How Much Did You Win?

Poker players get asked about their money all the time:

How much did you win? 

How much money to do you make? 

What if you lose all your money?

Are you rich?

Recently a woman found out what my job was and she asked if I was rich.  She was really excited.  She had obviously watched one of the poker shows where six or seven figures in cash is dumped on the table when the tournament is down to the last two players, with the winner getting all of the cash.*   I thought it was about time to talk about how much money poker players make.

Here are some things you should know about poker players and their money:

1. Poker income is irregular.  In his first season on the World Poker Tour, Jonathan Little lost about fifty thousand dollars.  The next year his profit was over a million.  For the average player the numbers aren't as big, but for any player it's a wild ride.

I don't cash in every tournament.  I don't cash in most of them.  No one does.  I can go to my local poker room, sign up for a $50 tournament, and compete with 60 other players for the $1,000 first prize  It's likely that if that tournament runs on ten straight Sundays there will be ten different winners.  Places 2-5 will win smaller prizes.  The other 55 players go home with nothing.

2. Poker work hours are irregular.  We play when and where the tournaments are running  That might be an online tournament starting at 0900 or a live tournament that starts at 1800 and ends around midnight.

3. Poker players work for their money.  The top players work at their job more than 40 hours a week. I study poker books. I play both online and live.  I use flash cards to memorize hand ranges, for example, I know that the offsuit hands that are in the top 10% of all hands are AJo+ and KQo.  I study coaching videos and poker books.  I use a spreadsheet to keep track of my time in quarter-hours, just like I'm punching a time clock.

4. Poker incomes vary.  As with any other profession, some poker players make a lot more money than others.  For some players it is their full-time job.  Some make a million dollars or more in a year.  Some make 5- or 6-figure incomes. Others play part-time for a side income.  Some go broke because they aren't good enough, or don't study, or didn't mange their money well.

Don't be like this guy:

http://forumserver.twoplustwo.com/42/two-plus-two-magazine-forum/going-broke-1436641/

My response to this player is post #7. 

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*Other options such a check or wire transfer are usually available.