Part-Time Poker Profits

Tim Hoffman - Part-Time Poker Player

Tim Hoffman is teaches mathematics at a community college in Canon City, Colorado. In his spare time he is also a part-time poker player who manages to win more often than he loses. I asked him a few questions about playing poker and what it takes to win.

How (and why) did you get started playing poker?

Like many, I have always been interested in making easy money. Having seen poker on TV, I decided to research whether I could make money this way, so I read some books and a bought a commercial poker program. I practiced for a few months until I felt that I could compete and tried my luck at a casino. The rest is history.

Where do you usually play, and for how long?

I will play wherever I can get a game. However, I make the most money playing less experienced or loose players, so it is not so much as where I play but who I play. And believe me, there are plenty of bad players out there. As far as the length of time to play, I find that the best time to stop is either when I feel tired or when I have better things to do-not when I am losing or winning.

I understand that you win more often than you lose, even though this is just a hobby for you. What do you think gives you an edge over other players?

I don't think that being a math teacher helps that much. Actually, self discipline is what helps. The disciple to maintain a winning plan even though in the short run I may lose. So I would respond a solid plan and the discipline to maintain it. Surprisingly many don't have a plan or, I find, the discipline.

What kind of table limits are there where you play?

Try to play the worst players, not necessarily the higher limits. The only thing that a good bankroll provides in the opportunity to play with bad players at higher limits. Although there are bad players at every limit, there are more at the lower limits. By the way, no-limit poker is rather popular since people believe they can make more money there. It you can afford it, that may be profitable as well.

What is the most you have ever lost in one night?

For me this is a lot to lose, but $250. Thankfully that doesn't happen that often.

What is the most you have won in a poker-playing session?

I got lucky with a bad-beat jackpot and won $8000. Although using the old fashioned method of actually earning the winnings about $350.

Have you tried playing poker online?

Not yet, although I may in the near future. I have heard it is very profitable.

What kind of bankroll would you suggest if a person wants to survive the ups and downs of playing at a small stakes poker table?

People don't need that much really, for limits up to $5-$6 perhaps $500 of disposable income would be good. If you play well, you should get more over time.

What advice can you offer those who want to try playing poker as a way to develop an extra income?

For low limit poker ($10 or less) discipline is your best ally. Having the ability to stick to your plan and alter the plan very little hand to hand and day by day. I believe bluffing is generally a mistake at low limits. At no limit, the game has a bit more bluffing so it may be necessary to use your intuition more. Also since, the all in bet is available, have a plan against table bullies. Perhaps you may just leave the table. But no matter the table you play at, know your game, practice with others or using a computer program to get better.

More About How to Win at Poker

How do you win at poker? We should first clarify what that really means. Some people just want to win often enough to keep the cost of their poker habit down. I prefer to consistently win money over the long run, at a rate which makes it worthwhile.

You might have the idea that to do this they need to win a lot of hands. That can result in losing money by not folding as often as you should. Or you might want to look good. If so, you'll be easily manipulated into staying with hands you shouldn't play.

I worked in a casino at one tie, and I saw a lot of good and bad poker players. Recently I did some research into basic strategies used by professional poker players as well. The results of my experience are below, so if making money sounds better than winning many hands or impressing others, read on.

Play In The Right Games

Good players will tell you that your skill is not the most important element to winning. I have never been a very good poker player myself, yet I have won far more than I have lost over the years. Our secret is simple: Play against weaker players or don't play.

Drop the ego trips and need to feel important by playing with the "big boys." Poker isn't a chess game or a tennis match, and you don't want good competition when you play. Find games with players who are clearly less skilled than you, and if there are a couple players at the table who are definitely better, come back another time.

Never advertise your skill. Let other players think they are superior, and be sure they are inferior. Do your winning as "quietly" as you can, and don't chase away the weak players who are responsible for your profits.

Notice whether you play differently at a high stakes table. If so, you probably shouldn't be there. Play in games where you are at your best - where you won't hesitate over a bet you would normally make just because it seems expensive. If you play too far beyond your financial comfort level, you'll play to not lose, instead of to win. Try higher stakes poker after you have some winnings to use.

Stay for a while at the games where you win consistently. There may be more money at the lower-stakes games, because the weaker players are there. Good poker players can make decent money at a $2/$4 game (in $2/$4 seven-card stud or Texas hold'em a player can bet or raise $2 in the first two rounds, and $4 thereafter). Typically, in the $10/$20 games and higher, you start to get more professional players, so avoid these until you're definitely ready.

Know Yourself

All poker players should track their wins and losses carefully. A notebook will work for this. Be sure to write down how much you lost or won every single time you play poker. Many players convince themselves that they are better than they really are, but tracking results shows the truth.

Make notes with each entry, specifying where you played, who the other players were, personal conditions, and anything else of relevance. Even great players can have a losing night or week, but if you notice that those nights come more often when you have a beer or too many snacks, that could be useful information for improving your future games.

Learn where your strengths and weaknesses are through careful self-observation. If during more than half of any ten sessions you lose money, you should reevaluate your play and/or find weaker players next time. And if you can't consistently "read" your opponents you might need a different game and/or more practice at a lower-stakes poker.

Ask yourself if you play noticeably differently when you are winning versus losing. If so, you may not be ready to make much money at poker. You will have losing sessions, and should accept this up front, but watch to see if they come too often, and if you really win over time. For consistent and comfortable play, you need a bankroll of about 20 times the maximum bet (some professionals say 15 times is sufficient), and you have to be ready to lose it all. In a $5/$10 game, that would mean you have at least $200 you can lose when you sit down.

More Part-Time Poker Tips

Study and know the odds. Get a good book or two and learn how to calculate the winning chances for each given hand, as well as how to calculate whether that translates into a good bet based on what is in the pot and what you'll have to bet to stay in the game. The numbers definitely matter.

Strategy: In Texas hold'em bet good starting hands aggressively to chase players out early. Fewer players remaining at the end, makes it more likely you are to have the winning hand. The statistics say a pair of aces will win against one other player 80% of the time, for example, but if four players stay past the first two rounds it will win only about 50% of the time. A large bet on a decent pair effectively scares off hands that could have become winners, leaving the odds more in your favor.

Strategy: Professional players will tell you to fold often and early. You should be folding about 75% of your hands on the first betting round, on average. If you play almost every hand you win more hands, but you generally lose money in the long run. Play a little tighter than the other players at the table in most circumstances.

But don't play too predictably. Your occasional bluff might win a hand, and even if it doesn't, you at least have made your play less predictable. Contrary to how movies tend to portray it, wild play and bluffing are not actually a big part of how to win at poker (especially limit poker), but they do have their place I your repertoire of tactics.