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Seeking Staking For Live Cash In Las Vegas

I’m recording an album for The Dead Languages until September 2011. Then I’ll be applying for a job in retail or being staked for live cash games in Las Vegas.

My goal is to play 2-5 or 5-10 No Limit Hold ‘Em, 30 hours a week in Las Vegas casinos.

So this is an outline of who I am and what my plan is – I’m putting this here to direct potential stakers in the next couple months. Thanks for checking it out. › Continue reading

Tags: Bankroll, hold 'em, no limit, online poker, Poker, risk of ruin, Staking

Effective Win Rates

The scariest sentence in the book, “The Mathematics of Poker” by Bill Chen and Jerrod Ankenman states:

“The risk of ruin of a bankroll that is maintained at a particular level and from which all the profit above that level is taken out of the bankroll is 1, or a 100% chance.”

This means that if I make 6PTBB/100 and I withdraw my profits and spend them, I will eventually hit a swing that will decimate my starting bankroll no matter how large it is.

This is because bankrolls rely on a true constant win rate in their calculation. In order to keep a 1% risk of ruin with Exploitative Play and a 500 PTBB bankroll, I need to maintain the win rate of 6 PTBB. Withdrawing money from my win rate will not maintain the win rate and will increase my risk of ruin.

Scary stuff.

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Tags: Bankroll, Exploitation Play, Playing Unexploitably, risk of ruin

Your Bankroll is at Risk of Being Ruined

I don’t know how, but somewhere along the way I gave my former roommate Danny the impression that I was a loose player in live cash games.  Maybe it was when I put 2 players all-in and then won the pot with ten high, stood up in the casino and said, “Ten high is very good.”  Or maybe it was when I called an all-in shove of twice the pot on the turn with ace high and insta-flipped my hand up, believing it was good.  Or maybe it was when I called a half-pot river bet in a 100 big blind pot with jack high, again believing it was good.  The hands I showed down respectively were T8o, A7o, and J4s – each one I had raised preflop.  And I guess that looks pretty loose. 
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Tags: Bankroll, Exploitation Play, Macro-level, Playing Unexploitably, risk of ruin