As poker players, we're conditioned to deal with losses of different sizes. We have to lose pots without tilting. We have to lose games without tilting. We have to lose ten games or twenty games in a row without tilting. If, ten years down the road, my house were to burn down, I think I would just be like "whatever, that's just bad luck" and move on with my life. However, I get the feeling that a loss of this size would make many people very distraught. What do you guys think? Let me know in the comments.
Do Downswings Prepare Us For Future Losses?
Can I Buy Stock in Online Casinos?
Yes! There are a few options available.
First, PartyGaming is featured on the London Stock Exchange under the ticker symbol PRTY.L. It's primary holding is the poker room PartyPoker. PartyGaming also operates one of the few cash game backgammon websites. They do not allow any customers in the United States. PartyGaming is headquartered in and operates under the laws of Gibraltar. PartyGaming's net income in 2008 was $67 million.
Second, the British gambling giant 888 is on the London Stock Exchange under the ticker symbol 888.L. 888 operates Casino-on-Net, which is one of the largest online casinos. They also operate the Pacific Poker network. They do not allow any customers in the United States. It is headquartered in and operates under the laws of Gibraltar. 888's net income in 2008 was $37 million.
The
UIGEA (Unlawful Internet Gambling Enforcement Act) caused both of
these stocks to drop nearly 80%. If gambling were ever legalized in
America, it is very likely that these stocks would skyrocket.
Why Do Fish Still Play Poker During a Recession?
As professional gamblers, we provide a service. Weaker players put their $100 in a game with us, not because they expect to win, but because they expect to have fun. By ensuring the fish have more fun, we can ensure that we get more rematches.
Poker: The Carrot and the Stick
In poker, it's important to think of where we want our opponent to go, and then make the move that gets them there. Ask before every decision, what am I trying to accomplish? What am I trying to avoid? And, what bet or line should I take to accomplish this?
The Fish Exploit Themselves
One might ask the question, why is it more profitable to play against crazy, unpredictable players instead of playing against people who are more rational?
The answer is simple: An unpredictable player exploits himself.
How about the most simple example -- bet sizing. Good players don't often bet pot. They understand that it's not the best way to get value from weaker hands, and its not the most efficient bluff size. So, by frequently betting pot, a fish has exploited himself, in a way.
Good players also tend to merge their range, whereas fish may polarize theirs. This makes it easier to play turns and rivers, where the pot is large.Additionally, take the following game dynamic. If I'm folding too often preflop, my opponent should begin raising every hand against me. In fact, if I'm folding 60% or more of my hands, this strategy wins money every raise. When my opponent does not exploit this by raising every hand, he's missing an edge. When my opponent misses edges that I would not miss, I win Sklansky bucks.