|
Risky Business: The Perils of High-Stakes Poker |
|
The greater the risk, the greater the reward. All it takes is a chip and a chair. Double your money, double your odds. Don’t be afraid to risk it all.
Chances are you’ve heard these slogans before, right? You’ve played poker enough times to hear these axioms tossed around with the same frequency as a ten-dollar betting chip at a Las Vegas poker table.
But did you ever stop to consider the cumulative influence behind these seductive phrases? Just what effect does the allure of high-stakes poker have on new players?
Answering this question only requires a little observation into the current state of the poker world. It’s not hard to measure just how popular the game of poker is today. In casinos, on college campuses, in living rooms, and online – it seems everyone is playing these days. It’s true - poker is more popular now than ever. Thanks in no small part to the myriad of televised poker tournaments and cash games, Texas Hold’em No Limit poker has now become as common as a cold (and yes, the analogy to a common virus is intentional – just look at the infectious rise in players in the WSOP Main Event over the past five years to see what I mean).
And with this meteoric increase in popularity comes an equally meteoric increase in cash prizes just waiting to be handed out. Waiting to be handed out to you, even. But before you go traipsing off to Las Vegas to play in the next big tournament at the Bellagio, there are a few things you should know.
The first is this: When all the chips have been put into play, and everyone else has been eliminated, only one person can claim first place. Now, I know what you’re thinking: most tournaments pay out several places after first, right? That’s correct – most tournaments use this format. But, by no means does that mean you’re guaranteed to walk away with money in your pocket. In fact, in most cases, you only have about a thirty percent chance to win anything. And those odds are just to win back what you bought in for. To win a tournament of thirty entrants, for example, your chances of winning are a paltry 3.3%. And the odds to win a tournament like the Main Event at the WSOP, where last year’s entrants totalled 6,358? Only a measly 0.016%. Not very likely is it?
By now, I’m sure you’ve figured out that every tournament has a far greater percentage of losers than winners. So that means every time you enter a tournament, you have a greater chance of walking away empty-handed than you do taking home a cash prize.
For many, that’s enough reason never to play for more than five or ten bucks a game in a home game with a few buddies. But for some, the allure of winning a big jackpot is just too strong to ignore. And that’s when people start getting into trouble.
Now I’m sure a lecture about the perils of gambling was the last thing you wanted to hear, right? In fact, I’m sure you’ve heard it so often that you’ve simply filed it away in the recesses of your mind, in the same place where your mom’s dire warnings about taking candy from strangers and crossing the street before looking both ways are buried. After all, you’re a successful poker player who is already well versed in the risks of playing high-stakes poker, right? You don’t need to be constantly reminded of the devastating risks that follow every high-stakes player around, every single time he plays, right?
By now, I’m sure you’ve caught on to my tone. I don’t think I have to remind you of the countless riches-to-rags stories that exemplify how incredibly easy it is to lose it all. Ask any professional poker player if he’s got a horror story about a friend who lost his apartment because of gambling, or lost his family, or even his life. He’ll probably be able to tell you a few of them.
So don’t forget: playing poker, no matter the stakes, always involves a risk. Play responsibly, and play within your limits. You don’t want to become another horror story, right?
Didn’t think so.
|
|
|
.png){kind=small}
Betfair Poker.png){kind=small}
Ladbrokes Poker.png){kind=small}
Titan Poker
.png)