a painful trickle-down effect from the closure of all commercial casinos: No casino guests, no gambling dollars, no tax revenue and, most importantly, no jobs. Due to casino industry shutdowns, the American Gaming Association (AGA) estimates roughly 649,000 casino employees are out of work.
When it comes to online poker, Palanksy said one of the toughest questions to answer revolves around job creation.
“A lot of it seems to be dependant on jobs, how many jobs can be brought to the state,” he said. “Lawmakers like to have customer service located in their state, accounting, essential personnel, et cetera, et cetera. When running an online business, it’s hard to have 50 different staffing offices in 50 different jurisdictions.”
But regardless, Palanksy says “any online business that can generate tax revenue and jobs should be something all elected leaders should take a good look at to see if it works for their constituents.”
Proving it works
It’s a tough task to convince lawmakers anything. Try explaining geolocation to someone who doesn’t use a smartphone. But Palansky knows the power of a working product.
“What I think what we’ve done is we proved anything that needs to be addressed is being addressed inside these three states. Any other state looking to get involved, it would be very turn-key and very simple and very safe. The protections are in place, the regulatory framework is in place,” Palanksy said.
“We made (online poker) meaningful in Nevada. Then replicated it in New Jersey. Then you work with (lawmakers) to show how the revenue base can grow with other states.”
Palansky said some states could argue they have enough liquidity to operate alone, but the reality is, almost all don’t (outside of California online poker, if it happened.)
“Poker is going to need the ability to be across state borders with the eventual hope of a worldwide pool that has significant revenue potential,” he said.
What’s on the horizon for online poker?
The latest state to legalize online gaming was Michigan, which is expected to debut sometime in 2021. In addition to legal Michigan sports betting, the bill also legalizes online casino games, DFS and poker apps in Michigan.
The Wolverine State’s plan to join the MSIGA is still up in the air.
“They are writing the bill, so we will see how that goes,” he said. “We think everyone should be able to run (online poker), but we understand states want to take a cautious approach. But we are willing to do what’s necessary to prove it works. But it’s frustrating to see how quickly sports betting came about.”
In recent months, the WSOP has seen player traffic increase by 54%. Whether that number continues to trend upward is unknown.
“It’s hard to predict, but we are putting together new series with $4 million in guarantees in April,” Palansky said. “That shows we are bullish and willing to stick our neck out and anticipate (that) the demand will be there. But it’s hard to know, obviously this is a recreational activity, and we are cautiously optimistic that people will have more time on their hands and this is an activity to take your mind off things but also be successful and win some money.”
As the sporting industry grapples with ways to stay active, maybe a WSOP tournament featuring Phelps, Neymar and Warne isn’t such a bad idea. The NBA has recently gone the video game route and announced a player only NBA2K tournament.
Perhaps bringing together some of the most decorated athletes in the world to play poker isn’t such a bad idea.
“Knowing each of them a little bit, what’s great for poker is the personalities around the table,” Palanksy said.
There are many ways to make money on the web, and online poker is definitely a legitimate one to do it. In fact, there are thousands of professionals who play online poker on a daily basis and earn good money from it.
Therefore, to answer the topic question right away — yes, you can make a living by playing poker online. However, that’s not the right question to ask at all, so let me make a little correction right away.
The right question should be this – How hard is it to make a living by playing poker on the web?
Now, this is definitely something that you’re not going to like. It’s pretty difficult and requires a lot of practice, dedication, and sacrifice.
Poker player Adrian Sterne from Top10PokerSites.net published a well detailed article on making a living by playing poker online. Feel free to check that out if you want to learn more.
Online Poker Is a Job
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One thing you should understand is that making a living by playing online poker means accepting that this type of activity is a job at which you have to perform exceptionally well to earn your wage.
Therefore, if you consider it just an interesting pastime, you might earn some and lose some, but you’ll not be able to make a living out of it. As soon as you understand that you have to devote your time, energy, and money to it, you are on the right track to become a professional poker player.
Understand How to Earn from Online Poker
Earning from playing poker means understanding the way money flows within this game.
The first thing you should take into account is that the majority of people play it for fun. Some might be good at it, but the reality is that many of them are fish. Aiming for fish is something that all professionals do, as that is almost a certain profit. Players who understand how to play against new and inexperienced players have a firm ground from which they can take off and play poker.
However, playing against fish is definitely not your main source of income. Once you have enough capital to invest in the game, you would be able to see higher returns. Simply put, playing low-stake tournaments and cash games is not as lucrative as playing high-stake ones. If you’re good enough to beat opponents at high stakes, you can earn more money.
One of the important things you immediately need to understand if you want to earn money from online poker is that variance shouldn’t affect you. Professional poker players know that they might lose their entire stack and are ready to make such a loss on a short-term basis.
In other words, they accept that the element of luck is an inevitable factor in playing poker and that they will have periods when they lose more than they win.
It’s Often Very Risky
No matter how good they get, every professional player on the web who earns a lot of money this way is ready to risk. When you think of it, the risk is an inevitable part of starting any business. In fact, it’s a part of life and, as such, it’s present in the game of poker.
Imagine starting a business that offers products for professional athletes. You started it in December 2019 and your business began booming right away, as top-rated athletes have been buying your products. Then, all of a sudden, a pandemic kicks in, pulling all sports events to a halt. You’re out of money, but that was the risk you were willing to take.
The same goes for poker. Although pandemic might not really affect it, there are many ways that can make you hit the rail before you even start. The good news is that the more you practice and the more you study, the element of luck would have a lesser impact on your game.
You’ll Have a Lot of Studying to Do
Being a successful online poker player is something that requires you to watch hundreds of videos and read dozens of books about poker. Poker is a simple game on the surface, and it’s definitely entertaining to play from time to time.
However, there’s a lot of theoretical knowledge that you have to acquire before you can call yourself a professional player. Many great poker players, such as The Godfather of Poker himself, have 'written useful books ':https://www.goodreads.com/book/show/16572.Doyle_Brunson_s_Super_Systemthat are often regarded as obligatory reads for all players who want to go pro.
What the majority of these books deal with is mathematics, and the sooner you accept that fact, the better you’ll become. Playing poker on the web as a professional means dealing with a lot of numbers, stats, odds, and whatnot. It means being able to calculate the best possible outcome of your hand and make the mathematically most accurate decision.
It takes time to master that. I’m not talking about days or weeks — I’m talking about years and years of experience. You don’t really have to be a talented mathematician to do it, you just need to understand these processes right away and apply them to your online poker sessions.
Final Thoughts: Professional Poker Is NOT for Everybody
Like it or not — we’re born with certain talents. Although I agree that the talent is 2% and hard work 98%, I also understand that those without that 2% of talent would never be able to perform at 100%. Sadly, earning in online poker to make a living requires being at the top 10% or at least the top 20% players on the platform you’re using. To do that, you need to have at least some talent.
But what exactly is a poker talent? It’s the skill of being able to read people and their actions. It’s sometimes more like intuition than a skill. This can be learned with time, but some people would require much more time to master it than others. Sadly, some players never master it.
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Therefore, the best approach to playing online poker is to accept the fact that it’s not for everybody. It requires a specific combination of talent and hard work that only some people have.