Should I learn poker to make money?
Make Money Online Poker: The Top Tips for Making Money in Poker
For many established poker professionals, online poker was the entry into the million dollar business that can turn a talented player into a millionaire in just a few months. The online poker sites often serve as a stepping stone for young players to build up a bankroll with which they can then finally take part in high-value online tournaments or live events and make a breakthrough there. Others are content with securing a remarkable additional income month after month by playing poker on the Internet. But how exactly can you make money with online poker? When is it worthwhile to quit your job and turn poker into a profession? Here is all the information you need to know about making money online poker.
How Much Does a Poker Pro Make?
If you have made it your goal to rise to the ranks of the best poker professionals in the world, you will want to know first of all how much a poker professional earns. Here you can enter your current salary and find out how long you would have to work in your job to earn as much as the best poker pros.
Please note that these are only the winnings of the pros achieved in live poker tournaments and that winnings and losses in online poker have not been taken into account.
How Much Does a Professional Online Poker Player Make?
While there are few players who actually make it into the spotlight of the live poker scene, the number of global players who will be able to make a living from their online poker income in 2021 is estimated to be well over 10,000. Of course, these players do not all play poker at the same stakes and you have to differentiate between cash game and tournament players. Basically all online poker professionals move upwards with a few outliers, especially with the tournament players, but between 20,000 and 80,000 euros annual earnings.
Should you play cash games or tournaments?
Both cash game players and professional online poker players who focus on tournaments enjoy advantages and disadvantages. As a good cash game player, you can earn a calculable hourly wage with little variance by multi-tabling on constant blinds. Tournament players, on the other hand, often have to overcome long dry spells and it often happens that one does not generate any significant income at all for weeks. On the other hand, as a tournament poker pro you don't necessarily have to play consistently well all year round and work fixed 50 hours or more every week. It is often enough to cash in 20-25 major online tournaments per year to generate a solid net income of 25,000 euros or more.
As a tournament player, you have the opportunity to make quick money online poker and get to the top. In return, cash game players have less risk and can expect a fixed income with only minor fluctuations.
The path to becoming an online poker pro: the 7 most important tips
First of all, you should realize that the dream of making money online poker can quickly vanish into thin air. Only when you have been a successful hobby player for several months or even years and have been able to gain experience is it worthwhile to put everything on one card and dare to take the step to become an online poker pro. Almost all players who can make a living from their poker income are former hobby players who had already earned a decent bankroll and could therefore dare to attempt a career in poker relatively safely. We advise you to only take the risk if you are financially secure and have a bankroll that can cope with setbacks and allows you to get through a week-long dry spell without any problems.
Below we have listed the most important tips from real professional players and experts that you should definitely consider before you take the step to become a poker pro.
Don't quit a good job to become a poker pro
While the life of an online poker pro may sound like a life of fun and boredom at first, there is also a downside. Even as a professional poker player you don't enjoy more free time than in a normal job, on the contrary, and it takes a lot of self-discipline to organize yourself and even if you don't feel like staying on the ball. If you have a good job that is difficult for you now and then, but you can still make a good living from it, we generally advise against quitting it with the aim of becoming a poker professional.
Gain enough experience
Your poker career will only have a good star if you have sufficient experience in online poker rooms. You should have played at least 200,000 hands and made a decent profit before you even consider becoming a Poker Pro. Just a few successful weeks or months doesn't mean you are an exceptionally gifted player who can handle life as a professional poker ace with ease. Only when you have earned enough winnings from playing daily for at least 10 to 12 months to make a living can you consider making poker your profession.
Build up reserves for downswings
Even the best players suffer downswings that can drag on for weeks or even months. Ask yourself the question: Can I bridge several months without an income in an emergency? Only if you can answer yes to this question are you ready for an online poker career.
Calculate if you can finance your living expenses
Before embarking on your professional career, it is a good idea to work out exactly what your cost of living is. Add up food, insurance, rent, utilities, and whatever other expenses you have each month and add another 15 to 20% to that amount to work out how much money you need to make playing online poker to be good to be able to live from it. If you have already been a regular hobby player, you can roughly work out whether your poker career has a future or not.
Adjust your bets to match your bankroll
Bankroll management is the most important aspect of managing your finances and making money online poker. It doesn't necessarily depend on the size of your bankroll, but rather on choosing your bets that match your bankroll. As a cash game player, a buy-in for the table should generally not be more than 1% of your total budget. Only when you have increased your bankroll after several successful weeks can you venture to tables with higher blinds. For example, if you buy 10 euros at 0.05 / 0.10 tables, your bankroll should be at least 1,000 euros.
The rakeback factor: choose a spacious poker room
Poker rooms are financed by rakes, which can usually amount to 5% per pot or up to 10% of a tournament buy-in. Players who play a lot of hands receive rakeback offers from the poker rooms, which can amount to up to 30% of the rake paid. Once a month you will receive a refund of part of the rake that you paid to the poker site. Pick a site that offers you a good rakeback program. You can find out more about this in our online poker reviews. In addition, you can secure more money for your bankroll at the best poker rooms with generous VIP offers.
Treat Your Poker Like a Business
As a professional poker player, you are not just someone who plays a game of cards for money in order to make a living. Realize that you are running a small one-man business. This means that you have to organize your working hours yourself, plan your free time and vacation carefully, and need a lot of self-discipline to run your small business to success. It is not enough to land a lucky hit and then lie on your lazy skin. Your company and your project as a poker professional will only have a future if you keep improving, remain disciplined and generate profits over the long term. The book "Treat Your Poker Like a Business" by Dusty Schmidt offers good instructions for this.
Conclusion: profession poker player
In summary, you should above all be aware that as a professional poker player you have to overcome significantly more hurdles than it initially appears. You also have to get away from the idea that working as a professional offers games, fun and excitement every day. You will only be successful with this project if you are serious about it, consider poker your right work and have laid the necessary foundations beforehand. No matter how you ultimately choose, we wish you the best of luck and success in making money online poker.
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