Poker bankroll management, building and strategy – online poker guide

Full Tilt down due to FBI investigations – the full story

Wednesday, August 24th, 2011 | Mark | Poker News | 3 Comments

The world of online casino and poker has received a major shock wave a few months ago, with the shutdown of a few major online poker sites.

On April 15th, on a day that subsequently became known as Black Friday, the US Federal Bureau of Investigation seized the domain names of a number of US facing poker sites, including Poker Stars, Absolute Poker and Full Tilt Poker. There was no warning that there would be a shutdown of these online casino gaming sites and, literally overnight, US online poker players were faced with the FBI logo, stating that they would not be able to withdraw their funds. The Department of Justice stated that it would be taking 11 defendants to court, claiming that they violated wire fraud and money laundering laws in the United States.

In this Black Friday swoop, the FBI also shut down scores of payment processor used by Full Tilt Poker and other poker sites to pay their players. US players found that they were unable to sign up at Full Tilt Poker and could not play for real money. They found themselves locked out of real money tables and tournaments. In addition, and more seriously, they could not withdraw their money from their accounts.

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In the days and then weeks following Black Friday, there was a great deal of confusion regarding the future of these sites, and players were desperate to learn how they could get their money out of their accounts. Poker Stars immediately reached an agreement with the Department of Justice and was able to start paying its players out the over $1.5 billion owed to them as soon as possible. There were great expectations that Full Tilt Poker would be able to do the same, and, indeed, in the first few weeks, statements were issued that the site was nearing such an agreement with the DOJ. Unfortunately, as the weeks passed, players became more disgruntled as they realized that the online poker site was simply trying to buy time.

It is estimated that Full Tilt Poker owes its players $100 – $150 million, which is yet to be paid back.

Poker professionals previously linked with Full Tilt Poker, including world champ Phil Ivey, noted their disgust for the way that players were being treated and Ivey went so far as to sue the site for money owed on behalf of thousands of players.

In June, 2011, it emerged that Full Tilt Poker was trying to negotiate a deal with a group of European investors that would buy out the company, allowing it to settle its debts to increasingly frustrated players. No details were made of the identity of the group, although an attorney acting for Full Tilt Poker said that they were not a rival group in the industry. In July, rumors started circulating that the investors were only interested in purchasing Full Tilt Poker’s UK and Irish assets as they felt that the US side of the business came with too many risks and costs. This was a further blow to the negotiations, which, as far anyone knows, are still ongoing.

Around the time that news broke about the investors, the Alderney Gambling Control Commission announced overnight that it was suspending Full Tilt Poker’s license and ordered the internet casino to cease operations. The group was told that it was forbidden to register new customers, accept deposits, allow players to withdraw their funds and host any poker games.

Explaining its drastic measures, the AGCC said in a statement in June: “The decision to suspend these licenses follows a special investigation prompted by the indictments unsealed by US Attorney General’s Office in the Southern District of New York on 15 April 2011, during which grounds were found to indicate that these licensees and their business associates were operating contrary to Alderney legislation. The nature of the findings necessitated the taking of immediate action in the public interest.”

Play halted at Full Tilt Poker almost immediately and players were met with the message: “Scheduled Maintenance in Progress: The system is currently shut down for maintenance. Please check back soon!”

Alderney then scheduled a public hearing in London for July 26th, inviting players and the media to attend so as to discuss the future of Full Tilt’s operations. The AGCC said that its choice to hold a public hearing demonstrated its “willingness to act transparently”. The commission added that its “primary concern is the protection of the player.” Hope was generated among Full Tilt players in the weeks leading up to the public hearing that they may see some of their money back.

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However, these hopes were dashed when Martin Heslop, the attorney acting for Full Tilt Poker, requested that the meeting adjourn as he was worried that it would jeopardize the ongoing talks between the internet casino site and the group of European investors. The meeting was taken behind closed doors, not before players, who were led out of the ‘public’ hearing were heard
screaming: “What about the players??” It was learned later that Full Tilt Poker told the AGCC in no uncertain terms that it would not paying the commission £250,000 in unpaid license fees if it did not get its license back. It is believed that this was a major part of the AGCC’s decision to agree to adjourn the meeting until September 15th, much to the frustration of players. Within minutes of the news breaking that nothing came out of the much- anticipated hearing, poker players swamped poker forums, condemning the authority for giving in so easily to a site that has clearly not kept up its side of the bargain to protect its players and their funds. True to their word, Full Tilt Poker paid the AGCC its fees due, several days later.

Throughout this period, players continued to desert Full Tilt Poker for rival pokersites or prefer to download online casino, and numbers continue to dwindle. At the beginning of August, the Kahnawake Gaming Commission granted Full Tilt the right to renew their secondary license held in their territory.

At the time of going to press, Full Tilt Poker has still not settled money due to its players, nor have any public statements been made regarding the negotiations with the investor group.

Why do you play poker?

Sunday, August 14th, 2011 | Mark | Poker and Life, Poker Tournament | 2 Comments

Despite being in a rotten tournament slump these days with no cashes in ages and underdogs constantly busting me out, I still somehow enjoy the game. Why else would I keep playing through frustration after frustration with a bank account that would be better off if I didn’t play at all? Maybe it’s simply a bad habit when I’m bored or maybe it’s more of a love/hate relationship…..fact is I keep playing. Why do you play poker?

Frustration at the tables this weekend

Sunday, August 7th, 2011 | Mark | Poker and Life, Poker Tournament | No Comments

Arghhhhh haven’t had any success what so ever this weekend. Lost 5-10 key hands in tourneys where I was ahead by 65% or better. Haven’t hit my draws while opponents have hit their draw all the time – when I hit top pair, they hit straight or flush; when I hit straight, they hit flush. Sometimes poker is such a joke….it’s been for ages since I’ve had a decent tourney cash. SIGH!!!!!

2011 WSOP – Ladies $1k Championship Event in the Books

Thursday, July 7th, 2011 | Mark | Poker Articles, Poker Tournament | No Comments

The $1k Ladies event reached its conclusion on Day 34 of the 2011 WSOP. 14 players returned to the tables on Day 3 of the event. The field included a male player too, who was among those who once again infiltrated the ladies’ event with hopes of easy pickings. Jonathan Epstein was the male player, who then proceeded to make the final table, thus becoming the first ever male to make the final table of a ladies’ WSOP event. Karina Jett, who used to play on PokerStars and Full Tilt Poker, was the only pro left in the field by the time the final table was reached. The chip leader was Carol Tomlinson, who managed to amass a stack of 851k chips.

Epstein’s time in the lime-light was over almost as soon as the final table action kicked off: he was the first victim of the last stage of the action. Marsha Wolak was the one who earned massive cheers from the rail by bouncing Epstein. Epstein got it all-in on a Ad, Qd and earned a massive number of outs on the board against Wolak’s pocket 10s. Wolak managed to dodge all those outs though, and the ladies’ event was finally free of unwanted intruders.

Marsha Wolak had begun the final table as one of the short-stacks, but she managed to chip up repeatedly and she made the 3-handed stage of the event. Then she bounced Carol Tomlinson in 3rd to set up the heads-up stage of the action. Wolak had a pretty sizeable lead at the beginning of the home stretch and that lead would be translated into victory on the very first hand of heads-up play. Both players got their stacks into the middle, on a flop of Qd,Jd,8c. Wolak had Q,9 for the top pair and Jett had a K,10 for the open ended straight draw. The turn and the river bricked out and a new Ladies’ Champion was crowned. Wolak picked up $192k for her efforts.

Check out pokerforum.net for the community buzz on the latest WSOP antics.

Torrential rain in Copenhagen last night left our basement flooded

Sunday, July 3rd, 2011 | Mark | Off topic | No Comments

Yesterday saw some crazy weather in downtown Copenhagen. Over 150mm rain and 8000 lightning strikes in a couple of hours left streets and basements flooded – our included . Hopefully this natural occurrence of bad luck mean I will win the Sunday Storm on PokerStars starting right about now.

The social factor of online poker table selection

Thursday, June 23rd, 2011 | admin | Poker Articles, Poker Strategy | No Comments

Submitted by Dave, this article about the social factor of online poker table selection belongs to the Poker Strategy series.

Choosing the right online poker site and table to play at is about more than just statistics. The social factors of a table are not difficult to filter and can lead to a more enjoyable session.

Table selection is certainly an important part of any successful poker player’s strategy. Being at the right table can significantly increase your hourly earnings. There are a number of factors to consider when searching for the right table. Most poker authorities have already invested a significant amount of time and effort into what to look for based on player tendencies, average pot size and other statistical information. An equally important, though less objective, factor is the friendliness of the players at a table.

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Making as much money as possible is not always the objective of an online poker session. Many people are playing for fun or for the social aspects of the game. If this is your goal for the session, the statistical criteria for a good table will only play a small factor in your final decision. More important is to identify what kind of players you want to be surrounded by.

Playing poker while having a good conversation is a most pleasurable experience. If you like to find out about different places and cultures, you want to play at a site that has a good mix of players from around the world. If you would prefer to talk with individuals who have similar interest to your own, start by finding a site that caters to you and your countrymen.

If you are a UK player, the task should be rather easy. Finding a good social table isn’t like playing UK bingo online, you don’t have to rely on luck. Simply search the Internet for UK friendly poker sites. The process would be the same regardless of where you live. Take a look at why these sites are considered friendly to you and your countrymen. Some may be owned and operated in your country or they may simply provide a number of amenities that appeal to the general public where you reside.

If you already have an account with some of these sites, start checking the tables with an eye for fellow countrymen. When you identify a table or two with quite a few UK players, for instance, load the table and drop a quick comment into the chat.

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If no one responds, you are probably looking at a table of people who are taking their poker pretty seriously. The majority of them may be playing several tables at once and simply don’t chat. Just go to the next favorable looking table and try again. Once you find a table with a good, talkative mix of players either take an open seat or join the waiting list. If you have never played at the site before, you will have to make a deposit first.

A little research and some scouting will quickly identify tables that meet your social goals. Playing at a table where the players are friendly and talkative can often result in a enjoyable poker experience. Many players also discover that their game becomes much sharper when they play in an environment they like even if the statistics say it is just an average table.

WSOP day 9 – two bracelets awarded

Saturday, June 18th, 2011 | Mark | Poker Articles, Poker Pro, Poker Tournament | No Comments

Day 9 of the 2011 WSOP yielded no fewer than two happy bracelet winners. Event #8, the $1k NL Holdem event (the first one of its kind at this year’s Series) has finally wrapped up, leaving Sean Getzwiller clutching the gold bracelet and the winner’s share of the prize-pool. The other winner was Geffrey Klein, who beat the odds during the heads-up stage of the $1,500 NL Holdem 6-max event to secure his own place in poker history and his own piece of WSOP gold.

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Only 3 players returned to action on the final day of the $1k NL Holdem event. Sadan Turker had the largest stack at the beginning of the day. The other two candidates for the title were Getzwiller and Jon Turner, who found himself relegated to short-stack status after having led by a wide margin at one point in the tournament. Under pressure to perform, Turner shoved all-in on the first reasonable pocket hand he picked up. His pocket 8s got called by Turker’s Q,4 and the classic coin-flip was on. Turner managed to dodge his opponent’s outs on the flop, but the Q which fell on the river bounced him, setting up the heads-up action. Turker and Getzwiller then battled for 6 hours before the latter emerged with the win, his pocket 5s beating his opponent’s A,9o in the final hand of the tournament.

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15 players returned to action on the final day of the $1,500 NL Holdem 6-max event. David Vamplew had the lead going into the day, but Jeffrey Papola had a healthy stack as well. On the hunt for his second 6-max WSOP bracelet, Papola made the final 3 indeed, but there his journey came to an end, when Eddie Blumenthal’s nut flush filled up on the river against his top pair. Blumenthal went into the heads-up stage with a monster lead over Klein, but hugely favored by Lady Luck, Klein rebounded and eventually got his hands on the bracelet after his A,K spiked a K on the turn of the final hand against Blumenthal’s pocket 7s.

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Poker Stars tournaments – Sunday recap

Wednesday, June 8th, 2011 | Mark | Poker Articles, Poker Pro, Poker Tournament | No Comments

Here’s a recap of the Poker Stars tournaments this weekend

Last weekend was the first one of the 2011 WSOP. While most of the heavy hitters were in Las Vegas, that didn’t mean the weekend online guarantees would not see their fair share of “name” competitors. Several factors combined into a perfect storm of an online poker weekend: the added interest generated by the WSOP and the fact that PokerStars major events kicked off a tad earlier, brought player numbers to pre-Black Friday levels. The results were equally impressive: no fewer than 7 players pocketed 6-figure prizes.

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The Sunday Million reclaimed its top weekend event status by yet again becoming responsible for the largest single haul of the weekend. Player “Diogene” was the one who walked away with the hefty $284k prize. The 10,237 players who registered for the event, combined buy-ins for a prize-pool of $2,047,400. No deals were made at the top, which allowed the eventual winner to optimally milk the tournament. Diogene bested Azazel1980 heads-up. The second place man did pretty well though too: he pocketed $204,740 for his efforts. Royalize, who finished 3rd walked away with $143k. The last 6-figure winner in the event was 4th place man Igor Kurganov, who took home $102k.

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The Sunday Warm-up saw more than 5k entrants too, its prize-pool shooting past the $1 million mark. Kojocki and eamsie finished 1st and 2nd respectively, after they struck a deal. Kojocki finished with $155k, while the second place man had to settle for $141k. There were no other 6-figure winners in this event. Over at Full Tilt Poker, the 750k guarantee managed to cover its target too, albeit by just a few tens of thousands of buckskins. The winner of this event, el_klonkador, pocketed $124k, becoming the only one to walk away with 6 figures from the event. Gavin Ball finished 2nd, rewarded with an $87k prize for his time.

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News poker online: Gus Hansen Loses $345k, Clinches Biggest Loser Title

Friday, May 27th, 2011 | Mark | Poker Articles, Poker News, Poker Pro | No Comments

Here’s a summary of the latest poker news

Despite his recent losses, Gus Hansen is still one of the biggest overall winners of 2011. Lately though, his good luck seems to have vanished, as he struggles along trying to consolidate his position atop the 2011 leader board. A day ago, he put in another 481-hand effort at Full Tilt Poker, which – unfortunately for him – ended up in quite a substantial loss: he dropped around $345k, in the wake of a weekend outing which saw him pocket $686k. The guilty ones this time were Kagome Kagome and Seb86 whom the Great Dane took on at the PLO tables. Following Hansen’s weekend run, Lady Luck must have decided to turn her back on him, as he was simply unable to land a punch against either of these guys. Kagome Kagome will probably say “thank you” to the Dane, given that he collected $177k off him. The other protagonist of Hansen’s battles, Seb86, picked up $168k. Despite the disastrous session, Hansen still remains on top of the 2011 winners’ list thanks to his massive weekend haul.

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Over at PokerStars, the cash game action flared up too, with Viktor Blom and Gavin Cochrane battling it out again at the $50/$100 PLO tables. The two put in a massive 3,075 hands over the last few days. Blom emerged with the win yet again, taking home $90k of his opponent’s money. Blom, who was under the red line by a massive $500k at one point, managed to rebound over the last couple of weeks. The money he picked up from Cochrane the other day finally pulled him even at the site. Besides Blom, other players who made noteworthy profits over the last days were Mary & Joey, tr1cky7 and saphire1. The losers’ list was headlined by Gus Hansen, but it also included gavz101, le kork and compris.

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Poker theorems; David Sklansky, Baluga Whale, Andy Morton, Zeebo and Clarkmeister

Sunday, May 22nd, 2011 | admin | Poker Articles, Poker Mathematics, Poker Strategy | 3 Comments

The following massive piece of work on poker theorems was submitted by Conrad. Poker theorems are pieces of fundamental poker strategy and advice, usually expressed in poker literature and forums. An ‘objective’ poker strategy is hard come to come by – the generation of hyper aggressive internet hotshots have caused us to revamp our ideas as to what constitutes an ‘optimum’ strategy. Internet star Dusty ‘Leatherass’ Schmidt, who posted the world’s highest win rate for $5/$10 NL in 2007 and 2008, even released a book entitled ‘Don’t listen to Phil Hellmuth: correcting the 50 worst pieces of poker advice you’ve ever heard’. Due to the evolution of the game, advice from the ‘old guard’ of is often considered dated, and players such as Hellmuth have been heavily scrutinised for their cash game performances. That said, books such as Doyle Brunson’s Super System and the Harrington on Hold’em Series are still well respected. Although their doctrines are contested, poker theorems are good as general rules of thumb. They may not be a substitute for things like poker training, but are useful nonetheless. They are not concepts that a player should stick to religiously, but ideas that a player should
always have in mind.

The fundamental theory of poker by David Sklansky

The Fundamental Theorem of Poker is described by esteemed poker player, theorist and author, David Sklansky. Sklansky is considered to be a leading voice on gambling and poker theory in general. The theorem states:

‘Every time you play a hand differently from the way you would have played it if you
could see all your opponents’ cards, they gain; and every time you play your hand
the same way you would have played it if you could see all their cards, they lose.
Conversely, every time opponents play their hands differently from the way they
would have if they could see all your cards, you gain; and every time they play their
hands the same way they would have played if they could see all your cards, you
lose.’

This is a very basic theorem, stating that every decision we make should be in accordance with maximizing EV (expected value). In the long term, this is what counts. So even though chasing a flush on the river may be tempting, we should only call if our opponent is giving us the correct pot odds.

Morton’s addition to Sklansky’s theorem

Sklansky’s theorem is only applicable in heads up situations. Morton’s theorem, articulated in a poker newsgroup by Andy Morton, explains why Sklansky’s theorem is not applicable in a multi-way pot. It often occurs when one player has the best hand, and two players are on draws. The player with the best hand might make more money in the long run when an opponent folds to a bet, even if that opponent is making a correct fold and would be making a personal mistake to call the bet. For instance, Player A holds Ac-Qc, player B Ah-9h, and player C Js 3s on a Ad-Jh- 4h board. Player A has a made hand – top pair, and when he bets the pot Player B with the flush draw is going to call. In the long run, Player A would make profit in a heads up situation with Player B. His odds are dashed and Player B’s enhanced, however, if player C, with his mid pair, makes the call. This is because he has 6 outs to improve his hand. This concept is sometimes referred to as implicit collusion.

The Beluga Whale Theorem

Other popular theorems are documented in community site twoplustwo. The Beluga Whale Theorem states that when you are a pre-flop raiser, and your top-pair hand is raised/check-raised on the turn, it is time to re-evaluate your hand. This is because your opponent is often trying to build a pot to get paid off with his monster. If you have AK on a K-10-5-9 board, and you face a raise on the turn, it is quite conceivable your opponent has two pair or better. This theorem is reliable against weaker opposition, however shrewder players can exploit this by floating.

Zeebo’s poker theorem

Zeebo’s Poker Theorem states that nobody ever folds a full house. So, if you have any inclination that your opponent has a weaker full house, bet out. People tend to overestimate boats because in a large number of situations they tend to be good. If you have KK on a board which includes AAA, bet out even if you put your opponent on something as low as 22.

Clarkmeister’s Theorem

Clarkmeister’s Theorem argues that when you are out of position heads-up on the river, and a 4 to a flush card comes, always bet (unless you have something with realistic showdown value). This is a perfect bluff spot, and an opponent will fold something like a weak/middle flush a large percentage of the time.

To find out about more obscure poker theorems, or the mathematical explanation behind some of the ones stated in this article, be sure to browse twoplustwo along with other poker forums.

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