I’ve seen people on poker forums talk about how they record all of their winnings and losses. Well, I decided to start this up. Since I will probably be playing almost only tournaments for a little while now, I have set up a spreadsheet to record every MTT an SNG that I have played in.
Also I decided to get more fit. I am going to eat better, exercise more and use some EarthWell green coffee supplements in order to get back in shape. Fitness is crucial in online poker for whoever wants to remain focused for lont periods of time, and this is the only way to make a decent living at it.
I probably won’t be playing in many SNGs, but I’ve still set it up to record. I’m going to count private games as SNGs, which I just decided on. I was planning on leaving out private matches, but why not go ahead and record them as well. I started with the two FTs from Friday as these are the only two recent ones I have the information for, and they just make me feel good to look at . This will show me how I am doing and how much money I am making or losing from tournaments.
Also, one quick note. I played in a Stud Freeroll on PokerStars today. I registered because I was bored and felt like playing something. I started by playing ridiculously crazy. This didn’t work too well and I was almost eliminated several times, but somehow I stayed in. I didn’t play it the whole way through, as I took some breaks to eat dinner and such, but overall, I just continued to do well.
I ended up finishing 44th out of 4840 entrants. There were only 24 seats to the Sunday $1000 freeroll, and near the end, I couldn’t really catch a hand. I didn’t know exactly how to play. Should I try to be winning pots, or get blinded down and hopefully wait to make a seat. Unfortunately, there were 3 very large stacks at my table, and every hand at least one of them raised the bring-in, so I could never steal the antes ever.
I ended up getting knocked out when I had aces in the hole, and hit two pairs, aces and tens, on 5th street. My opponent had split jacks, and hit another jack on 6th street to knock me out in a big pot. I wanted to win one of the seats, but I’m happy on my placement. With that many entrants, even if a lot of them sat out, 44th out of 4840 isn’t too bad.
Besides actually winning money at the poker table there are a number of other ways to profit from online poker. We cover poker strategy our blog so in this post we will discuss other money making options such as rakeback and deposit bonuses.
Rake is the fee we all pay to the house for the privilege of playing at their tables. This fee is raked from the hand in cash games as a percentage of the pot. In tournaments, rake is charged as an entry fee, usually 10% of the buy-in.
The good news is that there are actually poker rooms willing to give back some of the rake as an incentive for their players to stay and play. Lock Poker and Juicy Stakes are two such poker sites. Poker rooms on the Lock Poker Network offer 36% rakeback. Juicy Stakes pays also 36% rakeback with no deductions.
Sign up Bonuses
New player sign up bonuses are very lucrative. Each poker site has its own unique bonus offer so doing your homework is essential to finding the best deal for you. Reading our poker room Reviews will help greatly in this respect. This is free money and is usually paid out as you earn player points or play a certain number of raked hands. Read the room’s terms and conditions carefully though, some bonus offers are much easier to clear than others. We also list some of the best deals in online poker right on our home page.
There are some outstanding deals available at sites such as Tower Gaming where you can earn dual bonuses simultaneously. Action Poker Network has a decent bonus of 100% up to an incredible $2500. Most poker rooms offer a 100% sign up bonus but on occasion we find sites like Titan Poker willing to offer as much as 200%. PDC Poker, Carbon Poker and Full Tilt are three other sites with great bonuses that are fairly easy to clear.
Many poker rooms offer redeposit bonuses similar to their original deposit bonus. This is a great marketing tool as it creates player loyalty. Be sure to look at all your options when deciding on a new poker room. These bonus offers often come with very little notice and sometimes are only valid for a few days. We tend to post them on our blog when this is the case.
Satellites and Freerolls
Many sites offer tickets to new player freerolls or satellite tournaments when you join or make your first deposit. Carbon Poker is one of the leaders in this type of promotion. For more information take a look at our Carbon Poker review page for a fair critic of one the best online poker rooms or visit a site like bestpokersiteslist.com. As the name of the site makes it clear, they only look at the cream of the cream when it comes to poker rooms. They have their proprietary way to rank Internet poker rooms and you can be sure that only the best rooms are listed in their selection.
To understand this post you need to know what prop betting is. Prop betting is short for proposition betting, which is simply a bet on the outcome of something. These bets are usually on a single event, such as who lasts longer in a tournament or what suit of card comes out first on the flop. These are also called side bets, or fixed odds bets, which is similar to the type of bets you can make in the binary options market.
In the poker world, these kind of bets are pretty common among players. There is a wide range of bet sizes and reasons for betting. Poker friends will make small bets on who will make more in a particular month or who will go deeper in a tournament as friendly competition. Others will make medium sized bets to motivate themselves to achieve a particular goal in poker or life. The rarest and most interesting form of prop betting is when someone publicly announces that they will attempt a particular poker feat and would like to wager against other poker players that they can complete the feat.
How do these prop bets work?
My experience is with the 2p2 forums, so your experience may vary, but the general setup for a large bet open to the public should be along these lines. The person wanting to start the prop bet will ask if there is interest in betting on the event. Negotiations over the rules, odds and other terms of the bet are done.
Then there will be a draft of official rules and the selection of judges and escrows (people who hold the money). The judges should be impartial and knowledgeable poker players. The escrow doesn’t necessarily have to be impartial, but he does have to be trustworthy. Both the judges and escrows typically receive a small payment for their services.
Pretty much all bets that are remotely legitimate have a rule requiring a web cam to be on during all play and a clause that requires the hand histories to be sent to judges for examination. All parties send the money to the escrow before the bet starts and then it begins. Depending on the person, there have been bets that are really fun to watch via web cam. A good example of a well run prop bet is in a very long thread, but even reading the first post you can get an idea of what some common rules are.
Should I bet on prop bets?
I would strongly recommend that beginners use their time and bankroll for other things. Small personal or motivational bets are fine though. As you get better at poker you will have a better sense of how possible a particular bet is and therefore will be more qualified to bet on them. Unless you are betting huge sums or are the person doing the feat, prop betting is more about fun than income.
Sometimes the bet doesn’t go off, sometimes there isn’t enough interest, so you could waste time reading the bet and researching background on that particular player or type of poker. Additionally, there have been documented cases of cheating. Who knows how many cheaters haven’t been caught. If someone you don’t know well offers a prop bet to you directly, definitely stay away. It could be a scam, or you could just be getting tricked into making a losing bet.
Education in anything is important, and in a game as cerebral as poker, it is paramount.
Math. I don’t care if you don’t like it, if you want to play poker, you have to know it. You’ve probably memorized a number of probabilities in poker: 4.5-1 to hit a straight, AK vs. underpair is a coinflip, 11-1 to hit an inside straight. But do you know how these numbers came to be?
If you don’t know, today is the day to figure it out. Take three common calculations–say, 1 card to come for an 8-out straight, a 4-flush, and filling up your 2-pair—and do the math. You need to figure out how many cards are left and how many of those are good and how many are bad. On the turn in holdem, you’re looking at 6 cards. That leaves 46 in the deck. If you have 8 good outs, then 38 are bad. Your odds are 38 to 8 against.
If this is too easy, figure out the odds of hitting with two cards to come. Hint: figure the odds of missing twice then flip it. If that’s too easy, do what I did the other day in preparation for my next tournament: run all the numbers for 1 and 2 card draws to a 7 or 8 in Deuce – Seven Triple Draw. But have some Advil nearby. You will get a headache.
With the paucity of online games available to American players, and the fact that the WSOP is still 6 months ahead from now, we’re concentrating on live game exercises right now. And something you get a lot of in live games, and not at all online, is physical tells. One important skill is live games is to ‘Know Your Enemies: Mark the Mouth. If you are looking for mouth tells in the future, you will become a better live player. But not what someone is saying, but the actual physical shape and activity of the mouth.
Some common mouth tells:
• The Fake Smile – Bluffers like to fake smile to reassure you of how confident they are. Real smiles curve up at the corners of the lips and involve the eyes, wrinkling them into “crow’s feet.”
• Thin to NOT win – Thin, compressed lips indicates stress and/or low confidence.
• Pursed Lips – Disagreement. Didn’t like the card that just fell.
• Lip Biting – Stress and concern
• Licking Lips – Pacifying behavior. Concerned or fearful.
Try to see these tells in real games and note you hand the player had if you see it, to observe how good these tells are.