Life's Lessons Learned at the Poker Table
I am fascinated with the current popularity of poker. Why now? What is the draw? In 2002 Robert Varkonyi won the World Series of Poker. In 2003 it was Chris Moneymaker. ESPN heavily promoted the 2002 WSOP and Varkonyi's win in the weeks leading up to its airing of the 2003 WSOP. In consecutive years the big prize was won by an amateur. It is no surprise that the 2004 WSOP enjoyed the largest field ever. In a world that constantly reminds us that there are "haves" and "have nots poker seemed to be screaming to the commoner, "Come play with the best in the world. You might even win." People are drawn to poker. They cannot get enough of it. I cannot help but think that poker's appeal is due to the fact that at a very deep, even subconscious level, poker parallels life. As I reflect, I realize that the lessons I have learned at the poker table are many of the same lessons that life has to teach. In an on-going series, I'd like to share some of my observations.
Sometimes you lose even when you play well. Sometimes you win even when you don't. I am often asked, "Is poker a game of luck or a game of skill?" My answer is, "You have to be skillful enough to take advantage of the luck that comes your way." Hard work is no guarantee of success. Sometimes people seem to stumble upon success. The world is imperfect. Luck is simply an imperfection in the divine plan. But this is not a fatalistic view. You do have control. You do exert influence. A person cannot win the lottery if they never buy a ticket. Picking the numbers is only half the equation. Winning requires you to buy the ticket. You have to be a participant. You have to be in a position to recognize and manage your good luck, in order to benefit from it. The great achievers always make it look easy; in sports, in business and in life. But the great achievers are great achievers because they pay their dues. They learn their craft. They accept the journey as the prize. The actual prize merely enables them to continue the journey. They accept good fortune but do not rely on it. Sometimes you lose even when you play well. Sometimes you win even when you don't.
There is a fine line between bluffing well and playing badly. Usually the only way to tell the difference is by who wins the hand. A good bluff is by its very nature a bad play. But it is a well thought out, well calculated, bad play. I love to watch televised poker. The commentary is often added after the fact. It is easy to analyze a hand when you know the outcome. Life is full of decisions; big decisions like which man to marry and which house to buy; small decisions like whether to have the fat free frozen yogurt or the triple fudge ice cream sundae. The reality is that a good bluff is always a good bluff, and playing badly is always playing badly, regardless of the outcome. Decisions are made with the information available at the time. A well thought out decision should never be measured by the outcome, but by the quality of the decision making process. There is a fine line between bluffing well and playing badly.
Sometimes life has re-buys, sometimes it doesn't. Choose your game wisely. In a re-buy tournament if a player busts out she simply re-buys chips and re-enters the tournament. In the early rounds, it gives players the opportunity to play very high risk hands and bet very aggressively. It maximizes risk tolerance.
In life there are often second chances. Failure is simply a learning experience. Very successful people usually have at least one significant failure in their lives. They play life very aggressively and take maximum risk, assuming that the "pot odds" justify the play. But some tournaments don't have re-buys. There are no second chances.
Children have only one chance at a childhood. There are no second chances. There are no re-buys. One bad decision, one high risk play, and you are out of the game. In doesn't even need to be one big loss. A pattern of seemingly small mistakes yields the same result. Playing poker requires skill, focus and the desire to win. Tough decisions must be made and actions taken on every single hand. A great player does not live without risk. She calculates risk and considers not just the odds of winning the hand but the consequences of losing the hand. In life, there are some games that have no re-buy. There are some hands that should only be played when you are sure you have the "nuts". The risks are too high and the consequences too great. Sometimes life has re-buys, sometimes it doesn't. Choose your game wisely.
Unlimited re-buys can cover lots of mistakes, but it sure gets expensive. Many of life's "tournaments" do have multiple re-buys. Sometimes there are second chances. If handled correctly, a failed business, or even a failed relationship can be a valuable learning experience. Some of the world's most successful business executives have experienced almost devastating failures. Donald Trump is one of the most visible. But don't embrace recklessness as if it were a virtue. Aggressive play and calculated risks can yield huge pots. But recklessness is only forgiven by large doses of blind luck. Everyone has experienced a "suck out" on the river. But no one can make a living at it. Unlimited re-buys can cover lots of mistakes, but it sure gets expensive.
It can be very difficult to notice life's lessons when they are being lived. These lessons are more easily recognized when they are seen within a different context. Poker provides a convenient stage upon which these lessons can be displayed. Stay tuned. I'll have more lessons to share very soon.
Here's a sneak preview:
Winning always makes you look smarter.
Don't blame the dealer.
Well, the big news is the next 
Today's post covers some of the comments and emails received from our readers. The 
The Poker Prof and I had dinner this evening with one of our Vegas friends, a former New Yorker. We decided to try the Las Vegas version of the famous New York's "Little Italy" 
What would the original independent minded citizens of Wyoming think about all this 'much ado about nothing' fuss the politicians are making over poker? My guess would be, "Find a tall tree and bring some rope." How long can we afford to spend our limited tax resources funding holier-than-thou politicians trying to determine if a poker tournament is a game of skill and therefore against the law? Of course it is a game of skill as well as a game of no skill. Like any other sport it depends on each individual's developed abilities. Next, someone will determine that if you read the anti-poker laws backwards it says, "Satan plays poker, Satan plays poker." Maybe John Q. Public should insist on laws that make running for public office against the law for professional politicians. Only unskilled need apply. Hell, if it works for poker it will work for politics; and, after all, is there any activity more morally corrupt and wrought with illegalities than politics?
The big news today in Las Vegas is the Nevada Gaming Commission's approval of MGM Mirage's buyout of Mandalay Resorts for a reported $7.9 billion. The Nevada State Gaming Control board had recommended on Tuesday that the merger be given the green light. The combining of the two companies will create a mega gaming corporation that will control 28 casinos in five states, including 11 on the Vegas Strip. The combined companies will employ 75,000 workers. The merger will eliminate some of the mid and upper level management positions at Mandalay; but, don't feel too sorry for the out of work executives. They will chop up more than $75.5 million upon completion of the merger. Additional Mandalay management employees will cut up another $11 million in bonuses awarded for their continued service through to the completion of the buyout. Mandalay chairman and CEO, Michael S. Ensign, will receive close to $29 million and Vice-Chairman William A. Richardson collects just over $21 million. The two executives have been with Mandalay since the beginning of its evolution from Circus Circus Enterprises. The pair headed the group that purchased the company from Las Vegas casino icon, William Bennett.
The merger would appear to create a virtual monopoly and non-competitive atmosphere on the Vegas Strip. When asked about this possibility the CFO of MGM Mirage, Mullen, believes the merger does quite the opposite. He said each property will compete with the other properties within the company and the different executives will be compensated according to their property's success. An interesting observation of the new MGM Mirage organization chart is two separate competing groups of hotels headed by John Redmon and 1978 WSOP Champion, Bobby Baldwin. 
Those that want to apply for a position at the hotel can do so by applying online by clicking 
Today I found this poker news item from the 
Are they bluffing? Can the state come over the top and shut down the casinos by revoking the compacts with the tribe? The politicians would probably just as soon see the evil gamblers go away, especially if they aren't getting a piece of the action.
They will use their vast wealth, power and connections to destroy the perceived problem. The state of Connecticut wants to see the $400 million keep rolling into the coffers. How will it all play out? I say nothing will change. The bill will be tabled; the bar owners will continue to hold 'illegal' poker tournaments; the police will continue to look the other way and the Mohegans will continue to funnel $400 million to the state.
The top professionals need the game of poker to remain popular and to continue to grow. Tiger Woods would not be a superstar if his game were not popular. Serena Williams would not be a superstar if her game were not popular. The focus of this organization will be on the game. The players will benefit if the game grows in popularity. Annie Duke would never sit in the hot seat on David Letterman if poker were not popular. Greg Raymer would never be the focus of an extended CNN interview if poker were not popular. And Daniel Negreanu wouldn't be rubbing elbows with Hollywood's elite in made for TV celebrity poker tournaments if the game were not popular.
The IPA is thinking bigger than that. Although the mid-level professional, who never makes the big money but grinds out a decent living playing poker, may benefit from a players union, no one else needs or wants one. We can neither establish nor sustain a players' union. The top professionals don't need a union. The top pros already make plenty of money. The tournament sponsors don't want a union. They will oppose the IPA's very existence if they believe it is a union. The recreational players don't want to spend the money to join a union because they end up paying dues with few applicable benefits. Without broad based support the organization cannot survive. This organization cannot be sustained by the relatively small number of mid-level professional players that a players' union would represent. 
The IPA can work collaboratively with tournament sponsors to ensure additional corporate sponsorships are maximized. 
Who needs the International Poker Association? Why do the fans really need an International Poker Association? Poker fans enjoy the game because they get to know the players. They understand the game and they enjoy following the game. In short the game is accessible to them. In poker, the game is not yet accessible to all who may become fans. Women, especially those new to the game, do not always feel welcome at the poker table particularly in local card clubs where the atmosphere is seldom what a middle class soccer mom would call comfortable. The IPA will focus on issues of accessibility including sponsoring local tournaments and opportunities to learn the game as well as standardizing the rules and tournament formats and creating a ranking system for professional players so that the fans can follow their favorite players, even those that might be less well known. 
Professional Player, 
Going through the poker blogs this week I uncovered some great winners, losers and just fun reading. 
Continuing with the discussion of no smoking poker rooms, I should have mentioned that the trend setting poker rooms at the Bellagio and Mirage are none smoking. The largest poker room in Las Vegas, the Orleans, is semi-smoke free, since they do allow smoking in the wee hours of the morning until 9:00 am. With all of the major rooms going smokeless the card rooms that continue to allow smoking will now be more polluted than ever as the disgruntled smokers migrate to these bastions of bad health. For those rooms that have taken the opportunity to end this violation of the nonsmoking player's right to breathe smoke free air, we say thanks and hope you enjoy the improved business always realized from such a move.
Many of the old school believe smoking and gambling must go hand-in-hand. With the large population of retired people here in Vegas, the last joints to allow smoking will probably be the neighbor casinos primarily catering to the local gray crowd; but, as the next generation of retirees move in they will almost surely frown on public smoking. What a great day for Las Vegas when every casino worker is provided with a smoke free work place. A final note, you can thank 1983 WSOP Champion, Tom McEvoy, for poker tournaments going smoke free. He staged the first such smoke free tournament years ago here in Las Vegas.