Poker can be an engaging and entertaining game, offering great potential returns if played well. But to achieve maximum earnings as a professional player requires hard work and strategic planning.
There are various strategies you can employ as a poker player to increase your earnings, such as rakeback deals and sponsorship opportunities. But if this career doesn’t feel right to you, alternative solutions should be explored instead.
1. Know Your Limits
If poker becomes your sole source of income, you must be prepared for its ups and downs. Some months you could make thousands, while other times it might even bankrupt you.
To determine this accurately, the most efficient method is keeping records and having an appropriate bankroll that matches the limits you play. To do this, take your current monthly expenses and multiply them by 12.
If you can’t withstand these difficult periods (or don’t want to), poker may not be your ideal career path. Furthermore, you must have enough buy-ins in place so as to outlive variance; otherwise you won’t be able to focus on enjoying playing poker without worrying about financial security.
3. Know Your Limits in Cash Games
From the outside it might appear as though professional poker players enjoy an idyllic lifestyle, jet-setting between high stakes games. Unfortunately this is far from reality: most poker players spend most of their time grinding cash games behind a computer screen.
Bankroll management is one of the key skills for any poker player. A successful bankroll management plan ensures you have enough funds available to you at stakes you feel comfortable playing at, while mitigating variance.
Keep an eye on your hourly rate to help determine how much money is necessary to reach your goals, particularly as you transition into becoming full-time professional.
4. Know Your Limits in Sit & Gos
Poker can be an inherently unpredictable game, even for skilled players, leading to significant bankroll fluctuations. But top players usually find ways to limit these fluctuations and maximize their earning potential.
One way is through sponsorship deals, which can bring in extra income while helping players maintain high levels of play. Another is offering coaching or training courses online or via live tutorials – creating another stream of passive income over time.
Setting realistic goals and understanding how poker fits into your life are both vital. Too often, talented poker players end up ruining their lifestyle by becoming overly focused on turning a profit through poker alone. To avoid this trap, set clear goals, advance only when ready, and play for the right reasons.
5. Know Your Limits in NLHE
Professional players leverage their strategic mindset and industry knowledge to generate income streams outside the poker table – coaching, investing, brand partnerships or entrepreneurship among them – which not only increase financial security but leave lasting impacts beyond their initial contributions. This multidimensional approach enhances player financial security but also has long-term impacts beyond initial contributions made at the table.
Be honest with yourself about why you want to play poker professionally. A common misstep of amateur players attempting to become professional is making their life dependent upon this pursuit and succumbing to its uncertainties. If your spending can’t be controlled or you lack an exit strategy if things turn sour, it may be best to pursue another field (particularly full time – the grind can be brutal! ).
