For many established poker professionals, online poker has been the gateway to the million-dollar business that can turn a talented player into a millionaire in a matter of months. Online poker sites often serve as a springboard for young players to build a bankroll with which they can eventually participate in high-paying online tournaments or live events and make their breakthrough there. Others are content to secure a significant extra income month after month by playing online poker. But how exactly can you make money with online poker? At what point is it worth quitting your job and making poker a career? Here you’ll find all the information on how to make money online with poker.
Tip 1: Keep a budget book
Before a player decides to become a professional poker player and make money playing online poker, they must calculate how much money they need each month. This is because living expenses are incurred even when there is no income. The cost of rent, including utilities, food, insurance, and other expenses, must not only be covered each month, but there should also be a cushion of around 20% of this amount.
This means that this amount must be reached regularly month after month in order to make a living from poker. Successful amateur players can calculate how much they need to play based on their previous experience to reach this amount. This can also determine whether their poker career will be successful or not.
Tip 2: Use bonus promotions
Almost all poker rooms offer bonus promotions when a new player decides to sign up and deposit. In addition to these welcome offers, there are often recurring promotions and bonuses that are also worthwhile.
With a bonus, poker players can increase their bankroll, so it’s always advisable to accept these promotions. Aside from that, it’s always a good idea to register with several providers, not just one.
Tip 3: Consider rakes
A poker room is funded by rakes, which average 5% of the pot or 10% of a tournament’s buy-in. Those who play a particularly large number of hands often receive rakeback offers. These can amount to up to 30% of the rake.
In this case, the player receives a portion of the rake once a month. Therefore, it’s worth choosing a poker room that offers a compelling rakeback program. Furthermore, reputable providers offer other reward systems for loyal customers, such as a VIP program with a loyalty points system.
Tip 4: Maintain discipline
Anyone who plays poker professionally wants to make money from online poker. This means they don’t just play poker for fun and pleasure, but rather they pursue the idea of making a living from it. This is a self-employment job, like any other. This means you must maintain certain working hours and require a great deal of self-discipline to be successful.
Even a self-employed person can’t just take time off whenever they feel like it or simply go on vacation. Furthermore, it’s not enough to rest on one’s laurels after a particularly successful run. The point is to continually improve and generate long-term profits.
Tip 5: Minimize risk
Minimizing risk involves identifying and reducing potential sources of danger. One way to minimize risk is to prefer playing with several small bets rather than a single large one. Self-control is also part of the process, as many poker players frantically try to recoup lost money after a loss. But sometimes there are days like that, when everything goes differently than planned and luck can’t be forced after all.
The pressure that arises when not enough money comes in also has a counterproductive effect. This is why professional poker players react calmly even when they lose once. Incidentally, most poker rooms offer the ability to set limits in the customer area. Depending on the provider, it’s possible, for example, to limit bets or the amount that can be deposited weekly or monthly.