It’s estimated that the online poker industry currently generates gross revenues in excess of $2 billion per year. Gone are the days when shady Internet sites lured the occasional customer into their midst only to exploit them through complex cash-out procedures, flawed software, and untouchable customer support. Modern online poker sites can more appropriately be viewed as corporations (many are corporately owned) that are held accountable for their actions and that recognize their success depends on their customers’ enjoyment.
Many people new to online poker wonder how these sites can generate such incredible amounts of revenue. The roots of their profits are the same as land-based poker rooms: rake. Poker sites ♠ PART ONE ♠ An Overview 1 scoop a predetermined percentage (the rake) from every pot above a certain amount. These amounts vary per game and per limit. Since the focus of our book is on tournaments, it’s important to understand how the house (poker site) makes money from tournaments.
For every tournament played, a fee is charged by the poker site. For example, if you enter an $11 tournament with 10 players, the total amount everyone puts in is $110. However, the prize pool is only $100. You are actually entering a $10 tournament and providing the house with a dollar to let you play. This is an unavoidable side effect of playing poker anywhere. Everyone has to pay it, and it will not impede your success.
Tournament fees will be covered in greater detail later in this book. The poker site we’ll be studying throughout this book is PartyPoker. It’s the largest online poker site, regularly hosting 85,000 players at a time. This number guarantees there will be action at any limit at which you desire to play. PartyPoker also hosts the greatest number of SNG tournaments.
Since SNGs are the topic of this book, we believe it’s important to learn how to beat the tournaments where most people are playing. Not only are the games easier (since with an increased number of players comes an increased number of bad players), but they also have a tournament format that is relatively similar to many of the other online poker sites. Feel free to experiment with other poker sites, taking what you have learned here and applying it elsewhere.
We have included simple conversion tables at the end of the book (Part 4) that allow you to easily apply the method described here to other popular poker sites. It’s our belief and experience, however, that PartyPoker offers the most lucrative games on the Internet. In addition to the quality of the games, PartyPoker supports a variety of cash-out methods and offers 100% secure and guaranteed transactions. You can remain confident that your money is secure within your account.
EARN $30,000 PER MONTH PLAYING ONLINE POKER 2 Opening an Online Poker Account (If you already have a PartyPoker account, please skip this section.) Many people have been tempted to make the move to online poker but have seen the task of setting up an online account as daunting. We assure you that there’s nothing more to it than signing in to an e-mail account or banking online.
This is the companion website for this book. Here you’ll find a download link and step-bystep instructions on how to install PartyPoker’s software. Signing up through our site permits us to anonymously track the progress of our readers. Anonymous statistics are sent to us through PartyPoker’s affiliate program. It’s important that we mention PartyPoker is in no way associated with the creation or publication of this book. The statistics provided to us show how our readers are doing as a group; no individual information is provided. We will try and make this information public monthly to see just how well all of us are doing. If you choose not to sign up through our affiliate, we completely understand. We don’t make our money through sign-ups. To sign up independently, visit www.partypoker.com. You’ll see a download link on the main page. Simply click on it and install the software. Once the software has been installed and loaded, follow the step-by-step instructions provided and sign up with PartyPoker. Any problem or confusion can be addressed by contacting PartyPoker at 1-800-852-4719 or by visiting its website. Once you have opened your account, it’s time to make your first deposit. There are various methods of deposit available to you. Again, full details of these methods can be found on PartyPoker’s website. We will, however, offer a few quick suggestions. 1. Credit card deposits are the easiest and most straightforward method. However, you can’t withdraw to your credit card. Be prepared to withdraw via check if you choose this method.