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  #1 (permalink)  
Old 04-08-2009, 04:45 PM
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Default Quit job =)

Quit job to play poker as my part-time job while studying checked my hourly for past 2 months and im making more from poker then at work not to mention having much more fun and playing anytime anywhere anyplace.

Goodbye waitering welcome balla life hahah, anyone here come across weird situations when you tell your friends/family/randoms that you play poker? (partially stolen from 2+2 forums)
Stupid responses i've gotten:
Pokers easy all you need to do is countcards
What limits do you play? Wow is that real money?
Your just going to lose, why'd you quit your job? its a recession...


Got some more but can't remember em right now.
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Old 04-09-2009, 08:26 AM
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I never mention that I play poker and earn some money with it because the people I know just dont know the game and end up saying stupid things like : ' You can never win with gambling' and my favourite 'Yes , you won but how much did you lose?'.

Its like scalping the sports betting (arbing): When I first heared of it , it sounded like impossible and I didnt believe that you can really make a living of it but once I had a foreign student and I had to pick him up at the train station. He had like 4 computer screens with him and I was like: 'Why the hell do you need all those screens for'. He explained the sports arbitrage to me and I didnt believe him. One day I was at his place and I saw him "working" and it was incredible. If you are amazed by how people can sometimes 50 table tournaments, its nothing compared to what those guys doing. In 0,5 seconds they place 3 or more bets on different bookies on the same game so the outcome wouldnt matter anymore and they were sure to lock in a profit. They calculated odds, profit margin, betting amount and all that stuff in a few seconds. The clicking only took 0,5 seconds. Really amazing.

What I want to say: I dont blame people telling me I can not make money playing poker because I was pretty much the same in other fields that I didnt know of.

I really need a friend who plays poker also
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Old 04-10-2009, 03:10 AM
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My standard line, what about casinos there gambling on every spin is that luck in short term yes long run no same thing with poker.
I love saying i play poker, it gives me this warm feeling inside to know that im out of the rat race and make more money then people my own age, enjoy doing it and play whenever i want. Who else can say they enjoy going to work on a daily basis and think about work all day? virtually nobody.
I've heard about arbitrage but never thought it could apply to sports betting thats gold he must make some fair cash if you have a huge sum of money would you just bet it all on every race because your winning regardless right? Btw know of where you can find out about that kind of thing sounds interesting? I'll google it later
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Old 04-10-2009, 06:41 AM
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Yes, you can find alot of info on scalping sport bets on different bookies and in theory it all seems very easy to do but there are alot of difficulties:

- you have to find the right odds between different bookies and you have to find them FAST as other people are doing the same as you and this shifts the odds fast.

- you need a big bankroll because the % profit is fairly low. Like 2-5% , so if you bet 100$, your profit will only be 2$-5$ and you have spend alot of time looking for this arb. If you are practising this , there's nothing wrong with that but dont start of immediatly with betting 5000$ because you'll burn yourself.

- bookies will shut you down and close your account !! My friend had 6 different accounts at a famous well known bookie because they closed his account alot of times when he made too much profit. To give an example:

Team A vs Team B
Bookie 1 = Team A wins : odds = 2 (so if you bet 10$ you get back 20$)
Bookie 2 = Team B wins : odds = 2,5 (so if you bet 10$ you get 25$ back)

If you have a roll of 5000$. You should bet
Bookie 1 = 3571$ for team A to win
Bookie 2 = 1428$ for team B to win

and (i'll leave the maths to you) you'll make a sure profit of 2142$ no matter who wins.

This example is ofcourse over the top but its just to point out how it works.

You can imagine that if you bet 5000$ on a team who is getting odds of 10 that the bookie ,if that team wins , will have to give you 50000$ and thats why they close accounts: they know what you are doing (as no one bets 5000$ on a team with 10 to 1 odds). Bookies dont like arbitrage!

- You'll need alot of accounts as there are alot of bookies and you have to find the odds between all of them. So you're bankroll will be spread out alot!

- I can give you the names of 2 bookies which work fine but its really kinda of a secret. Hint: search for Asian bookies.

- It takes alot of experience

- Lately bookies have been more carefull when setting their odds.

Colossos159
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Old 04-10-2009, 09:09 AM
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Quote:
Originally Posted by Colossos159 View Post
To give an example:

Team A vs Team B
Bookie 1 = Team A wins : odds = 2 (so if you bet 10$ you get back 20$)
Bookie 2 = Team B wins : odds = 2,5 (so if you bet 10$ you get 25$ back)

If you have a roll of 5000$. You should bet
Bookie 1 = 3571$ for team A to win
Bookie 2 = 1428$ for team B to win

and (i'll leave the maths to you) you'll make a sure profit of 2142$ no matter who wins.
I guess you left the math to us because yours is completely wrong. If team A wins, you win $5,714. If team B wins, you lose $1. This is obviously a profitable situation, but where are you getting $2,142?
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  #6 (permalink)  
Old 04-10-2009, 01:00 PM
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Quote:
Originally Posted by Colossos159 View Post
'Yes , you won but how much did you lose?'.
This puts me on life tilt.
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  #7 (permalink)  
Old 04-10-2009, 03:06 PM
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Quote:
Originally Posted by Colossos159 View Post
Yes, you can find alot of info on scalping sport bets on different bookies and in theory it all seems very easy to do but there are alot of difficulties:

- you have to find the right odds between different bookies and you have to find them FAST as other people are doing the same as you and this shifts the odds fast.

- you need a big bankroll because the % profit is fairly low. Like 2-5% , so if you bet 100$, your profit will only be 2$-5$ and you have spend alot of time looking for this arb. If you are practising this , there's nothing wrong with that but dont start of immediatly with betting 5000$ because you'll burn yourself.

- bookies will shut you down and close your account !! My friend had 6 different accounts at a famous well known bookie because they closed his account alot of times when he made too much profit. To give an example:

Team A vs Team B
Bookie 1 = Team A wins : odds = 2 (so if you bet 10$ you get back 20$)
Bookie 2 = Team B wins : odds = 2,5 (so if you bet 10$ you get 25$ back)

If you have a roll of 5000$. You should bet
Bookie 1 = 3571$ for team A to win
Bookie 2 = 1428$ for team B to win

and (i'll leave the maths to you) you'll make a sure profit of 2142$ no matter who wins.

This example is ofcourse over the top but its just to point out how it works.

You can imagine that if you bet 5000$ on a team who is getting odds of 10 that the bookie ,if that team wins , will have to give you 50000$ and thats why they close accounts: they know what you are doing (as no one bets 5000$ on a team with 10 to 1 odds). Bookies dont like arbitrage!

- You'll need alot of accounts as there are alot of bookies and you have to find the odds between all of them. So you're bankroll will be spread out alot!

- I can give you the names of 2 bookies which work fine but its really kinda of a secret. Hint: search for Asian bookies.

- It takes alot of experience

- Lately bookies have been more carefull when setting their odds.

Colossos159
very interesting
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  #8 (permalink)  
Old 04-10-2009, 04:56 PM
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2 of the stupidest quotes i have ever heard in my poker lifetime,
We were watching the AAPT while waiting for a friends to arrive for our homegame
We were just talking and saw that a early psition raiser raised with AK and a shortstack pushed slightly over with Kings. Then one of my friends asked this gem:
" Which would you prefer Kings or Ace king suited?" At this time the odds were showing on the screen Kings 70% AK 30% my friend responded AK as Kings are good but AK you can improve... I started laughing as both my friends do engineering and called em idiots didn't explain why... the guy with AK started talking smack you know im going to get a Ace he rivers a Ace everyone jumps up and down both in the living room and on TV and my friends were like SEE AK IS BETTER i started laughing hahahhaha.
And another gem of a response which would you prefer Aces or Kings? This was a serious question "Kings" one of my friends responded i burst out laughing. Our future engineers...
My friend also asked if he could "invest" in me i said sure if your willing to give me 1000 dollars go for it.
Also as a side note won the tournament for the first time =) i forgot to get cash so i bought in with a IOU and swept the 35 dollar 1st place infinite ROI For the win.
Another hilarious after note: my friend called on AQxTx board with J3 on the river for a min bet because he thought otherguy was bluffing.
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  #9 (permalink)  
Old 04-14-2009, 10:55 AM
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Quote:
Originally Posted by given1982 View Post
I guess you left the math to us because yours is completely wrong. If team A wins, you win $5,714. If team B wins, you lose $1. This is obviously a profitable situation, but where are you getting $2,142?
Indeed Given1982, my math was wrong because I didnt do the "greening" part of the arb:

You need to bet:
2777$ on team A
2222$ on team B

to make a sure profit of 555$ which is 11 percent of your total stake (5000$).

thx for pointing this out (nothing goes by you , does it ). Well i'm glad someone actually read the post.
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  #10 (permalink)  
Old 04-19-2009, 10:26 PM
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i read it, and it is right. There are a bunch of computer programs now that do that for u.
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