7.02.2009

This Post Brought to You by Poker

I'll be boarding a plane in the next few minutes headed to Las Vegas, where I'll be for the next several days to conduct some research (yes, really!) for my book and to play in the World Series of Poker.

I haven't played cards for 18 months or so, should you probably be happy if I happen to appear at your table. Nevertheless, for a period of about two and a half years starting in 2004, when the poker craze was at its peak and it was easy to find poor opponents, I was playing quite a bit and relied on poker as a secondary source of income, without which I probably would not have been able to quit my consulting job.

Most of my play was online, which is certainly much duller than playing in person, but has the advantage of allowing you to play many more hands per hour: you don't have to wait for the dealer to physically shuffle the cards, or the players to handle their chips. And if you like, you can play on multiple tables at once -- this is not as impossible as it sounds since you should be folding most of your hands anyway, although there were days when I felt like a meth-addled air traffic controller. Since poker is a volume business -- even winning players earn a very small amount of money on a per-hand basis -- this was essential to many player's ability to earn a living from the game.

All of that changed in September, 2006 when the outgoing Republican Congress passed the conference report to the SAFE Port Act, a perfectly admirable port security bill to which the Congress added a rider called the Unlawful Internet Gambling Enforcement Act of 2006 or UIGEA. The UIGEA did not make online gambling illegal (although its legality was and remains somewhat ambiguous), but instead sought to prohibit people from depositing money into online casinos, all of which are based offshore. Without money, of course, there can't be any game, and -- further frightened by some aggressive enforcement actions by the Department of Justice -- many leading poker sites such as PartyPoker shuttered their doors to Americans.

Other sites, discovering that the UIGEA was a sloppily-written piece of law, developed workarounds and remain open to Americans to this day. But the games weren't the same. The competitive ecology of poker is very fragile: winning players usually earn almost all of their profits from the presence of one or two suckers at the table. Once those suckers ran out of money (as suckers are wont to do), and found it was simply too cumbersome to get any additional funds in, a lot of the winners became the suckers -- including me. So I got most of my profits out while it was still safe to do so, and lost most of the rest.

In the long run, this turned out to be a good thing: poker, as they say, is a hard way to make an easy living, and trying to moonlight as a poker player while running a sports business was physically and mentally exhausting. I'm having much more fun now than I was back then, and get go to bed feeling like maybe, just maybe, I've contributed something insightful to the world that will make people's lives better.

But following the debate over the UIGEA was one of the primary motivators that got me into politics. It took a "dirty trick" -- attaching it to an unrelated conference report that couldn't possibly be voted down -- to get the UIGEA to become law, although then again, this was undertaken partly in response to another "dirty trick", which was the process of anonymous holds that was preventing the bill from coming to a floor vote in the Senate (where it would probably have passed on its own merits). I found the whole process of watching the sausage getting made alarming -- but also utterly fascinating. Without poker -- and without that bill -- there probably wouldn't have been any FiveThirtyEight.

The UIGEA, intended as a way to bolster their family values credentials, didn't turn out so well for the Republicans. The bill's principal sponsor in the House, a very moderate Iowa Republican named Jim Leach, lost his seat after 30 years to an unknown political science professor, a Democrat named Dave Loebsack. I was one of thousands of poker players who gave money to Loebsack -- he was the first political candidate I'd ever donated to -- and considering that he won by only 6,000 votes in a race that wasn't even on many observer's radar screens, it may have been those extra funds that put him into the Congress. Meanwhile, the primary driver of the bill in the Senate, the then-majority leader Bill Frist, retired and has barely been heard from since, his Presidential aspirations dashed by the landslide losses that Republicans took all over the country that year.

There are now efforts being led mostly by Barney Frank and Ron Paul -- politics makes for strange bedfellows -- to either overturn the UIGEA or to explicitly legalize online poker, which would allow American casinos to take money from American taxpayers, with Uncle Sam getting a share of their earnings. I am not terribly optimistic about the prospects for passage of any of these bills -- gambling is opposed by many paternalist Democrats as well as most Republicans -- but as the government is forced to rely on increasingly "creative" mechanisms to collect revenues and pay down the debt, they may gain some traction.

In the meantime, you'll have to wish me luck, and I'll try to spare you guys the bad beat stories.

69 comments

aasnider said...

good luck nate

FIRST!

J said...

Are you kidding? We'd want the live-blog update, or at least the nightly review.

john said...

barney frank, in one of my favorite congressional speeches of all time:

http://www.youtube.com/watch?v=q-UpI1Ct-dg

Zach said...

I'm guessing you're aware of this, but while it's more difficult to profit in a meth-addled-esque poker career today, it's still entirely possible and still a sure thing for good players. The margin's lower, but it's still there even with workarounds to get money in the game and paying some amount of taxes. Your 10 grand (although I wager you've got some backing there) would still be better spent online; not accounting for the huge pleasure disparity between the two options.

It's definitely gotten to the point where grinding a living isn't worth it if you've got more interesting options in life and are capable - not remotely criticizing your decision and a lot of players would be smart to do the same.

Jason Henriksen said...

I've always felt that gambling is a tax on people who are bad at math.

Apparently, if you're very good at math, you get to be the tax collector...

Best of Luck, Nate.

Juris said...

Looks to me like some 12,000 players will pay that $10K entry fee. I'm not sure how many will get any money at all -- top 100 or so? If that's the ratio, then that's about the same as the ratio of (net) winners to losers as occurs online -- I once read it's about 6 or 7% (prior to 2006).

In any case, looks like Nate is going to be doing some research and writing a chapter on poker for his book on prediction -- calculating the odds.

With poker, unlike "pure" games of chance or pure "science" of chance (weather prediction, etc.) you also have "tells" as extraneous information other than the cards themselves to pay attention to. And of course players get tired or make mistakes.

In the WSOP tournament most people only remember the winners, who have to be both good and lucky.

Eric said...

WOW Nate, I pretty much could have written that post in first person. You write better than I do, but I had virtually the same experience. The only difference is the law passage coincided with a heavier workload at job #1 for me, so I chose to walk away before I became one of the weaker players at the table. The key for me was, it's a numbers game. $100 and $200 sit and gos were my game and as long as they were profitable, they were where to be. If the game got too good to make good money it didn't make sense to come down from there and play for lower stakes, so I walked, probably before you did, and I never broke "the law" :). The quality of players improving was very predictable. Anyway, good luck at the WSOP. Still on my bucket list.

Juris said...

Sorry about my calculation above of the payout rate for the WSOP. A much lower percent of net winners than in online poker.

Chris said...

Wow, Nate Silver helped kill off the last good Republican in Iowa, perhaps even in the nation. As one of Leach's constituents (and an Obama supporter and a newly-minted Democrat) is it wrong that I feel differently about Nate than I did before reading this? I'll make no defense of the gambling bill, it was stupid, but Leach was a good man and a great congressman...

John said...

Miss you at 2p2, Nate.

Steve said...

Good luck NateTheGreat :) UIGEA came at a good time for me so I could actually focus on finishing my dissertation.

Bob from Illinois said...

Good luck, Nate, and play well.

But you should still publish a retraction about the Franken story. Whether you wrote it or not, 538 is your site, and a reflection on you.

jpollack said...

Wow, playing in the main event? Ballsy. Did you satellite in, or are you ponying up the full fee? (I just got back, came down to watch a few final tables and play some ring games.)

Best of luck!

Charlie Tuna said...

good luck, Nate. I have a buddy down there and I'm sure he'll let me know if he plays with you.

Wa - 7th said...
This post has been removed by the author.
lck said...

Never fear, Nate, you have unquestionably improved some lives. I, for one could not have survived the 2008 election campaign without your intelligent, insightful, well-written posts. I was an addict, but it was a good addiction! And to think I owe it all to poker...

Murat said...

Somehow, I always knew you were a multitabler. To be honest, someone with your kind of influence, coupled with the PPA and 2p2 could really help put a dent in the UIGEA. It just seems as if the effort is so disorganized, as if poker players are looking for a clear cut leader.

Would you be willing to step up? I know the community would rally around you something fierce.

sick post, btw :-)

Keywork said...

Nate,

Awesome post. You were a 2p2er back in the day weren't you?

The UIGEA got me into politics as well. I was making a living as a poker marketing affiliate when the bill passed and Party ditched.

I hope you keep up to date with this topic.

Oh, and good luck at the WSOP!

juvanya said...

Bob from Illinois,
Why does he need to post a retraction?

juvanya said...

Online Gambling should be fully legalized. It's a small source of tax revenue, but it would certainly help a bit.

NY Expat said...

I'll always remember check-calling your all-in to my set of Aces on the flop, Nate. ;-)

Re legislation: I guess you're right about it's chances, though Frank has been great about this (and marijuana legalization): He makes way too much sense for people not to get it (I know, fool me 100 times, shame on me).

I'm a little annoyed at the Poker Player's Association, though: Al D'Amato as chairman? Setting up a booth at CPAC? They seem to have as much sense of who to ally themselves with as neoconservatives do in the Middle East.

Pragmatus said...

Winning at poker is not a matter of luck. Sure, you can be helped by great cards, but there’s a science behind making money at poker, and it teaches you when to ditch crappy cards and wait for good ones.

Nate said it exactly—the good players make money off those who aren’t so good. That’s why it’s not really gambling, in the sense roulette is gambling. But it’s also true that the restrictions placed on internet poker-playing has robbed it of its appeal to the dedicated player.

Nate…

I don’t know the rules of WSOP, in terms of—do you get to get the winnings of those rounds in which you come out on top? If so then you will likely have a profitable time. Hard to say how high you will go. At the upper levels other variables (intense psychology. etc.) present themselves, and I don’t know you well enough to guess how you’d cope with them. Good cards, dude.

Linden said...

Personally, I wouldn't mind hearing the bad beat stories.

John said...

to all those who always say it isn't luck, you are only partially correct, especially on line...I often find the people saying that got luckier than others. I say it this way because I was a big 10-20 PL OHL player way back when along with a pretty darned good hold em player (judging from my track record and the fact that I played with the likes of Annie Duke for hours at Absolute and held my own each time). Of course, I lost the vast majority of my online bankroll due to a string where I lost 9 of 10 70-30 or better shots...Suffice to say, I agree less with the "it's not gambling crowd"...It may not be as random as BJ, but it's not like in this day and age, it's a skill game. Unfortunately, most this year are pointing to the multiple bracelet winners to say it is an entirely skill endeavor, which is crap...But again, states can sell lottery tickets with barely any shot of winning (in which they call pushes "wins") on every corner, yet they ban games in which the odds of people are much better...It's corrupt and leaders should be punched in the face for the hypocrisy

ALPICH said...

damn I could listen to you talk for hours on end... I heart Nate Silver!

RiverAnAce said...

Hi Nate, come back to 2+2. glgl at the WSOP. Qoute Abraham Lincoln often.


Abraham Lincoln said:

"Prohibition will work great injury to the cause of temperance. It is a species of intemperance within itself, for it goes beyond the bounds of reason in that it attempts to control a man's appetite by legislation, and makes a crime out of things that are not crimes. A Prohibition law strikes a blow at the very principles upon which our government was founded. "

Zetal said...

Bills to reduce our debt by obtaining it through gambling? I get it, get out of debt by putting everyone else into debt. ...while afflicting several people with gambling addiction.

I guess you're right. That is creative.

mbodell said...

The WSOP pays around 10% of the field, with the starting prize around 2x the entry fee.

Online, around 1 in 3 cash game players were profitable. At least based on the sample of games that I observed/mined when I played online. Like Nate, I used to play online a lot in 2004 through 2007, playing solely on profits after withdrawing my starting stake, and have rarely played since.

I'll be surprised if the main event has more than 10,000 people this year. My guess would be around 8k.

malt liquor said...

If we're looking for a source of revenue, why shouldn't the federal government simply run it's own online poker site. Then you could simply check a box on your 1040 to deposit your refund into your gambling account.

mob said...

i grew up in a casino town.
bodies turning up in the lake, car bombs, i knew a kid who tried to pretend he was an adult to get into the casinos and was beaten up by some casino goons, poor people with glassy looks as they drop coin after coin into the machines.

but to top it all my grandmother would come to town and we would only hear about it months later. she was too hooked into the slots to care about seeing us.

we have enough gambling in this country. it hurts people.

jnala said...

Posters like Zetal and Mob need to understand: The question at this point isn't whether or not online poker should exist. That ship has sailed. It exists, it's popular, it's not going away.

The question is whether online poker should be operated, regulated, and taxed in the USA, or whether it should continue to be operated in jurisdictions such as Costa Rica, Isle of Man, or the Kahnawake Mohawk Territory in Canada.

Apparently our government, because of their deep concern for underage players, problem gamblers, and honest players potentially being cheated, believes it would be better to take no action and let other jurisdictions address the issues, than to take a primary role in minimizing harm and protecting consumers. (No action, that is, other than occasional saber-rattling or crackdowns on seemingly random targets; these discourage only the most casual of players, and those least likely to be problem gamblers.)

Our government would also prefer that other nations collect the tax revenue from a multi-billion-dollar industry than collect it themselves, because that money is icky, and could never be used for anything good.

Online poker legalization is an obvious win, a slam dunk, no matter how you feel about gambling in general.

markymark said...

I think there probably is luck involved in poker, but it is controlled luck. Knowing when to take a risk seems to me to be a skill, and how to play the hand in order to maximize your winnings has always seemed quite skillful. Especially for statistics geeks like Nate.

David said...

I would love to be there, too. But, I'm not risking $10K to play. I always thought that rider on that bill was a raw deal for Americans. It was snuck-in on an unrelated Port Autority bill. Sure, they want you to spend $15 every week for a movie, but you can't do the same playing poker online. I usually just play the freeroll tournaments anyways, but I have money in those accounts because of it.

GROG said...

The government thinks gambling is bad, wrong, and evil unless they can get their hands on some of the money. Then it's suddenly OK.

I can't place a $100 bet on a football game, but the government can take advantage of people who think they have a chance of winning it big in the lotto. I've seen the lotery and poker machines completely ruin people's lives, but as long as it's a source of government revenue, it's good to go.

Same reason the government hopes people keep smoking cigarettes in droves. Get 'em addicted to gambling or nicotine and then they have no choice but to keep paying ever increasing taxes.

Romeo said...

i recently started to play poker but more as a hobby rather than an income source.

its safe to say i will definately be buying you book and look foward to reading about your experience in the WSOP MAIN EVENT.

OH and GOOD LUCK!

Freedem said...

I have always been more than a little creeped out when the Government horns into the Mafia's business and decides to either make it legal or run it itself.

I fully grant that remaining illegal and popular is probably worse, building a constituency and powerbase for destructive behavior is not something that I am comfortable with. This is true as much with military contractors as gambling casinos.

I have alway though of gambling, and certainly poker as a contract between a fool and a conman and it is only at the end you figure out which you are. I don't want to be either one.

Mike said...

So who knew online poker was the radioactive spider that bit Nate Silver and gave him the great power and great responsibility of 538.com. Impressive!

PattyP said...

Hi Nate. I follow your blog but have never commented. I just want to say good luck! My boyfriend and I play the satellite tournaments in the hopes that one of us will win a WSOP entry. He's a pretty good player who's earned a hefty amount of extra income playing cash games. I'm still a relative newbie but I'm getting there.

Also, if you happen to meet Daniel Negreanu (aka Kid Poker), kindly pass on that my BF has a total mancrush on him. ;-)

e3323 said...

July senate rankings please.

pooh74 said...

you were a 2er? what forum?
The Port Act got me into politics too. I played SnGs (8 tables) and posted on 4 since law school in 2002 and stopped after the games got more difficult when all of the good PP players came to Stars and all the bad players shuttered up shop. You're exactly right...a 15% ROI is one thing, but a 7-8% ROI means having to take an hourly cut.

Scarce said...

mbodell has it about exactly right. There won't be 10,000 players for the Main Event. In 2007 there were 6358; in 2008 there were 6844. In 2006 (pre UIGEA) there were 8773. The easy days of online satellite entry have diminished greatly since then.

To give you an idea what online play has meant to the size of the WSOP, ten years ago there were only 393 entrants in the Main Event. When Phil Hellmuth won twenty years ago there were 178 entrants.

Josh said...

I've played a couple of big tournaments, and I've come to what I call the "What Would Jesus Do" strategy, since it's what I saw Chris Ferguson do quite successfully in one of them. What would Jesus do? Pretty much nothing, especially for the first few hours of the tournament. Sit back. Relax. Do a crossword. Play games on your phone. Anything other than get involved early on.

Zetal said...

"i grew up in a casino town.
bodies turning up in the lake, car bombs, i knew a kid who tried to pretend he was an adult to get into the casinos and was beaten up by some casino goons, poor people with glassy looks as they drop coin after coin into the machines."

It was the same thing were I lived but for casino boats. As soon as the city allowed the boats to dock, that end of town definitely changed.

While some people can talk about success stories like in this article, there are plenty more who have gone the other direction. My point is trying to gather revenue for a nation this way is counter productive. You're more likely to lose your job gambling than to get one.

jnala said...

Freedem, a couple of years ago I opened a PokerStars account for my father, who recently retired, and put $50 in it. He has never and will never put more money into it; the total cost to him is less than that of a video game.

However, I told him he was not under any circumstances to play for play money, as poker not played for real money is not poker. He could play for pennies if he wanted, but it had to be real money.

(Note that in a casino, he would not have the option to play for pennies; even the lowest available stakes are high enough that a poor player could lose meaningful amounts. In this way and in many others, online poker is less dangerous than live poker.)

He has greatly enjoyed learning the game, and has spent hundreds of hours playing. This would be an entertainment bargain even if he lost his initial $50. As it happens, he has steadily built his bankroll up and is now playing for the dizzyingly high stakes of quarters, rather than pennies. His balance was near $1000, but he recently withdrew $500 to donate to his church.

You say that poker is "a contract between a fool and a conman". Tell me, which do you think my father is?

Or are you just speaking from ignorance?

jnala said...

Anyway, Nate, which day are you playing? I'm starting on Monday, Day 1D, at Brasilia 175.

I'll have mixed feelings if you're at my table. I'm sure that even with a little rust, you're well above average for the field, but on the other hand, it'd be cool to meet you. :)

Good luck, and I'll hope to see you at the final table.

steve said...

Time for a Vegas meetup? Next weekend? Friday or saturday night? I'll be in Vegas and would love to have a drink or 3 with 538 readers and the man himself.

pokerjo said...

Good luck Nate! I have a whole bunch of your posts still stored away in a folder somewhere - invaluable advice!

jfransondto said...

Yes! A post about poker! It's great to read about your poker past and how it gave rise to FiveThirtyEight. And good luck in the WSOP! Which events are you entering? I hope they spotlight you in the coverage. BTW, the first time I saw Tom Dwan on Poker After Dark, I thought it was you!

I wish you didn't refer to poker as gambling. Poker is a game of skill that only incorporates gambling. It has much more variability than other games, which gives the illusion that it's gambling. A skilled poker player might lose in the short term, but will win in the long term over less skilled players. You may beat Phil Hellmuth in a few games, but in the end he'll take all your money. A poker neophyte may beat me in a few games, but in the end I'm going to take all of his or her money.

jfransondto said...

Note that by "in the end" I meant over the course of many tournaments or many hands. Obviously Phil Hellmuth does not win every tournament. And the sheer number and variety of entrants in the WSOP main event makes it enormously difficult to advance to the final table.

jfransondto said...

After reading all the comments, I have to respond to this notion that poker is a contract between a fool and a conman. No, you're talking about games like slots, video poker, roulette, blackjack, and any other game in the casino other than competitive poker. The former is gambling, because the house always has the advantage, and nothing you can do can prevent you from losing money in the long run.

Competitive poker (like Hold 'em, Omaha, etc.) is different because the house doesn't have an advantage. Instead they make money on rakes or entrance fees. (And this is much less profitable for the casino than the true gambling games.) It's also different because if you're skilled enough, you will win. If you aren't skilled enough, you can play for lower stakes (with less-skilled people) or you can practice, study, and increase your skills. In the end, competitive poker isn't much different than competition in the marketplace. Skilled capitalists will prosper, while unskilled capitalists will flounder. Does that mean the unskilled ones are suckers? Of course not.

Seeing how much poker resembles capitalism, it's surprising how many Republicans are opposed to it. I can only guess that they are mistakenly lumping it in with gambling, or else are pandering to their similarly ignorant constituents.

VegnaBlitz said...

Good luck! Win the big bucks!

Fredrik Paulsson: said...

See you at the Rio, then! Good luck, but not if you're at my table.

HinesWard86 said...

Everyone always talks about the poker players that were hurt by UIGEA but sports bettors were hurt even worse. Neteller closed down shortly thereafter, and the BS arrests of David Carruthers and other top BetOnSports officials caused all the European sportsbooks as well as some of the Latin American sportsbooks to leave the market. In a flash, Mansion, bet365, BoS, Ladbrokes, William Hill, and Pinnacle were all gone to Americans.

I will always have enmity for the PPA for disassociating themselves from sports bettors when trying to repeal the UIGEA. Both poker players and sports bettors are in the same boat. We need to pool our resources and fight this together instead of denouncing the other and going it alone.

On a side note, I don't know how anyone could continue to play online poker after the superuser scandals at Absolute Poker and Ultimate Bet. Two of the biggest poker sites on the web grift players out of millions and players still maintain with the utmost confidence that these sites are all on the up and up. Craziness.

Juris said...

Fri, 03 Jul 2009 18:29:12

Day 1a Official Numbers (Main Event)

The official number of entrants for Day 1a is (drumroll please...) 1,116 entrants. By comparison, 1,297 players entered the Main Event on Day 1a in 2008, 1,287 played Day 1a in 2007 and 2,138 played Day 1a in 2006.

luvrhino said...

I can guarantee that, aside from the enjoyable conversation, you would not want a rusty Mr. Silver at your initial table at the WSoP. There are still huge numbers of really bad, easy to exploit, loose-passive and loose-aggressive players left.

That said, he's correct that online play has become much harder after the UIGEA and the culling of many of the biggest cash machines from the player pool. I made far more money when i first started back in late 2004 than i do currently, even though i'm a much better player now. Man, do i miss the Limit Holdem sit-n-goes from Empire/Party Poker.

I'm curious how much money the UIGEA has cost me. Many of the bad players were going to leave eventually, anyway, but the UIGEA sped that along.

I agree with others that Nate should use his power to get online poker legalized. I don't know if approaching it from the tax dollars that go unclaimed is the best approach or not. The PPA needs a swift kick in the ass and Mr. Silver has the boot that can provide that impetus.

Juris said...

WSoP or WTF? Take a look at this fascinating development: "WSOP: Day 1a Chipleader Eric Cloutier Facing 15 Felony Charges."

Yvonne said...

I too, made a decent second income before the 2006 legislation, but for me, it was blackjack, not poker. I'm hoping that if new legislation is passed, it's not only poker.

While blackjack has less "skill", it's also less of a gamble than other non-poker games for a skilled player that can keep emotion and adrenaline out of it.

The bonuses available online, and the lack of tipping the dealer, made it pretty easy to produce a consistent income, albeit without the psychological rush that comes with psyching out the others at the table.

Juris said...

An interesting article on Baseball Prospectus, written by Nate when he was apparently inspired by Moneymaker's win at the WSoP in 2003.

Nate Silver, "Moneymaker (or, Everything I Need to Know about Baseball I Learned From Watching the World Series of Poker)," BaseballProspectus.com, September 3, 2003.

Sleech said...

Join thousands of poker players across the country who are
raising their voices to keep the US' most popular game legal. On July 22, during National Poker Week, the Poker Players Alliance will present this
petition to the President, asking his support to exempt poker from the Unlawful Internet Gambling Enforcement Act (UIGEA), and for the legalization and regulation of online poker.

http://www.pokerpetition.com/

Paz said...

I hope for your and our sake they keep it illegal. Imagine the brain power (like yours) wasted trying to make cash online by working those meaningless numbers while they take money from likely poor gambling addicts and college kids who want to strike it rich quick.

Would love to see a numerical look at the affect of gambling on the average online gambler's bank account. But of course, every online gambler made tons of money during that period (so i hear, wow--everyone was a winner!), so there's really no need to worry.

R said...

The UIGEA did more than its fair share to cleanse the online fish pool. At the same time though the explosion of advanced information was just beginning(i.e. online training, ICM, etc.), this part also helped busto the smart fish who may have still be profitable in the pre-UIGEA era. There were many big multitabling winners in those days who really weren't that good, but leaked slow enough to crush the mass amounts of completely terrible idiots.

At any rate Nate tha' Great is a legend at 4 to all us old timers.

Maybe bump into you at the series.

Play Good.
DERB

Robert said...

"Imagine the brain power (like yours) wasted"

Oh goodness. Burn all the televisions while you're at it, ok? No hours wasted there. And sports? Grown men running around on fields playing children's games? We can't have that waste of physical talent. Ban it!

"Would love to see a numerical look at the affect of gambling on the average online gambler's bank account."

This is very simple. The average player loses at a rate determined by the house rake. Like in all competitive games, for every win there is a loss.

mikeyes said...

Official entries 6,494 with an estimated $8.5M to the winner. I will be looking for you at the final table in November.

(Why did they come up with that screwy format? TV ratings?)

Ken Church said...

Nate Silver, chip count of 61550 after day 1d. Given the initial chip count of 30000 and approximately 1/3 of the entrants busted out so far, he is doing slightly better than average. Good luck on Wednesday.

Romeodown said...

sup bro!

Tourney forum trip report, please.

Good luck, Nate. Flop well.

Doug said...

Nate Silver 61550

Will be cheering you on during day 2B!

Brian said...

@Ken: As a rough estimate, the "median" player from 1D has about 35,000 chips at this time, so Nate's a lot farther above the median than he is above the mean. Roughly speaking, since his name is on the 2nd page of 7 pages of listed chip counts, he's within the top third of starters, and not much lower than that among survivors.

But there are some super large winners in this round, perhaps partly because this was the largest starting group? And some of the survivors are all but dead at this time.

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