July 23rd, 2009
Imagine yourself facing down Larry Flynt in the $2,000-$4,000 Seven-Card Stud game at the Hustler Club Casino.
You're sitting there trying to figure out if he has a strong hand or is full of hot air (bluffing). If you decide right, you will win $25,000, but if you're wrong, it will cost you $25,000. What do you do? You make a good read—of the situation, of the odds, of your opponent—and make an educated guess, rather than a plain old boldfaced guess! The chief difference between your home poker game and the games of the big players is the preponderance of luck in the one and the preponderance of skill in the other. In a game (the Flynt game) where winning just one $4,000 bet a night would mean an income of $16,000 per week (this game runs four days a week), one carefully earned bet can make a great deal of difference.
That's the way things look into the high-stakes "side game" world at large, but there is even more evidence that skill is present and important in high-stakes poker tournaments today. (When I say "side-game" world, I mean the nontournament poker world.) Why do the same people, by and large, keep winning poker tournaments year after year? They win because they apply finely honed strategies and tactics, calculate and recalculate the odds, read their opponents well, avoid becoming predictable, and know how and when to make a good bluff.
Some of the most famous poker players in the world today have made their names in poker tournaments. Doyle "Texas Dolly" Brunson has eight bracelets (titles) from the World Series of Poker (WSOP) at age 66. I have seven, and so does Johnny "The Oriental Express" Chan. "Amarillo Slim" Preston—whose name is known even to the general public—has four or five WSOP titles, depending, as Slim himself would say, on "who does the telling."
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