How to Make a Living Playing Online Poker
Making a living from online poker is not as complicated as you may think. Every day, hundreds of people decide to leave their 9 to 5 to start a career playing online poker. Some people love the freedom, while others hate being forced to play poker as a job.
Even though not all of you may be cut out to be professional poker players, you can all easily make an additional $300-$1000 per month to supplement your income. In this guide, I'll share some of the pros and cons of playing poker for a living. Plus, I'll tell you the easiest way to start making a living at online poker (part time or full time) TODAY!
For those of you who are ultra-serious about a full time poker career, I'll share some practical tips about bankroll management, money management, poker education, and everybody’s favorite - taxes.
First, the pros of a poker career:
- No more boss
- Create your own hours
- Take a hobby you are passionate about and turn it into a good income
- Work from home (or anywhere with an internet connection)
- Travel the world playing in big poker tournaments and cash games (and write it all off)
Now, some of the cons of a poker career:
- Extreme discipline is required to play plenty of hours, avoid tilt, and analyze game play
- Having poker as a job may lead to less enjoyment
- Statistics show that most poker players lose money over time
The best advice I can give to players who want to make a living playing online poker is start playing set hours part-time at a site with rakeback.
For those of you who don't know about rakeback, it's where a website (like this site - PokerDayJob.com) pays players a large percentage of their rake back to sign up through them. This is by far the easiest way to get started making money from online poker. You can also earn money referring your friends to PokerDayJob.com.
Here's an example: Let's say you want to make an additional $15,000 per year (This is what I do). You pick one of rakeback deals at a poker room of your choice. We'll use a 30% rakeback deal at Cardspike Poker for this example. By playing 4 tables of $5/$10 Limit Hold'em 6-Max just 20 hours per week (4 hours a day - 5 days per week) you can make around $1,300 per month. This adds up to $15,600 extra money you can make a year playing online poker. Now imagine if you make a profit playing poker in addition to your rakeback check. If you make just 1 big bet per hour playing $5/$10 that's an extra $800 per month. This brings your annual income from online poker to over $25,000! And that's playing part time.
I highly recommend you go ahead and create your free PokerDayJob.com rakeback account. You can sign up for as many rakeback deals as you want in order to find a poker site you really like.
For those of you who want to take your poker career to the next level, here are a few things you need to have a plan for.
- Poker Bankroll Management - Your bankroll is your lifeline in poker. So if you plan to play poker as a career, you need to make bankroll management a top priority. Here are some conservative bankroll guidelines for various types of games.
- Limit Hold'em - 500 big bets ($500 for $.50/$1.00, $1,000 for $1.00/$2.00, etc)
- No Limit Hold'em - 40 buy ins ($400 for $10 NL, $1,000 for $25 NL, $2,000 for $50 NL, etc)
- Sit N Go Tournaments - 50 buy ins ($250 for $5 SNGs, $500 for $10 SNGs, $1,000 for $20 SNGs, etc)
- Multi Table Tournaments - 100 buy ins ($500 for $5 MTTs, $1,000 for $10 MTTs, $2,000 for $20 MTTs, etc)
- Poker Emergency Fund - In addition to having a strong bankroll, you should have 3 to 6 months of expenses set aside in a savings account for emergencies. You should do this regardless of your job; however, it's especially important to have a safety net when playing poker for a living. As you move up to higher stakes, I would increase this to 12 months expenses. That means if something goes terribly wrong (your cable company stops offering internet or you break your hand or something) you don't have to stress about paying the light bill.
- Poker Education - Even though you have a great thing going with rakeback from PokerDayJob.com you still want to improve your game so you can one day play Phil Ivey heads up for 100k. That's why it's important to invest in the right books, training videos, and tools like Poker Tracker to take your game to a completely new level.
- Poker Taxes - You should pay them - enough said.
If you haven't already, take 5 minutes to choose a rakeback deal from PokerDayJob.com so you can start making a living playing online poker!