How Rich Can I Get Playing Poker?

How Rich Can I Get Playing Poker?

There are questions every poker player ponders when they first take up the game. The most common are can I get rich playing poker and if so, how rich? If you’ve found yourself wondering the same, read on!

Can I Get Rich Playing Poker?

The short answer is, yes, you can get very rich playing poker - as long you play the game right! The long answer - of course - is a bit more complex. From choosing your game to deciding which medium you want to play through, there are a lot of decisions to be made between entering the casino and walking away a millionaire. Unfortunately, that also means there’s a lot of room for mistakes. Still, it is possible. That’s evident from the existence of poker greats like Phil Ivey and Daniel Negreanu. 

How Rich Have Professionals Got by Playing Poker?

Now that we’ve established that you CAN get rich through poker, it’s time to look at players who’ve already achieved this. First up is one of the Poker Hall of Fame’s youngest members, Phil Ivey. Widely regarded amongst his peers as a poker icon, at last count, Ivey holds ten WSOP bracelets, has appeared in nine World Poker Tour Finals and earned himself the moniker the “Tiger Woods of Poker”. But how rich has he gotten from these achievements? Ivey’s reported fortune is derived from both online and live games. His online ventures have amassed north of $20 million for the poker great. While live poker tournaments have resulted in no less than $26 million for Ivey. At the time of writing, he’s roughly worth a total of $125 million. Rich enough for you?

Another player worth mentioning is probably one of the most recognisable poker names worldwide. Daniel Negreanu earned the name “Kid Poker” by dominating the poker scene from a very young age. Unlike Hollywood child stars, this legend has only grown more successful with age. The Hall of Fame inductee owns six World Series of Poker bracelets and is the only player to have been crowned Player of the Year twice. Daniel’s charisma has made him a massive hit with the public. With this, he earned various sponsorship deals from poker-related brands. He first became an ambassador for PokerStars. Kid Poker is currently promoting GGPoker. All of this adds to his $50 million net worth

The Richness of Your Game

The first element of success in poker is finding the right game for you and then perfecting it. Poker has been around for generations, supposedly dating all the way back to the 900s. It follows that it spawned numerous variations on the original game. From 5-card stud to Omaha there’s a game to suit the taste of every possible player. However, if getting rich is the aim, you’re probably best sticking to Texas Hold’em. As the most popular and most widely played poker variation, Texas Hold’em will give you the most opportunity to play, win and build up your bank balance. 

Once you’ve selected your game, the obvious priority is perfecting it. While there is an element of chance in poker, it’s predominantly a game of skill. This means that, even if you grasp a few lucky wins in your early poker career, without real skill, you won’t hold on to your new chips for long. There are several ways to build up your experience and confidence with the game. Some players make their way to small stakes tables to learn the ropes. Here their risk is minimal but the potential experience they’ll gain is invaluable. Of course, a newbie shouldn’t overlook the resource of free-to-play games like our own Pokerist. Hosting an ever-expanding range of poker variations and popular tournaments, these apps allow players to learn the game while engaging with genuine poker enthusiasts - the exact kind of players they’ll find at real-money tables. While you won’t earn any income from these games, they present a unique opportunity to test your skills in a risk-free environment.  

Online Poker

Another contributing factor to how much money you make in poker could be where or how you play. Thanks to modern technology players have a wealth of playing methods to choose from when finding a poker game. Many beginners find the thought of sitting at a live table with other players too intimidating - especially if they’re not yet confident in their skills. Instead, they opt to enjoy online poker as it gives them a chance to get some skin in the game without this pressure.

There are thousands of professionals who play online poker daily and earn a substantial income from it. That said, to make any real money from online poker (let alone enough to consider yourself rich) takes serious commitment to the game. It’s not a shortcut to success. Getting proficient in online poker is a full-time job that requires hours of practice. Being a successful online poker player (or any poker player) requires watching hundreds of instructional videos and reading a library of books about poker. It’s a simple game on the surface and definitely entertaining to play from time to time. Yet, if it were easy, everyone would do it. Becoming a poker pro requires unrelenting devotion of your time, energy, and money. When these elements are in place you’ll be on the right track to becoming rich.

With this level of dedication, chances are you’ll beat out a lot of your online competition. The majority of online players are there recreationally, so spotting a fish and beating them is the surest way to make a profit. Players who know how to play against new and inexperienced rivals are at a great advantage. That said, while pitting yourself against fish is a good starting point to generate steady revenue, it won’t make you rich. Simply put, playing low-stake games is a start but not as lucrative as their high-stake counterparts. These are more easily found in live poker tournaments.

Live Poker

Now, if you want the biggest wins you have to go where the money is. The bigger the stakes, the bigger the prize money. It’s that simple. Low stake games might help you get by and maybe fit your small bankroll, but if you hope to become rich from poker, you need to take your money to live tournaments. 

With a full roster of cash games and tournaments, players can rake in anything between a few hundred thousand to over a million dollars. Naturally, the pot varies depending on the size of the buy-in and the number of entrants. Once you’ve built up your skills and if you feel you have a fighting chance, you may throw your hat in the ring for a WSOP main event. One of the most prestigious tournaments in the industry, a WSOP win could potentially earn a player seven figures. Apart from the WSOP, there is a range of other worldwide poker tournaments that’ll earn players equally lucrative pots.

Sponsorships

Outside of actually playing the game, there are other ways to earn money as a poker professional. After all, those most well off in the industry don’t just confine their income to what they take from the tables. Poker sponsorships have long been considered a viable revenue stream. Securing a sponsorship deal with a heavyweight poker brand may not be easy. Yet, considering they usually draw in between six to seven figures, it guarantees an ace bank account for those that get them. Of course, outside of traditional brand sponsorships, poker professionals have been known to beef up their poker revenue via their online presence. Through partnership posts or Twitch streams, social platforms have opened up an entirely new revenue stream for players. Of course, the more followers you have, the greater your brand power. Those that have embraced this new side of the game will certainly have noticed its effect on their bank balance.