I need to confess, the thrill of winning a game of poker is a huge thrill!
Spending $10 and walking away with $150 cash seems like a pretty good investment or maybe I just have some serious skills? Or luck? Or skills? 😉
Where else do you have the potential to go from $50 to a down payment for a house in one night?
In complete seriousness, there are a lot of people who play poker professionally and make a full time living doing so. Read on to find out if you should consider playing the game for a side-hustle.
Who Fits the Poker Niche?
Typically people who are highly competitive are the types who have some level of success in poker (For the remainder of the article I’m going to focus on Texas Hold’em as the game referred to as “poker” – it’s the most common).
I was raised in a family where a simple game of Monopoly could turn into a fist fight, so let’s just say I’m a little competitive. Those who can learn a game and hone their skills to win at all costs are viable candidates for the game of poker.
Self-control is also a necessary trait when considering playing poker. The game can have an additive draw on most people. It’s hard to “cut your losses” when one more good hand could undo a bad hand.
Is Poker Really Any Different Than the Stock Market?
Playing poker and investing in the stock market share some similarities, especially risk.
The game of poker is volatile much like the stock market. You can easily go from chip leader to barely hanging on in the span of one hand despite your best efforts. Similarly with the stock market, your shares can plummet due to economic reasons (think 2008) or a company you invested in could implode.
With that being said, the stock market does offer many alternatives to help address this risk. Typically your potential gain is diminished, but you can usually reduce the amount of instability. One example would be mutual funds. Instead of investing in single stocks, mutual funds provide the option to spread your investment over many different companies which helps reduce risk. Poker offers no such solution.
Do People Actually Make a Living Playing?
Yes. If you’ve ever eaten at a Buffalo Wild Wings, you know that there are professional poker players as they seem to occupy every other TV.
I grew up playing small home games with buddies in the evenings. The most I’ve ever won was $150 but over all the games I’ve played, I probably haven’t broken even.
There are some people who make an average income from playing poker. By average income, I’m assuming $50-100K after expenses. From all the (unscientific) research I’ve compiled, it appears that about 10% of players are successful.
Another necessary variable in this analysis is that most players are by their very nature bluffers, so perhaps a 10% success rate is too high…
So Should I play as a Side-hustle?
Obviously you’re a big boy or girl, so make your own life decisions. However, poker is a very risky endeavor with microscopic chances of actually making it big (or even making it small). With the risk of addiction, and the negative results to your family, maybe you should consider delivering pizza as a side hustle and invest your earnings in index funds.
Leave poker where it belongs, on a dining room table surrounded by good friends and good brews.
Have you ever won a game of poker? Would you consider learning a game to play as a side hustle? Share in the comments below.
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Money Advice From Farmers HERE.
It wouldn’t be for me as I have no idea what I’m doing. LOL!
Ha-ha then you’re the kin sort of player that could increase my odds of winning 😉
I’m fairly competitive but I’m sure I’d be taken for all I was worth if I made it a side hustle. The one time I tried playing in Vegas I didn’t last long. I’ll probably stick to doing it at a home with buddies and some beer!
Ha-ha! I fully agree.
I think it’s a viable side hustle if you can prove a certain percentage of profit over a long timeframe. Why not? Sadly, most people will not win in the long run.
If you’re into it and can handle the risk, it might be a viable option.
Played poker quite a few times. Always walked away with $0 so definitely not for me! But I would say it is an awesome time and for people who understand the game it can be a great side hustle.
If you want to compare this to the stock market poker is probably like a new drug company launching an IPO. It will either bust or win big.
Great comparison, and I think the level of risk is quite similar!
One of my friends paid off her student loans via poker. She treated it like a job. Clocked in 8 hours a day at a casino for a bit until she had what she needed. It was impressive.
Funny that i have found your blog – since i came from a different background. I was (apparent from your calculations) one of the ten percent of the persons who played poker winningly (for a time at least).
And i believe that anyone can be a winning player. It is neither skill or talent you need at the low stakes – it is the mental capacity for losing. I have seen the most brilliant players making the best decisions, only to lose due to the cards. They made the correct decision but received two-outers, three-outers against them. Or even the miracle-card on the river. And after that hand they go on a monkey tilt – completely and utter mindfarting and tilting away hundred of dollars.
And on the other side – i have seen players playing 2/4cents tables for millions of hands. Only playing AA or KK and making a consistent side-hustle of 10/12 dollars a day. One friend of my has been doing this for almost two years. Over three million of hands. Complete mind-dulling if you ask me.
Like stock-market it is the mental attitude which seperates the winner from the losers. The moment you know when to cut your losses and move on.
Thanks for visiting! I’m trying to convince my wife that Texas Hold’em is a game of skill every time I play haha! Very similar to the stock market- as the old country song goes: You’ve got to know when to hold em, know when to fold em, know when to walk away, and know when to run!