chickensoup said:
I think you need about a 55.5% win rate to get even with the rake right? (Even bets in 50/50s). This is the part that's crazy to me. I can see riding out $30 over the course of a year, but I could never put significant money into that. In a sense you are not even playing against someone else, you're playing against the house rake via a nameless/faceless other person of unknown knowledge in each matchup.
Well, in one sense you are correct, you are "playing against the house rake", but no moreso than if you consider that you are "playing against the cashier window" when you bet at the horse track. If thats how you want to look at it.
The brass tacks of this is, if you are "smart enough" to generate an edge over your opponent, (thats greater than the house rake) then you should show a long term profit.
I'm sure there are a few who "overall" can do that, and I'm equally sure that there are probably some right here on this board that can do just that.
(now, by
OVERALL , I mean a large enough edge on ALL daily activity/tourneys etc..........you can be 100% sure you occasionally enter one that you do NOT have that edge, the competition might simply be tougher, but thats not my point)
Overall edge is what we are looking for.
SQUINTZ82- wrote "Consider the fact that online poker is not illegal. Cashing out through US banks are the issue."
This isn't quite accurate. (trust me I'm not just picking nits here)
Its not simply a matter of cashing out through US banks.... Many of the reputable online sites
WILL NOT take a deposit from a U.S. player, simple as that. It doesn't even get to the "cashing out" part.
You absolutely CAN play poker "for free" at some sites, but the vast majority of the bigger name sites won't even take cash deposits anymore.... at least from U.S. customers.
I don't know about you, but I have no desire to sit around playing on the "free chip" tables.
Now, the word I have gotten from a few of my various "poker associates", is there are 1-2 small sites that they have found they can somehow get money into and play, but as far as I know personally, its certainly not any site I would trust.
I don't know exactly how these daily sites work, but I am of the opinion that its exactly like most poker rooms cash games. More often than not, the higher buy-in matches are generally tougher.
This isn't always the case, and even "millionaire whales" drop in to some cash games and leave a chunk, but generally if you are sitting in a $30-$60 stud game, or a $10-$20 NL holdem game, you can bet your ### there are 3-4 players there carving out a living. (or at least supplementing something else)
Now I'm not saying that the highest of those daily tournaments and challenges are full of "pros making a living" there, but you have to guess that as the money gets higher, the competition gets tougher.... at least in general.
One would think that the very small matchups and contests shouldn't be too tough. I'm sure some of the fantasy minds that come here (while being smarter than the general public) should be able to turn a profit in the smaller/easier games.
What often happens in these scenarios, is someone gets himself say a $150 online daily bankroll, and grinds out a decent profit in these smaller things, turning it into lets just say a $500 bankroll.
Then they start playing for more than their bankrolls can rightfully stand, then he enters a few of the $100 type events, loses out and is busted before he knows it.
Thats a bankroll issue, and is a separate topic altogether.
I'd be interested in someones results, if they can "prove" they are turning a fairly sizable profit every week.... like one of the posters mentioned above.
I haven't given much thought to playing in any of these things, but I might a bit later in the season.
TZM