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POCKET ACES

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Maryann Guberman has been a writer and editor with many gaming publications, including Sports Form, Card Player, Poker World, Player's Panorama and Systems and Methods. She also has written and edited numerous books on gambling.

Sep 13, 2008

Want to be the Next Chris Moneymaker?

We can't deny that enterprising people like the founders of the World Poker Tour and the collaboration of Harrah's and ESPN have affected a minor miracle by bringing poker to the public in a way that makes it less of a dirty deed and more of a millionaire's mirage.

Unlike the TV show (Who Wants to be a Millionaire), where a person has to be either very smart or very well versed in trivia, millionaire-making poker tournaments require more guts than anything. We're not saying tournament poker doesn't require other abilities. But in fields comprised of thousands of entrants it's highly likely that someone with absolutely no poker skills can win.

Are they, as the music fan would refer to them, one-hit wonders or do they have what it takes to prove they have sustainability, because if these winners want to continue playing poker as a profession, the trick they will have to accomplish is consistent winning.

Let's look at arguably the most recognizable amateur-level poker champ, Chris Moneymaker. In 2003, he sailed through a huge field of competitors to take the World Series of Poker Championship, making him about $2.5 million, a commemorative bracelet, and the dubious title of World's Best Poker Player. (Dubious, by the way, is from the editorial We.)

What has Chris done since (outside of writing a book and becoming a poker spokesman)?

Major tournament listings (www.pokerpages.com/players/profiles/37840/chris-moneymaker.htm) show that he's placed in the money eight times since that heady win, including a second-place WPT prize of $200,000. Discounting the $2.5 million, those eight wins total roughly $280,000 and come to an approximate average of $31,000 making him a yearly earner of about $70,000. (Figures are based on totals through this September, 2007.)

Now, $70,000 a year isn't a bad income.

But it costs Chris a lot of money to earn that seventy grand, maybe less than our estimates because he may well have sponsors and backers, which, of course would then diminish his total outlay.

Consider that he probably entered more than eight tournaments during those four years (2004-07) that cost not just entry fees but also in travel and lodging expenses. Since there doesn't seem to be a record of how many events he entered, there's no way to figure his actual costs but if we estimate one major tournament a month at an average of $5,000 per event, he's already gone deep into his annual salary wallet.

Luckily, as a spokesperson for the World Series of Poker and endorsement money from an online poker room, Chris probably isn't crying poverty. But what about the rest of the starry-eyed poker champion wannabes? What will it cost them to try to emulate Chris Moneymaker?

And if you think this is some kind of diatribe against Chris Moneymaker, think again. I don't know the man. From all reports he appears to be quite the gentleman, a likeable person who loves to play poker.

Chris just happens to be one of the most notable names in the game and as such can be used as an example for others who yearn for that instant celebrity and money status. Chances are this yearning isn't going to become a reality. However, if someone wants to have a career as a poker player, he could consider two alternate choices.

First, become as skilled as possible and work your way up the ranks to a comfortable and profitable level of live action. Live action is a totally different animal. It allows you to profit in increments over a period of time. When you play live poker you should stay away from tables full of sharks (big name players). Even if you can beat these guys and gals on a given day, when you have to face three or four at a time, one of them is going to get your money. Look for games where most of the players have skills that don't come up to your level. Go for the money, not the glory.

Second, tackle the smaller buy-in tournaments where the overlay is in your favor. Checking back to the Moneymaker example, think about this: With a $5,000 bankroll per month, you could enter 10 $500 buy-in tournaments. But if you live in Las Vegas you can find dozens of daily tournaments for $500 or less, giving you even more action.

For example, one $500 event at early this year at Wynn saw 22 entrants. First place paid a tad over $5,300. Granted, it's not the typical tournament, but still, it's a month worth of buy-ins.

More to the average poker player's budget however would be something like the ever-popular tournaments at the Orleans. The annual special, the Orleans Open, provided first-place money of $13,270 to the person who survived a total 305 competitors. The $300 buy-in no-limit contest had just 156 players with first-place paying $12,000 and change.

And, numerous casinos around this city have tournaments that cost under $100.

The point? There's more to the low buy-in tournaments than most people realize. These events keep poker alive for the average fan, grant good solid money for the skilled tournament player and provide a training ground for the bigger events (and often buy-ins to those events as prizes).

When we advocate participating in the smaller buy-in tournaments we're not suggesting you don't set your sights high. Aspire to the big-money extravaganzas; just don't expect to earn your living there.