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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July 22nd, 2009
In a lot of home games, there is just so much money in the pot, relative to the size of the final bet, that it makes sense to call that bet. (What do you have to lose?) In pro poker, there is enough money involved, and enough actual thought processes are being utilized, that many situations come up where you can take advantage of a good read—which might arise either from your ability to detect weakness or strength in body language or from your ability to assess the implications of the betting pattern on the hand—and make either a good call or a good fold. But it's hard to read someone who hasn't really been thinking about the hand and can't possibly be nervous about losing $1.75! The skill factor in poker is much higher in the pro game. There is just too much at stake for anyone to rely solely on luck.
Let's take a quick glimpse at the high-stakes poker world, an enterprise that yields several of my friends over a million dollars a year! At this level, too, luck is a factor on any given day, week, or month, but what's different is that if you play better poker than your opponents do, pretty consistently, you'll find that over almost any two-month period your winnings have exceeded your losses. Furthermore, if you play better poker than your opponents over a six-month period, your results will have moved very solidly in the winning direction. Making a few well-timed bluffs each day will add up to a lot of money each year!
In fact, if an inexperienced poker player were to sit down for a few hours with a group of world-class poker players, he would have virtually no chance to win over even an eight-hour period. This very fact is why five or six top pros might be willing to sit down in the same game with this fellow and each other: the money that even one amateur is likely to contribute makes it worth their while to do battle with so many respected opponents.
This is why so many of the top poker players today drive fine cars and live in palatial homes. Right now, as you're reading this book, there is a $600-$l,200-limit poker game at the Bel-lagio Casino in Las Vegas and a $400-$800-limit poker game at the Commerce Casino in Los Angeles. There is a $200-$400-limit poker game in Tunica, Mississippi; a $100-$200-limit game at the Taj Mahal in Atlantic City; and a $200-$400-limit game somewhere in New York City. They're playing no-limit poker in San Francisco at the Lucky Chances Casino and high-stakes pot-limit poker in London at the Grosvenor Victoria ("The Vic") and in Paris at the Aviation Club de France. In Vienna, at the Concorde Card Casino, they're playing $75-$150 Seven-Card Stud. (I'll have more to say about these two-figure games in Chapter 2.)
If that's not enough action for you, four nights a week in Los Angeles, there is a $2,000-$4,000-limit Seven-Card Stud game at Larry Flynt's Hustler Club Casino, with Larry himself often playing. In the $400-$800-limit poker game it's easy to take a $25,000 swing in one hour. In the $2,000-$4,000-limit game, where movie stars, former governors, and billionaires play, it's not uncommon for someone to win or lose $250,000 in one night. In these "nosebleed" poker games (the term refers to the altitude of the stakes), strategy, discipline, calculation of the odds, and practiced observation contribute to a game that involves much more skill. Better play wins more hands in the long run.
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