CNBC releases Who Makes Money From Professional Poker documentary
CNBC, one of America’s biggest TV channels, released a very interesting poker documentary called who makes money from professional poker last week. Find all the details here and watch the full documentary for free below!
It’s intended to be easily understood by a general, not “poker-savvy” audience. That means some of the things are over-explained, but there’s some interesting information for avid poker fans as well.
How Much Money Do You Need to Become a Poker Pro in Vegas?
The biggest name interviewed for the piece is WSOP bracelet winner Ryan Laplante. He won the $565 PLO event for $190K in 2016. He also made it to the final table at WSOP events 4 other times.
He shared some valuable information about proper bankroll management.
“Let’s say, you’re a professional living in Las Vegas, and you play mostly 300 to 1,000 dollar tournaments. And you ran, like, a 500 dollar average buy-in. I would say, to be comfortably rolled for those games, you need about 100,000 dollar poker specific bankroll.
And then, you should also have about a year’s living expenses as well saved up. If you’re living like a normal middle class lifestyle in Vegas, that would run you about 4 grand a month. So you would need about a 150,000 dollar total bankroll.”
Given that sum is more than three times the average yearly salary in the US, no wonder that almost every professional is relying on staking to some degree.
An In-depth Look at Poker Staking
All the pros appearing in the video – Jeff Gross, Ryan Laplante, Lisa Costello– agree that staking is an essential part of professional poker.
The staker can enjoy huge amount of passive income. Meanwhile, the staked player can play more tournaments with a bigger bankroll. Also, they can lower the risk in poker by playing partially or fully on someone else’s money.
The video also teaches the viewers some lesser-known poker lingo related to staking.
A backing group – a group that provides bankroll and poker coaching to players – is often referred to as a “stable”. The players belonging to a stable are “horses”.
If a player lost money to their backer, they’re “in makeup”. The video points out a big difference between buying one-time action from a pro and having a long-term backing agreement with someone.
If you buy action, the player has no obligation at all to pay back if the money is lost. In backing agreements, however, a backed player is not getting any part of their winnings while they are in makeup.
While variance is high in poker, Laplante feels investing in a poker player may be a lot wiser than putting your money into any other market.
“I think you can run much higher edges in buying pieces, and action, and people, than you can in pretty much any other industry when it comes t investment. Real estate, you name it. I think poker runs some of the highest edges”.
The YouStake Lawsuit
The CNBC piece also dealt a great deal with websites where you can purchase action from poker players. One of the sites mentioned was Stake Kings, the other was YouStake.
They also covered the story of YouStake being investigated by the U.S. Securities and Exchange Commission. Eventually, YouStake ended up suing the SEC in order to finally get a verdict. In response, the SEC seized their investigation.
Watch who makes money from professional poker here:
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