Online poker can be a fun past time, and a great way to get better at the game, so that you can increase your chances of winning when you face off against friends or try your luck at a casino. What you may not know is that thousands of people earn money by playing poker regularly online.
While you may not be able to become a millionaire by only playing poker, you can make a nice side income if you understand the best way to earn money with online poker. Like a lot of money making methods like Bitcoin, monetizing a blog and selling eBooks, poker requires you to master it for it to really be lucrative.
Top players are often able to make a living only from playing poker, but they must spend time mastering the art of making money playing the game online. Read on to discover the secrets of earning money playing online poker.
Potential Earnings of an Online Poker Player
One of the first things people want to know when they start playing poker online is how much money they can expect to earn. There really isn’t a single answer to that question. The amount that you will make will depend on the types of games that you play, how much you play and what the cash limit is for the tables that you play at.
Many people believe that people who manage to win tournaments always bring in large sums and make huge profits playing the game, but this isn’t the case. The buy-ins for tournaments are often very steep, so even if winners get big cash prizes, a good portion of that money simply goes to covering the cost of entering. For those who walk away from the tournament without winning, the amount required to enter ends up being a loss.
One example is poker player Daniel Negreanu, who had a record breaking year in 2013. He won 51 tournaments and made $944,126 total in profits, which was significantly less than the total sum of all of the cash prizes that he had won. The reason why was that he had to spend nearly $900,000 on entry fees. Basically, he was investing his winnings from one game into the entry fee for the next. This could have meant coming out way ahead; however, he suffered a 12-game losing streak that depleted his winnings, leaving him back at zero to restart and rack up the winnings again.
The Best Way to Make Money Playing Poker Online
When you go to a casino to play poker, the way that you make money is by winning at the tables, but trying to best your opponents at the virtual tables isn’t always the best strategy for making money with online poker. As previously explained, tournament winnings are offset by the costs of entering. To win large sums with cash games, you also need to wager more, which again, leads to higher cost.
Most players find that it’s better to do what’s known as “grinding.” Grinding means focusing on volume rather than on winning large sums. By playing more games, you have a greater chance of winning small amounts that add up to larger gains. In addition, grinding can allow you to qualify for frequent player programs that provide different cash bonuses, which are very profitable.
One of the best rewards programs for earning money through online poker is rakeback. With rakeback, you receive a portion of the amount of money that you lose back from the online poker site. Players who manage to play at multiple tables at a time for many hours can grind their way to profits through rakeback. While your win rate will decrease when you play at multiple tables, you can play more hands and actually end up making more for every hour that you play.
Choosing the Right Game
One of the most important things to consider when you’re trying to earn money online by playing poker is which game to play. You need to find one that is suited toward your style of play if you want to make the most money possible.
An example of a skilled player who ended up becoming obsolete due to choosing the wrong games is Gus Hansen. When he first emerged on the competitive poker scene, he was touted as one of the best in the business. He was consistently winning at in-person tournaments, but when he started to play online, something unexpected happened.
From May 2007 to January 2014, Hansen played more than 1.3 million hands of poker and infamously lost more than $15.6 million. In live poker tournaments, Hansen had managed to win more than $11.2 million, and many poker fans were baffled by the inconsistency between his in-person and virtual play.
The reason why Hansen lost so frequently was because he failed to pick games that were suited to his style. He never quite found his niche in the online poker world, so despite his skills, he was unable to make a good living playing poker online.
Tips for Earning Money Playing Poker Online
If you want to be able to consistently make money as an online poker player, follow these tips:
Take an online course
If you are only just starting out in the poker world, you may need some – or a lot – of help. The game seems really easy, but there are a lot of variables and tricks to it. We can recommend checking out Udemy and find a course that is suited for your level of expertise.
Udemy is an online learning and teaching marketplace with over 100000 courses and 24 million students. Learn programming, marketing, data science and almost anything you can think of!
Familiarize yourself with betting trends
Many novice online poker players aren’t aware that trends come and go in the world of online poker. You need to stay abreast of how other players are currently playing if you want to be a good competitor. The best way to do this is by following blogs written by industry experts. Blogs are great because they are timely and updated frequently with the latest industry news.
Learn about the various poker sites
Another important thing to do if you want to be successful as an online poker player is researching the sites that provide legal online poker in your area. Find out about what their rewards programs are and what you have to do to qualify for them. Then, select the site that has the rewards program that is best suited to your style of play. After that, find the game at the site that is most conducive to your style to be set up for success.
Get your mind in the game
Playing poker with emotion can hurt your chances of winning greatly. You need to approach calmly and without anger or fear. It can take time to steady your mind and develop a winning mind set. One way that you can do so is by reading books and guides on the art, such as Mental Game of Poker by Jared Tendler.
Online poker can be a very profitable endeavor for people who are willing to invest the time at the virtual tables to grind away and keep playing despite losses. Compared to other earning methods, earning money on online poker is a quick way to money, but also a bit risky. This method can be compared to earning money on binary options, since the outcome of profit can become very high within a short amount of time.
To truly excel, you’ll need to immerse yourself in the world of poker by staying abreast of the latest trends in the industry. You’ll need to commit yourself fully to online poker the way you would need to train for any sport that you wanted to compete professionally in. Still, it’s important to remember that while it takes skill to play poker, much of the game is left open to chance. There will be times that you will lose big and go through losing streaks. What’s important is that you don’t give up when times get tough. By continuing to grind and play, you can remake your losses, and end up making great money!