Playing Poker Professionally : Pros and Cons

Introduction

In "A Tale of Two Cities," Charles Dickens wrote, "It was the best of times, it was the worst of times." I suppose that too goes for life as a professional poker player. Playing poker for a living can be either the best or the worst of lifestyles. Poker brings out the best and worst in us.

Some of what you are about to read first appeared on the Internet newsgroup, rec.gambling.poker (RGP). A question was asked by someone wanting to know what it's "really" like to play poker for a living. That question provoked several replies from members of the poker community -- both pro and con.

I selected the two most enlightening responses, so readers might get a broader perspective of the advantages and disadvantages of choosing poker as a full-time profession. Here, we have two thoughtful people, obviously poker players, looking at the same issue and coming to completely different conclusions. One sees the glass as half-empty. The other sees it half-full.

There are so many myths surrounding what constitutes professional poker playing, that's it's difficult to separate fact from fiction. A career as a professional poker player can be either blissful or miserable, or a strange combination thereof -- all depending on how you look at it. It's certainly not as portrayed in movies or according to old stereotypes. For the true professional, thrilling moments are few and far between, dwarfed by the endless monotony of the grind. Poker pros, usually absorbed in self-images of themselves as Runyonesc romanticists, gradually come to a more sobering reality that their livelihood depends on a fresh daily crop of hayseed suckers streaming in the door plucked out of the cornfield.

I spent three years a professional player -- and by that I mean the majority of my income came from poker playing. There were times I hated it and other times I loved what I was doing. I also spent a good number of years as a semi-professional, which means I used poker to supplement my income when I was employed in other occupations. In the 11 or so years I played poker as a semi-pro, I won in 10 of them. There were also a couple of years in my adult life when poker was not important to me -- when the game was merely a diversion and form of recreation. Hence, I've seen poker though the prism of all three perspectives -- novice, semi-pro, and pro and suffered both ups and downs -- which leads me to provide a final summation below.

As you will see, poker playing not a "game" so much as a state of mind. How you view poker is commonly a reflection of how you view yourself and your own life. It's not the game which is the cause of joy or despair, nor the origin of self-fulfillment or disappointment. The game is merely one reservoir of many, which magnifies human conditions which already exist. In a sense, a cardroom is like a giant greenhouse, where human evolution occurs before your very eyes. Players are seeded, they grow, they bloom, they blossom, they wilt, and eventually they die. Clearly, the game causes innumerable problems for many people along the way -- financial, social, psychological, and so forth. But the game also provides many positive things -- such as companionship, entertainment, intellectual stimulation, and money (for the winners).

In poker, there are pros who are miserable and also pros who can think of doing nothing else but playing poker for a living. Certainly, the typical attitude falls somewhere in between the two extremes, meandering through a revolving gambit of emotions, toils, and turmoil which sporadically grants us time to pause and reflect on our lives and our pursuit of happiness. Perhaps this column will allow more pros, and those who aspire to be pros, to do the same.

The Pros and Cons of Professional Poker Playing

Note Most of the PRO and CON arguments were taken from two sources -- "Anonymous" speaking as the "PRO," and edgayer@att.net speaking as the "CON." These are real people with completely opposing viewpoints I have taken the liberty of adding several comments to their arguments. My "FINAL ANALYSIS" seeks to be an objective overall assessment of the subject.

Income

PRO: Critics say that "poker players are always broke." Well, just about everyone I know with a regular job is "always broke." The rest of the world is living on their credit cards, barely surviving, going from paycheck to paycheck. They sweat small change. That's how most people live in this world. I don't sweat much. But everyone with a paycheck does. You tell me which is better?

CON: You might make $50,000 to $100,000 per year if you're a very good pro. You're probably not. Very few professionals make six-figures and up -- less than 1 percent. You might as well try to become a movie star or a pro athlete -- the odds are better. With a regular job you're guaranteed a paycheck every two weeks. That's a pretty good deal when the bills come due. With poker playing, there are no guarantees. You might even lose money. Most who try to become professionals, lose money. They fail. End of story.

FINAL ANALYSIS: Unlike most regular jobs where you are limited to a fixed income, with annual increases that barely keep ahead of cost-of-living, in poker you are limited only by the extent to which your talents and playing time will allow. You can play 30 hours a week or 60 hours. You get out of poker what you put into it. Furthermore, if you are really good enough and have the bankroll, you will win money. Trouble is, the vast majority of those who seek to play poker professionally have neither the talent, the discipline, or the disposition necessary to succeed.

Financial Matters

PRO: Poker players can establish good credit in the same manner as everyone else in society -- by paying their bills on time and being responsible with credit. There's no difference on credit reports between having a place of employment (i.e., a job) and being self-employed (playing cards for a living). I've never not paid a bill on time in my life. That's about all it takes. It's got nothing do with poker. Same thing with investing and conducting your business affairs. If you maintain good credit, you will have opportunities.

CON: Getting credit is difficult, if not impossible if you play poker for a living. Be prepared live on cash. You can't get simple things like a car loan, or a mortgage on a house. If you somehow get a loan, you will have to put down 5 or 10 times the amount of money than most people with regular jobs. Someone who works and belongs to a credit union can get a house with a few thousand down. You better have at least $20,000 or you'll end up paying rent the rest of your life.

FINAL ANALYSIS: Poker playing as a profession is certain to be a big disadvantage in some important financial matters -- like winning points on a mortgage or getting loans approved. However, it is just as easy for a poker player to secure good credit as any other person in society.

Tax Issues

PRO: There are big tax advantages to being a pro poker player. Most people in cash businesses can either report their income quarterly (and pay what is due at that time) or wait until the end of the year and pay their tax bill in full so long as the obligation is met. The government does not get to keep withholdings on earned income as in other professions. I also acquire interest on my own money and pay the tax bill according to the schedule I have set with the IRS.

CON: Tax problems are almost inevitable if you gamble for a living. If you get really good at poker and score $100,000 a year, you probably won't declare it properly and pay taxes on it. You simply won't. You're in a cash business and you will always find something else to do with the money. Gradually, the years will pass along and one day the IRS will get you. Especially with computers literally taking over our lives. You used to be able to run and/or hide. That won't be an option going forward. They will get you -- count on it.

FINAL ANALYSIS: According to the IRS, people who are self-employed and in cash business are more likely to be audited and have their finances scrutinized by tax authorities. Many pro players have had tax problems. If you play poker over a long length of time (years) and you under-report your income, the odds will eventually catch up with you and you will get caught. You better keep very good records and be able to explain everything. Unfortunately, the IRS seems to have a reverse mentality when it comes to guilt -- it's up to you to prove your innocence. Whether you play as a pro or semi-pro, KEEP GOOD RECORDS.

Benefits

PRO Benefits are things you buy. Benefits are not free. Either you buy them for yourself, or your employer buys them for you, essentially deducting it from your pay. I play cards for a living. I pay about $400 a month for health insurance for to cover myself, my wife, and kids. What difference does it make if you get $45,000 in salary and $5,000 in benefits -- versus a $50,000 salary and no benefits? It's all the same thing. There are advantages with a regular company, since group insurance is usually cheaper. But it's still a financial calculation, not a necessary lifestyle difference.

CON: Poker playing provides absolutely no benefits. No perks. None whatsoever. You have no idea how important these benefits are until you need them and don't have them. No 401K. No retirement income. No vacation. No sick leave. No disability coverage. And forget about getting a promotion.

FINAL ANALYSIS: This is one of the biggest disadvantages to being a poker pro. Since you do not get benefits, the money you earn at the table must be higher in order to compensate for this loss. In other words, you better be really good in order to justify the loss of additional perks from working a regular job.

Family Life

PRO: Many poker players are happily married. They have children and happy family lives. One thing is -- if done responsibly, poker allows you to spend lots of time with them. I spend more time with my family than almost any other husband I know. Families and marriages are what you make of them, and that's got little to do with your job, except insofar as your job reflects your personality. I have a wife and handsome, athletic, smart, educated kids, in a classic middle-class beach lifestyle. And, I play poker for a living. I know plenty of people doing the 9 to 5 routine who are bitter with no family life, divorced and lonely. It's all what you make of it.

CON: If you play poker, you probably work nights and sleep days. How are you going to attend soccer matches and ballet dances? You won't. Because you won't find a woman worth marrying. Who would want to hook up with a gambler?

FINAL ANALYSIS: Poker playing is more challenging to family life than most other occupations -- except in rare instances. The vocation is overwhelming comprised of males, which leads to fewer opportunities for courtship and matrimony than most other professions (except for male-dominated fields).

Social Status

PRO: As a poker player, I've made friends with doctors, lawyers, businessmen, teachers, cops, drug dealers, bookies, entertainers, cab drivers -- as well as Blacks, Latinos, Whites, Asians, and so forth. Yet people with jobs have friends almost only from the same profession, and that generally means of the same race. Anytime I want, I can go to the card room and find friends to hang out with. To drink with, watch a ball game with, have a coffee with, eat with. No appointment needed, no planning to get together. A place where everybody knows your name. People with jobs watch TV every night and then go to sleep.

CON: Society gives you no respect. In fact, much of the world looks down on you. Incorrectly perhaps, but that's the way it is. Many poker players are lowlifes. You may meet a lot of diverse people, but everyone is on the room for a reason -- to get your money and leave you destitute. So much for the social thing.

FINAL ANALYSIS: I can think of no other hobby or profession that provides people with as much opportunity to get to know their fellow citizens -- of all ages, races, religions, interests, and backgrounds -- than poker. Poker players who are open-minded to new ideas and experiences and who are generally interested in other people are the ones who will find poker the most rewarding. Poker after all, is "a game of people."

Lifestyle

PRO: Job goers are up at 6:30 in the morning to commute downtown for an hour, to work all day, to get back by 6:30, exhausted. That's 12 hours five days a week. In some jobs, more than that. One week I might play about 20 to 30 hours a week, or play only 7 to 9 months a year. It's all up to me. I also chose to live very close by the poker room, so there is no lost life spent in traffic. I wake and sleep when I want. Everyone else seems to carry an appointment book around, working out a schedule, using cell phones and e-mails and palm pilots, trying to stay organized. Me? Someone asks me "when's a good time for you to..." I always say, "anytime. It doesn't matter." Because it doesn't.

CON: You are constantly around a lot of miserable people. Life is a very short ride, and sharing the backseat with your typical casino gamblers for most of it is a prescription for despair and depression. There are exceptions and we all have poker friends who we like and admire, but really, how many? The vast majority of gamblers are of low character and are a big-time drag to share existence with for long periods of time.

FINAL ANALYSIS: Oddly enough, successful poker players must (try to) surround themselves with losers. It's probably the only profession where you seek to be around with people who are less talented than you are. This peculiarity must have a profound impact over the course of time. Of course, not all poker players are professionals and a "loser" at the table can be a big "winner" in life. We sometimes forget this. Many otherwise successful people from respected professions are losing poker players. One big advantage in favor of playing for a living does seem to be the fact a poker player can play whenever he wants -- night or day or any day of the week. Since most jobs fit the 9-5 routine, poker is a viable alternative to non-conformists who despise ritual and routine.

Physical Health

PRO Smoking and second-hand smoke was once a huge problem, but it's gone now in most rooms. Sure, poker is sedentary, but how many jobs aren't? I exercise almost every day and stay fit. I eat right. That's got nothing to do with or without poker. 60 percent of all Americans are overweight. Just look around.

CON: Poker is a sedentary job that frequently exposes you to second-hand smoke and unhealthy foods. You can overcome the sedentary part with a disciplined workout program, but the smoke is not something you can avoid if you want to play in really live games. All you have to do is look around the average poker room to see that poker players, as a class, are less healthy than the general public.

FINAL ANALYSIS: There are health risks that go along with with many professions, especially outdoor jobs. Some jobs are even dangerous. Poker playing is a relatively sedate profession, on par with working in an office. In some less comfortable cardrooms, working conditions may be more like a bar. Nevertheless, most jobs do not promote good health nor do they provide opportunities to take a break whenever the worker chooses. So, poker is not really a worse lifestyle and may actually be slightly advantageous.

Mental Health

PRO What job doesn't become a grind after a long time? You tell me. Selling insurance? Teaching fifth-graders? Appraising real estate? Clerking at Wal-Mart? What are the jobs that don't become grinds? Well, actually, POKER! If it does become a grind, your approach is wrong. So, take a break. The truth is -- if it's becoming a grind, your earn will drop. I pretty much net the same win on 25 hours a week as I will on 50. 25 well-played hours equals 50 mediocre-played hours, and if I start playing 50 hours, they'll be pretty damn mediocre. So, play less and play better -- if you can. Have fun, win more. I have a mantra I repeat to myself when I sit down: "Play calmly and aggressively; remember that good play begets good play; want to learn more than earn; have FUN!" Corny stuff, maybe, but it reminds me of the mindset I want to have. And it is fun. If you're not playing over your bankroll, and not playing too many hours, it's an endlessly interesting game. I make mistakes every day; that alone keeps my interest.

CON: It's boring. Poker turns into a horrible grind when you have to play correctly every day. You create nothing in poker, beyond grinding out your living. You help no one. You achieve nothing. You don't grow as a human being. Most of the conversation at the tables is confined to trivia or worse -- listening to bad beat stories and tales of misery. Sitting at a poker table for long periods of time is intellectual death. Talk to some of the poker pros -- they are human vegetables. Bring up something profound that's not related to gambling and they are like deer caught in the headlights.

FINAL ANALYSIS: Very few jobs can sustain one's intellectual curiosity over a period of years. For some people, poker seems to foster the pursuit of greater knowledge, while killing that same pursuit in others. People driven to do great things in other professions are, in fact, taking a step downward by playing poker for a living. Others, who were once destined to work menial jobs most of their lives and stumbled into success in the poker world found their salvation. Indeed, the grind of the poker life can either be death or salvation -- depending on the person.

Options

PRO: If I decide at some point that I don't want to play poker for a living, I have the freedom to go out look for a job anytime I want. I can go to school and take classes to improve my education. People with regular jobs usually don't have that luxury -- unless they go to night school or can arrange to do something part-time. In terms of poker's relevance to getting a regular job, my profession taught me things about investing, risk, finance, self-control, and human psychology than most people will ever know.

CON: Your options are extremely limited. Let's say 30 years goes by. You're 50 years old, you're tired, and you want to find a real job and hang with real people. Well guess what. You don't have a marketable skill in the world. You can work for Wal-Mart or flip burgers, if you can explain to them why you haven't had a job since high school. It's the same thing a convicted felon goes through after spending the first half of his life in a correctional institute. Your options are extremely limited if you later decide to do something different with your life.

FINAL ANALYSIS: Unfortunately, most of the world does not see poker the same way we do. Call them misguided, but if you tell a potential employer you played poker for a living for a significant part of your life, you are going to be met with skepticism and raised eyebrows. Most people simply fail to grasp what poker is all about. Sure, poker provides extraordinary opportunities to learn new things and creates experiences that most people will never have. But on a job resume, it will be a looked at as a negative by most companies.

Chances for Happiness

PRO: Looking back at the end of life with disappointment is an issue we all must deal with someday, and it's got nothing to do with poker. I think I'll look back and say -- I was a good husband and father and friend. I lived a long time in good health and with self-respect. Critics say poker playing is not productive. Maybe not. It's not like saving lives or curing cancer. But it's not counter-productive either, like so many other fields. Not counter-productive like so many lawyers, business executives/con-artists, or others who hurt the world more than they help it. I provide a "service." I provide a game in which people can be entertained by the challenge. I don't lie, cheat, or steal. How many lawyers, businessmen, politicians, doctors, or anyone else can really say that? I don't "sell" to anyone. I don't act nice to people I don't like. I don't stroke egos nor do I submit to other people's demands. I don't say "yes, this is a great price for this car," or "yes, this stock's going up" or "yes, you look skinny in that dress" or "yes, I finished teaching my class the district-demanded standardized-test prep" or any of the other million and one degradations those with jobs suffer to keep their jobs. I can look myself in the mirror at the end of the day and like what I see.

CON: Many poker players don't have family lives, don't have social lives, and can't get dates. They're still living in an apartment and paying rent since there was no reason to buy a house. They've pissed their lives away playing poker. At the end of the road, you're tired, you have nothing to show for your stay on the planet except the fact that you maybe managed to feed yourself. Maybe. If so, congratulations. Really impressive.

FINAL ANALYSIS: Happiness and quality of life are not necessarily achieved according to career choice. Many people working drab jobs in factories are very happy with their lives and consider themselves very successful because they have good families, are active in the community, do church work, or hundreds of other fulfilling good deeds. "Making a living" and "living life" are two completely different things. What you do in your free time is perhaps more important in making an impact on the world and contributing to society than what you do for a living to make money. Doing volunteer work or contributing to charity or doing any other noble deed is not predicated upon what one does for a living. There are blissful beer-drinking auto mechanics living in trailer parks, just as there are miserable champagne-swallowing socialites and suicidal investment bankers.

The Bottom Line

PRO: The best reason not to go pro is that you probably aren't good enough. That's really the best reason. That's the chief problem -- lack of skill. Almost everyone who tries, fails, and though they usually blame bad luck or lifestyle, they're completely missing the boat. They just weren't good enough, that's all. I have my share of bad luck. That's where the skill comes in -- not to be destroyed by it. To sum it all up, almost all the knocks on playing poker for a living can be leveled at other jobs, and are not poker-specific. They're a matter of choice, and life-success, is independent of the game. The other knocks are not really made about playing the game for a living, they're made about NOT SUCCEEDING in playing the game for a living. So, yes, if you're broke, that's not good. But that only happens from FAILING to play poker professionally. To me, by definition, a true pro NEVER goes broke. All the guys who do go broke aren't pros, they're wannabe-pros. And yeah, there's lots of them. But the problems come from FAILING to play poker for a living, not PLAYING poker for a living. There's a big difference.

CON: Get a real life, and treat poker as it was meant to be treated -- as an entertaining diversion. If you're young, life should be about big dreams and big plans. Anticipating a pro poker existence is setting the bar way too low.

FINAL ANALYSIS: For those who chose to play poker for a living and are successful at it, poker can be a dream come true. For those who aspire to play poker but fail, poker becomes a nightmare. Most dissent about professional poker playing comes from those who cannot achieve it and thus are reluctant to admit that it can be an immensely fun and rewarding occupation. But the odds of becoming a poker pro making a respectable income are terribly long, and most people should be advised it is not the right pursuit.

For additional reading on this subject, I strongly recommend David M. Hayano's astounding sociological study/book called "Poker Faces." Although this book was written in 1982, it is the best portrait of the life and work of professional cardplayers ever written.