EKIP– Expert Club for Economics and Politics A Different Opinion
Author: Georgi Alipiev
The subject of poker is vast – it has many variations, but in its most popular form, Texas Hold'em, where each player is dealt 2 cards and five more are placed on the table, the total number of possible statistical combinations of the player's 2 cards and those on the table is over 5 million. This gives a huge scope for maneuvering, for strategies, and involves making many decisions. You are alone at the table – the decisions must be made by you and no one else, there are no coaches or other advisors who can suggest things to you. You are in full control of the events and are 100% responsible for your actions. In poker, there is no obligation to sign a contract with anyone else ( this happens in certain cases of advertising, training, fees for participation as a commentator in studios, etc. ). You can stop at any time, the role of your self-control, conscience, discipline is huge. You can seek self-improvement by watching and paying for videos or courses, but you can also play completely unencumbered by any advice. There are no taxes on player winnings.
Poker is a stock exchange, poker is an economy
At the same time, poker is a highly regulated industry, and regardless of whether it is played online or live, there are a number of rules for both the providers of the games such as halls, casinos, sites, and the players themselves. Many countries do not allow poker to be played within their borders, and a good example of this is Turkey and Israel, where cultural and religious aspects have their own restrictive effect on the gambling industry. In poker, everyone starts with a certain amount of capital - money, chips, tournament dollars or other assets. The role of the knowledge you gain from various training methods - an important intangible asset, is somewhat invisible, but very significant. Why is it an exchange - in poker there are standardized contracts, expressed in the form of tournaments with established conditions. The contract is between the hall and the players - it offers tournaments with fixed entry fees, with a limited number of competitors, and also offers the necessary variety. An example of standardized games are the so-called spin and go - they are found in almost all halls. They always include 3 market participants - that is, 3 players. They have a certain amount of assets – 25 big blinds, and the winner takes all. At the same time, the poker exchange also offers so-called rebuy tournaments – where you can buy your seat at the table again, sometimes for a significantly larger amount than you invested for your initial buy-in. Your cards and your chips or money are your most important assets, and in No Limit Holdem you can bet significant amounts on them. Poker halls and casinos pay fees to local authorities – they are included in the pricing policy regarding the buy-ins of the tournaments themselves. For example, when you participate in a tournament for 5.5 dollars, you know that you are paying a casino fee of 50 cents for the privilege of participating in the competition.
When you're lucky at cards
It's always good to start with the positive, right? Let's recognize Phil Hellmuth, the 56-year-old poker icon who has won a record 15 World Series of Poker bracelets, with more than$23 million in his career.Known for his violent reactions when he sees a bad card on the table, this persona is distinguished by an inimitable style that is very difficult for others to copy. However, he readily shares his skills in 4 poker books, many instructional videos, and appears as a commentator on a number of shows dedicated to the game. The six WSOP bracelets of another poker legend, Daniel Negreanu, 45, may seem more modest compared to Hellmuth's achievements, but he has made a huge contribution to popularizing the game on a global scale. And while Phil always plays the role of the grumpy guy who ate lunch, Daniel is always smiling at the table. His positive attitude is a factor that has helped him winover $42 million in his career. In general, if you are a poker champion of the highest caliber, you have no less money than any other sports star!
Poker is not only freedom, but also responsibility
Discipline, bankroll management, responsible play. Poker can lead to bankruptcy. Stu Ungar is one of the most prominent players on the list. This is a competitor who has achieved success with the help of his high IQ, but mainly because of his great photographic, visual memory. A 3-time winner of one of the most famous tournaments in this sport – WSOP, and having won millions of dollars at the tables, he went into debt twice as much after betting on horse racing, American football and went completely bankrupt. Add to this his drug addiction and Stu is one of those gentlemen who cannot bear the weight of fame acquired at a very young age. Gus Hansen is another top competitor with an unhappy fate. He won $11 million from poker, but since 2014 the process of the Dane's downfall begins, expressed in total losses of $18 million. He gave away 600,000 of them to other players in just 1 week. His negative balance of 18 million in the green still stands as the record for the largest exit in the poker industry.
Will poker retain its role as a social phenomenon?
Poker is a game with a culture that has a centuries-old history. Almost everyone in the world has heard of it, and almost everyone has watched American Westerns, in which the scene of excited players with guns at the tables is a common sight.
There is no other card game with such popularity – and the reason is the huge money involved in it. There is no need to be social in it, to have a certain education, poker is a symbol of freedom, but also responsibility.
Poker is popular all over the world, but also in our country. One of the famous Bulgarian entrepreneurs, investors, personal development coaches – Yuli Tonkin, obtains capital for his ventures thanks to over 10 years of successful career as a poker professional. The future of the game is connected with the presence of these opinion makers, who have the power to influence many.
At the same time, poker is also a field for innovation. Americas Cardroom, one of the significant poker sites, already accepts deposits and withdrawals from players in cryptocurrencies. This way of investing in poker experiences is expected to be used to a greater extent by young players who have better technological knowledge. The security of crypto payments, as well as relatively lower transaction fees, are also important advantages for those who choose this means of payment. Even larger poker sites – we include the largest mastodon on the list, PokerStars, controlling 66% of global poker traffic – are cautious and reserved regarding this financial innovation. The specificity of the game requires the use of easily divisible means of payment, which for now excludes gold or other precious metals as an option.
