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Because there aren’t any reliable statistics, nobody knows for sure how many poker pros die broke. But it’s certainly too many.
Jul 15, 2018 2021's List Of Top Poker Players - The best poker players in the world, ranked by live poker earnings. Find out who made it to number one. A former member of the poker team “Full Tilt”, Erick Lindgren is known to be one of the pro poker players who have lost so much money in his poker career. He’s a two-time winner of the World Series of Poker and World Poker Tour and even made $10 million from his tournament wins. This made him the top 38th person in the All-time money list.
If you’re a pro, you have a much higher probability of dying broke than members of other professions, including people who earn much less than you’re winning now. Of course, you may think it won’t happen to you, but that’s also what they thought before they got busted.
This series will analyze why it happens so often and recommend the ways to avoid it.
The Primary Cause
Most of the specific causes discussed here will have one common factor, which is arrogance.
Self-confidence, of course, is essential for a successful pro, but you shouldn’t believe, 'I’m too special to die broke.”
No, you’re not.
You’re just another talented player, and it’s happened to many talented players. Are you more talented than the legendary Johnny Moss? What about Stu Ungar, Dave ‘Devilfish’ Ulliott, and Gavin Smith? Do you win more money?
Johnny won the first two World Series of Poker championships, but ended up dependent on charity from the Binion’s family. Stu was arguably history’s greatest no-limit tournament player, but he died in a crummy motel. He was a junkie, but drugs weren’t the only cause for his tragic ending. Devilfish and Gavin each won World Poker Tour and WSOP titles, along with millions in tournaments and cash games, but Phil Hellmuth and other pros have run charity tournaments or started crowdfunding pages to help their surviving families.
Nolan Dalla covered the tournament circuit for years. In a column for Poker Pages, he once wrote: “One of the most troubling aspects of the tournament circuit is seeing how many players are constantly broke. I’m not talking about bad poker players or novices. I’m talking about names and faces everyone would recognize… If former World Series of Poker winners are broke, what chance do you have of making it on the circuit? The odds are overwhelmingly stacked against you.”
You may say, “That’s irrelevant. I know tournaments are too risky. That’s why I play only for cash.” So what? If you walk into many large poker rooms, you’ll see players who once beat big cash games struggling to survive in small ones.
In fact, the worst fate isn’t dying broke; it’s living broke for your final years.
As you read this article, ask yourself, “How often do I make these mistakes?”
They Don’t Save Money
It’s the most common and easily avoided mistake. For thousands of years wise people have spent less than they made. In the Old Testament of the Bible, Joseph advised the Pharaoh to save grain in good years to avoid starvation in the bad ones.
You can easily see arrogance’s effects. Dozens of authorities have written that losing streaks are inevitable and have recommended saving money. But too many pros think, “That doesn’t apply to me because I’ll always beat the game.”
No, you won’t. You may never have a catastrophic losing streak, but variance virtually guarantees that you won’t always beat the game. If you add in the fact that your mental abilities will decline with age, you’ll certainly have some bad years. Even if you’re a net winner, you may not cover your expenses.
They Invest Poorly
Of course, some pros do save money, but they may not invest it well. Again, we see the effects of arrogance. They think, “I’m so smart that I don’t need any advice from investment professionals.” Poker players often make amateurish investment mistakes.
Pro Poker Players Rankings
They Play Other Games
Some pros essentially ship money from poker tables to craps and other unbeatable games. They may never admit it, even to themselves, but in their secret hearts they believe those games may be unbeatable for ordinary people, but not for them.
“I’m so superior that the laws of probability and lots of other rules don’t apply to me.”
Arrogance also causes some outstanding tournament players to be ‘live ones’ in cash games. When some of them make the final table, their side-game opponents cheer them on. If they have a big tournament payday, their cash game opponents will probably get a nice piece of it.
“Their arrogance prevents them from learning from their past losses. They delude themselves that this time will be different, that their true superiority will allow them to beat games that have repeatedly defeated them.” (Schoonmaker, Arrogance, the Biggest Bankroll Buster)
They Cheat On Their Taxes
Some pros cheat, and a few don’t even file tax returns. Believe it or not, honestly paying your taxes can increase your long-term security.
First, you’ll pay more social security, a forced saving for retirement. Because the cost of living allowance frequently increases benefits, most people get back much more than they contributed.
Ask some struggling older pros if they get much social security. Some will say, “No,” and a few will admit, “I don’t get any.”
Second, if you don’t pay social security for at least ten years, you’re not eligible for Medicare. Medical costs become immensely higher as you get older, and they have busted countless older pros. Some older pros have severe health problems or die prematurely because they can’t afford treatments or preventative health care.
Third, you can use programs to deduct your retirement contributions, and the interest, dividends, and other profits accumulate tax free until you retire. You’ll build a secure retirement fund.
They Don’t Buy Health Insurance
It’s another effect of arrogance. Too many pros, especially young ones, think, “I don’t need health insurance because I’ll always be healthy.” They may be right, but it’s an extremely foolish risk.
Without health insurance your entire bankroll, health, and even your life are at risk every day. Too many pros have been busted by the enormous costs of an illness or accident.
They Don’t Protect Their Health
On this issue arrogance has subtler effects. You’ve read that you should eat healthy foods and exercise regularly, but may ignore those recommendations. Some pros subconsciously believe, “Those rules don’t apply to me.”
They rarely exercise and eat badly. They may even sneer at authorities such as Dr. Cardner because they think her recommendations about diet and exercise are irrelevant for poker players.
It’s another form of arrogance. They think that poker is unique, that the rules that apply to other activities don’t apply to playing poker.
Pro Poker Players On Survivor
Nonsense!
We have exactly the same bodies as everyone else, and mistreating our bodies has the same effects. We can’t play well if we don’t feel well.
Worse yet, poor health has much greater effects on poker pros’ incomes than on the incomes of other professionals. The late Barry Tanenbaum, wrote: “Professional poker is a ruthless meritocracy.”
You can make a living as a mediocre salesman, teacher, lawyer, carpenter, or doctor. Most people are mediocre, but nearly everyone makes a living. You can’t survive as a poker pro unless you’re among the best.
Pro Poker Players Who Have Gone Broke
If you neglect your health, you’ll have higher medical costs, and you won’t play well enough to pay them. You probably won’t just die broke. You’ll also die a lot sooner.
What’s Next?
Future columns will describe other causes for dying broke and tell you how to retire securely. I hope you take them seriously. They can save your bankroll, your health, and your life.
Visit Alan Schoonmaker’s website for access to his 14 books, 200+ articles, videos and podcasts.
When we say that we are playing a game, it means that we have decided to spend our free time that way. Despite all the other leisure activities such as reading books, listening to new music, walking in nature, playing sports or spending time with loved ones, we have decided to spend our free time playing some of the games that are played physically or online. The most common choice these days in which we live with the pandemic are online games that are becoming more and more popular among fans of online games with each passing day, says a study conducted on how people spend their time in the pandemic.
It is simple to say that online games are the most common choice, but it would be better to know which categories are the most popular. The third most popular category is computer games that can be played with internet support such as Canter Strike, World of Warcraft, Dota, League of Legends, and many others like them. Next are those games that are based on thinking, these are logic games. The most interesting of them are quizzes, sudoku, and games with memory or solving cases with the help of their logic. At the very top are the gambling games that are the most common choice for every adult, and poker is listed as the most popular choice.
Poker has been especially popular in the last 10 years. This gambling option gained its popularity with the large number of online releases that began to appear more and more often. This stimulated people to try to play online, and they liked it. So now the most common choice for every adult is to spend their time playing poker. This game especially proves to be a popular option in these moments when we spend more and more time at home as we need to beware of the virus. Some people also have a desire to become professional players. Wondering what it takes? Do not look for the answers yourself, we are here to help you. In this article, we bring you the answers to what you need to do to become a professional player in this popular gambling game.
Is it hard or easy to become a professional player?
If we are persistent we will succeed in everything we want. Everything requires perseverance and effort. There are no things today that are not achievable and easy.
Everything is easy only if you stay focused on the task. This is also the case with professional poker. It is easy to become part of a large family of professional poker players, but there is one thing to keep in mind. Becoming a professional player requires a lot of effort from the very beginning. It is necessary to work on the best possible game on time and constantly because that is the only way to achieve success as a professional.
What needs to be done to reach the perfect level of play
A professional player is anyone who plays almost perfectly. You need to know that there are no perfect players. If someone tells you that their professional game is going perfectly, believe me, they are lying to you. It takes years of study and hard work to play perfectly, and that is impossible. You can be a great player who wins more games than you lose, but you can’t be perfect because that means you win every game, every tournament, and every game.
That is difficult to do. But we can tell you how to reach the perfect level of play to go to a tournament. It’s easy. You need to start playing this gambling option often. It will improve your skills and improve you as a player. Try to spend your free time playing poker as often as possible because that is the only way you will grow as a player, and if you want a great and quality version of poker go to pokerlistings.com and find the best poker sites where you can play a great game with many other people who are also fans of this gambling version. Work on your tactics and your pace and get ready for one of the big tournaments.
Pro Poker Players Net Worth
Seek advice online and from professionals
Martin Zamani
Whenever you do not understand something or when you want to know something more, ask a professional. This will help you at the moment and give you more knowledge for the next game. Feel free to browse the internet, and if you get in touch with a famous professional player feel free to ask him questions or ask for advice because he will be happy to answer you. You are a beginner and you need experience, so do not be ashamed and work hard on yourself.
When you feel ready enough, sign up for one of the poker tournaments
It is necessary to constantly work on yourself. Participate in one of the virtual poker games and learn from everyone, but let them learn from you too. There is a large amount of capacity in you that you need to use in the right way. Play enough and upgrade, and the moment you feel ready enough then comes the main part. The main part is the poker tournaments. These are big events where solid players compete to win first place.
Research the best tournaments and choose the one you like best. Do not lose confidence in yourself, believe that you are a good player and that you will achieve some success there. You need to believe in yourself and be committed to the game. Apply and give your best, apply all the tips and interesting tricks because only then you will give the best game and the best of yourself.
With hard work, you can reach the professionals. We have given you the most important steps you need to pay attention to, the directions you need to follow to become part of the big family of professional players. The desire for success and victory in this whole battle is important, and the one who has the desire to be successful and win it gets it. So believe in yourself and see yourself at the top among the best professional players. Believe in yourself because only then will you succeed.