I had a tough time this weekend suffering through three bad beats and crucial times in the tournament. It happens but man does it sting! I was playing in the Double Shootout Sunday Millions Qualifier when I hit a set of Jacks. I am practically raking in the pot when my opponent hits runner runner for the straight. He was holding [A][K]. How salty is that?

lol

The other situation had me on another set and my opponent hit runner runner for the flush. Again, holding [A][K] but this time they were suited. Sometimes it is just not your day. Other than that things have been moving along as usual. I have been accumulating chips rather nicely but still no breakthrough worth mentioning.

Talk to you next week.

The entire world is beginning to feel the effects of our financial woes here in the United States of America. A bad economy equals a lot less poker for those that play the game. Already Las Vegas has seen a fourteen percent drop in gaming revenue and now the President has finally acknowledged what the entire world already knew – we are in BIG TROUBLE!

What really makes me wonder is how the economy will affect professional gamblers. Lets face it folks. Many of the “professional” poker players we see on television are not quite as liquid as one might believe. I would venture to say that many of our favorite poker players are not living nearly as high a life style as they may portray to the public. As I understand it only about one percent of the professional poker players are making serious cash outside of playing tournaments. That means they have substantial endorsement deals with major online sites or additional means of earning revenue without playing poker. Those players are few and far between.

Guys like Phil Ivey, Phil Hellmuth, Doyle Brunson, Howard Lederer, and Chris Ferguson are rare. Each of these players has a sizable endorsement deal to subsidize their bankroll or pay for tournaments entirely. Other professional players without the benefit of such deals are reallying strictly on tournament and cash game money. Many of those players are being staked or borrowing money. Considering how poorly the economy is performing in the United States those individuals that were loaning money and staking players for tournaments will begin to dry up sooner than later. I suspect we will see smaller tournament fields in the near future until such time as the economy begins to come back around.

Until then guard your bankroll with your life.

Carter King took down the Pokerstars WCOOP Main Event and $1.2 million dollars to go with it in prize money. Carter bested a field of 2185 players in this two day event that included several notable professional poker players.

Here is the final table pay out:

*1. Carter “ckingusc” King – $1,265,432
*2. liberace – $1,375,249
*3. Alex “AJKHoosier1″ Kamberis – $782,542
*4. Markush13 – $961,718
*5. ShoesRDurrty – $801,153
6. Sumpas – $415,150
7. klslcz – $305,900
8. BOLLPOKER – $196,650
9. kovi99 – $121,267

Note: A five way deal was made with the winner taking down an extra $200,000 and the bracelet.

The last two weekends have been really interesting at the poker table. The weekend before last I had set out to play in the Pokerstars FPP tournaments for a seat into the $1050 NL Tournament Event #20. Things didn’t quite work out that way as my brother came up to surprise me. So I did not get to play any of the four satellites that were still scheduled. A little disappointing but I still had a great time hanging out with my brother.

This past weekend was entirely different. I was finally able to sit down for an extended period of time and play the Pokerstars $10 NL Deep Stacks tournament. Things did not start off well and I ended up with $3200 in chips when I finally picked up a big hand after the first break. Before that I had played several small pairs for cheap but was unable to hit anything on the flop. Anyhow, after I picked up [K][K] to double up I went on a bit of a run. Seven hours later I was sitting on $70k in chips and about $20k+ above the average. I continued to steal and take down some small pots but nothing big.

About an hour later I had [J][T] in the small blind. Prior to this play I had noticed that I needed to make a move. I was already well in the money, the tournament paid 240 places, and I was sitting in 109th place overall with 132 players left. I was also down to a little more than $60k in chips. 

My thinking in the hand when Jehnova bet out after the flop was that he was on a flush draw. I was correct in that assumption. I also felt like I could push him off of the hand which turned out to be incorrect. If he had had more chips this would have been a much better play as he would have been more likely to wait for a better spot. Also, it was not an optimum play for me simply because there was a flush draw on the board. Even if I hit my straight he still had a re-draw.

The fact of the matter is that, once again, I misplayed the hand. I also felt like the big blind, samKeppler75 would simply fold after my push, wrong again although I could not put him on top pair. I was simply hoping to get heads-up with Jehnova to hit my straight and hold at worst. In retrospect this was another poorly played hand. No excuses here. I felt great and had plenty of rest. I should have waited for a better spot and got a bit impatient. On the other hand after I got the money in I didn’t feel too bad after seeing all the hands. I figured if I hold I am sitting on $160k and I am in the hunt for the promised land. I did cash and learned that I needed to be just a little more patient in that spot.

Here is how the hand played out:

PokerStars Game #20590422060: Tournament #107929927, $10+$1 Hold’em No Limit – Level XIII (600/1200) – 2008/09/21 19:05:36 ET
Table ‘107929927 122′ 9-max Seat #8 is the button
Seat 1: samklepper75 (28427 in chips)
Seat 2: mportage (50630 in chips)
Seat 3: tranquilo76 (172685 in chips)
Seat 4: Jehnova77 (66718 in chips)
Seat 5: Ditchdoc720 (49092 in chips)
Seat 6: ostereo (147629 in chips)
Seat 7: xxViolatorxx (71916 in chips)
Seat 8: Blobtastic (83678 in chips) is sitting out
Seat 9: Curtom (61832 in chips)
samklepper75: posts the ante 125
mportage: posts the ante 125
tranquilo76: posts the ante 125
Jehnova77: posts the ante 125
Ditchdoc720: posts the ante 125
ostereo: posts the ante 125
xxViolatorxx: posts the ante 125
Blobtastic: posts the ante 125
Curtom: posts the ante 125
Curtom: posts small blind 600
samklepper75: posts big blind 1200
*** HOLE CARDS ***
Dealt to Curtom [Td Js]
mportage: folds
tranquilo76: folds
Jehnova77: calls 1200
Ditchdoc720: folds
ostereo: folds
xxViolatorxx: folds
Blobtastic: folds
Curtom: calls 600
samklepper75: checks
*** FLOP *** [Qd 2s Ks]
Curtom: checks
samklepper75: checks
Jehnova77: bets 1200
Curtom: raises 59307 to 60507 and is all-in
samklepper75: calls 27102 and is all-in
Jehnova77: calls 59307
*** TURN *** [Qd 2s Ks] [5c]
*** RIVER *** [Qd 2s Ks 5c] [8s]
*** SHOW DOWN ***
Curtom: shows [Td Js] (high card King)
Jehnova77: shows [9s 6s] (a flush, King high)
Jehnova77 collected 66810 from side pot
samklepper75: shows [2d Kh] (two pair, Kings and Deuces)
Jehnova77 collected 86031 from main pot
*** SUMMARY ***
Total pot 152841 Main pot 86031. Side pot 66810. | Rake 0
Board [Qd 2s Ks 5c 8s]
Seat 1: samklepper75 (big blind) showed [2d Kh] and lost with two pair, Kings and Deuces
Seat 2: mportage folded before Flop (didn’t bet)
Seat 3: tranquilo76 folded before Flop (didn’t bet)
Seat 4: Jehnova77 showed [9s 6s] and won (152841) with a flush, King high
Seat 5: Ditchdoc720 folded before Flop (didn’t bet)
Seat 6: ostereo folded before Flop (didn’t bet)
Seat 7: xxViolatorxx folded before Flop (didn’t bet)
Seat 8: Blobtastic (button) folded before Flop (didn’t bet)
Seat 9: Curtom (small blind) showed [Td Js] and lost with high card King

Otherwise, I did extremely well in the single table tournaments and took down a second and third place in the two tourneys I played in. Overall, my bankroll increased another fifty bucks over the weekend.

Many times people have asked me, “What exactly is a “prop” poker player?” Not because I am a prop player but because very few people actually know people that are prop players. Here is my answer to that question in-depth along with the pros and cons of the poker prop lifestyle.

What is a Prop poker player?

A “prop” poker player is a poker player that is employed by the casino. It can be an online casino or live casino. Seeing as this player is employed by the casino you are expected to work a typical work week just like any other employee but most times you can actually choose your hours. So if you prefer to work in the day time you can do so. If you are more of a night owl you can work that shift too as long as you are putting in at least 30+ hours per week or more.

How do props get paid?

There are typically two methods to how prop poker players get paid. One method is an hourly rate paid by the casino. This is the typical arrangement with live casinos although the terms can sometimes be negotiated depending on the relationship between the management and the player. The second method of payment is by the rake. This is typically the way online prop player get paid. The going rate is usually on a per hand basis.

Online prop players get paid based upon the rake, number of hands they play, and how many players are sitting at the table. Typically the rake deals range from 30% – 125%. Regardless of how you are paid in a land based or online casinos you will always be using your own money to play. The casino is not going to stake you to play. Player are paid just around 30% for participating in tournaments.

What are the downfalls to being a prop?

Being a prop poker player is just that. You are required to start poker games and keep them going so the casino can continue to make money. That is your job in a nutshell. So, if you are in a sweet game making every hand and raking pot after pot they may move you to another table that needs to keep the game going out of nowhere regardless to how well you are running. Again, you are an employee and therefor you are to play where you are needed and not necessarily where it is convenient for you.

How do I become a prop player?

There are a number of sites that will allow you to apply as a prop player. Usually, the sites that are seeking prop players are the newer sites or ones that are not established in the mainstream. These sites need props to start and keep games going to attract new players. When you apply to become a prop player you will likely not be told what online casino you will be playing on until your application is accepted. Until then you are given the requirements of a few poker rooms and you can choose the ones you feel best meet your needs in terms of payments and time commitment.

Being a prop player can be a lucrative endeavor but I highly recommend that you be skilled in several games before attempting to do so. The more games you play well the better your chances of becoming a prop and being a profitable prop. Don’t go into this lightly if you are seriously checking it out for the first time. Take your time and be honest with yourself and your game.

Remember, it’s your money that’s on the line.

Vivek Rajkumar takes down the $1,424,500 First Prize and wins the 2008 WPT Borgata Poker Open. Vivek bested a field of 516 players and a final table that included Mark Seif.

Well done and congratulations to Vivek Rajkumar!

The televised Final Table is now set for the World Poker Tour Borgata Poker Open. Here are the players and chip counts:

1. Vivek Rajkumar – 6,480,000
2. Dan Heimiller – 3,360,000
3. Andrew Knee – 1,475,000
4. Mark Seif – 4,665,000
5. Jason Strochak – 1,650,000
6. Sang Kim – 3,085,000

Action is scheduled to begin today at 4p.m. EST

The House Financial Services Committee passed HR6870, the “Payment System Protection Act”, which paves the way for a clear and distinct definition of what illegal online gambling is in respect to the UIGEA.

Here is a statement from the Poker Players Alliance chairman Former Senator Alfonse D’Amato:

Washington, D.C. (September 16, 2008) – Former Senator Alfonse D’Amato, chairman of the Poker Players Alliance (PPA), the leading poker grassroots advocacy group with more than one million members nationwide, today issued the following statement upon passage of H.R. 6870, the “Payment System Protection Act,” by the House Financial Services Committee.

“The PPA is pleased that the House Financial Services Committee today recognized the need to provide necessary clarification to what constitutes ‘unlawful Internet gambling’ under the Unlawful Internet Gambling Enforcement Act (UIGEA) by passing H.R. 6870.

“This bipartisan compromise bill will rightfully advance the UIGEA to become immediately effective for such internet gambling that is clearly unlawful, namely sports betting. The legislation also appropriately requires a formal rulemaking, overseen by an administrative law judge, to provide the clarification requested by the Department of Treasury and the Federal Reserve, among others, as to the definition of ‘unlawful Internet gambling.’

“Even those who oppose internet gambling should applaud the passage of this legislation as it provides the most realistic opportunity to block truly unlawful internet gambling transactions.

“The PPA congratulates the Republicans and Democrats on the House Financial Services Committee on reaching this strong compromise bill, and we look forward to enactment of this sound public policy during this legislative session.

“We thank Chairman Frank for his continued leadership on this important issue of protecting individual rights and personal responsibility.”

Patrik Antonious took down a whopping $913K+ yesterday over a thirty-five hour session onFull Tilt poker. Patrik was playing Omaha, Omaha Hi/Lo, and No Limit Holdem.

Somtimes I wonder just how deep these players are online. I know for a fact that Patrik is doing exceptionally well online as well as in cash games. There are a number of unknown online players that do  quite well in the high stakes cash tournaments but have not done so well in live tournaments. I imagine that won’t change. Sometimes being a very good online player just does not translate as there are many other factors to consider when playing live.

Not the least of them being nerves. Not having someone staring at your every move while sitting behind a computer is a considerable advantage to someone that gets jumpy or nervous. There is definitely money to be made in these high stakes matches and we are seeing more and more online millionaires being made every day. A lot of them are starting out playing the single table Sit-N-Go and continually building their bankrolls from there. That’s the smart way to go and keeps your bankroll from getting hit too hard.

It’s that time of the year again and the World Championship of Online Poker has begun. Last year I did not play one satellite due to time constraints. This year is very different as I have accumulated around 15K in Frequent Player Points on Pokerstars. There are several FPP satellites for virtually every WCOOP tournament you may want to enter. I have decided to begin playing in the qualifiers for the 1k No Limit event #20.

The structure is 15K in starting chips along with 30 min levels and 50/25 blinds. So there is no hurry and you can sit back and play your game and build slowly from pot to pot. I prefer these longer formats as it tends to allow me a considerable edge over the hyper-aggressive player I am used to seeing in fast structures. A lot of players tend to be extremely impatient and will gladly give you their chips early in the tournament.

From what I have seen most of these tournaments have a field of around 160 to 250 players which are really good satellite numbers. Each tournament is giving away 4 entries into the dance no matter how many satellite entrants. So wish me luck. There are only two days left so I had better make my move fast.

What happened to all of the hype that was supposed to surround the 2008 WSOP Final Table? Where are all of the ads and commercials? How come I have only seen small print articles and not the spectacle that this was supposed to made out to be?

I am puzzled by the lack of promotion of the final table so far. The only thing I have heard is the interviews on PokerRoad mixed in with the obligatory commercial on ESPN. Talk about really poor marketing. Maybe I am missing something. I certainly don’t sit and watch TV twenty-four hours a day but I watch enough to know when a product is being pushed or not.

So far I am not convinced that this delayed final table was such a great idea. We are almost half way through September and outside of the poker community there is very little buzz about this event. Maybe they are waiting ’til October to pour it on. I am not sure but they had better do something fast if they plan on bringing in new viewers.

Either way I do not see the WSOP doing this again next year. I much prefer the tried and true versus the unknown.

Looks like swimming isn’t the only past time of 8 time Olympic gold medal winner Michael Phelps. Apparently while lounging in his hotel room he plays quite a bit of online poker. Todd Brunson and his dad Doyle heard about his interest in poker and immediately set out to get him Super Systems 1 & 2 along with an evenings worth of poker lessons.

They are hoping their investment will pay off by Phelps joining Doyle’s Room as an ambassador.

Stay tuned!

Its been four days since I played my last 180 player Pokerstars tournament. Yesterday I decided to kick back after work and give it a shot. My good buddy just won this tournament the night before and I was particularly motivated by his success. I ended up having a fantastic run at it as I took down 3rd place and a very nice payday.

I literally came back from being down to $700 chips with $200 / $100 blinds crashing down on me and steadily built my stack up to respectable again from there. You would think I would be extremely satisfied with my finish.

Nope.

Instead I am absolutely disgusted with my play when we got down to the final 4 players. I folded what turned out to be the best hand after an all-in raise by the short stack. I had called intially KNOWING that the short stack was going to push. I had planned on calling with my meager holdings and hoping for what was likely a coin flip. I ended up folding for some reason. I just played the hand as poorly as you could play it. It was 5:15a.m. in the morning at the time. Yes, I was fatigued but I didn’t think I was fatigued to the point of stupidity.

Apparently I was W-R-O-N-G!

I violated my own philosophy on playing when you are tired and possibly cost myself a shot at winning it all. Sure, there is no guarantee had I won that pot that I could have come back against the other big stacks but I would have had a shot. That is the point. I would have been in position to give myself a chance to win it all. So, without further adu the hand shown below is a prime example of what not to do.

PokerStars Game #20186900150: Tournament #106516360, $4.00+$0.40 Hold’em No Limit – Level XVII (2000/4000) – 2008/09/06 6:34:56 ET
Table ‘106516360 7′ 9-max Seat #7 is the button
Seat 2: Curtom (26772 in chips)
Seat 4: GT6868 (8232 in chips)
Seat 5: PsychK1d (86886 in chips)
Seat 7: Kahila (148110 in chips)
Curtom: posts the ante 400
GT6868: posts the ante 400
PsychK1d: posts the ante 400
Kahila: posts the ante 400
Curtom: posts small blind 2000
GT6868: posts big blind 4000
*** HOLE CARDS ***
Dealt to Curtom [Qh Td]
PsychK1d: calls 4000
Kahila: calls 4000
Curtom: calls 2000
GT6868: raises 3832 to 7832 and is all-in
PsychK1d: calls 3832
Kahila: calls 3832
Curtom: folds <====== You cannot fold here. You are getting 2 to 1 on your money! %$#&!!!!!!!!
*** FLOP *** [5h 7h Ts]
PsychK1d: checks
Kahila: checks
*** TURN *** [5h 7h Ts] [8d]
PsychK1d: checks
Kahila: checks
*** RIVER *** [5h 7h Ts 8d] [3s]
PsychK1d: checks
Kahila: checks
*** SHOW DOWN ***
GT6868: shows [Ad 6h] (high card Ace)
PsychK1d: shows [Qs 8s] (a pair of Eights)
Kahila: mucks hand
PsychK1d collected 29096 from pot
*** SUMMARY ***
Total pot 29096 | Rake 0
Board [5h 7h Ts 8d 3s]
Seat 2: Curtom (small blind) folded before Flop
Seat 4: GT6868 (big blind) showed [Ad 6h] and lost with high card Ace
Seat 5: PsychK1d showed [Qs 8s] and won (29096) with a pair of Eights
Seat 7: Kahila (button) mucked [Jc Kd]

The 2008 World Championship of Online Poker has begun on Pokerstars. There will be thirty three events running from September 5th through September 21st culminating in the $5200 2-Day Main Event Championship. Last years Main Event Champion took home a whopping $1.3 Million dollars!

There are several Frequent Player Point satellite tournaments that allow you to enter all of the tournaments on a freeroll. All of the standard cash Sit-n-Go satellites will be availalbe along with Super Satellites to all of the tournaments as well.

You don’t even have to play in order to watch some of your favorite professional players at the tables. Just choose Request / Find Team Pokerstars Player and you can locate your favorite players in seconds!

Live coverage of all events will be available via the Pokerstars blog.

The European Union has opened up talks with the United States about the UIGEA ban. Apparently the talks were born from complaints from the European Gambling Association which represents several online gaming sites related to poker.

Just a few weeks ago these talks were thwarted by the U.S. in what appeared to be nothing more than spite. However, the EGA has renewed attempts to bring U.S. officials back to the table to determine what can be done to alleviate the ban on online gambling sites in the U.S.. The EGA also plans on fowarding its complaint to the World Trade Organization should the U.S. continue with the silent treatment.

Stay tuned!