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Increasing Your Poker Net Worth
By Brodey Sheppard - February 18, 2016
Daniel Negreanu can be considered the Cinderella of the poker tournament world, but he didn’t have a fairy godmother to help him. Starting from the bottom, he harnessed all means to climb up the poker ladder, becoming one of the most successful and even richest players in the world. Poker review sites have calculated Negreanu’s net worth and gave a very rough estimate of $12 million to $50 million.
It is no secret in the poker industry that Negreanu had a humble beginning. An electrician’s son, this celebrated poker player dropped out of high school to pursue a career in professional poker. It is interesting to know that before he joined the ranks of Phil Ivey and Dan Bilzerian, he was just like any of us – looking for the best poker bonuses, and dreaming of becoming rich someday.
So how did he do it? Well, it definitely wasn't a walk in the park. If you review Negreanu’s career, you will learn that he was able to increase his net worth through a special combination of his poker-related skills, business ventures, interesting personality and earnings from successfully endorsing the game and a number of poker operators.
Aside from cashing in a total of $30.68 million in live poker tournaments and finishing as a runner-up in the 2014 WSOP Big One for One Drop, Negreanu has built a reputation in the industry as an individual who uses his personality to promote his abilities and get ahead of the game. So apart from taking advantage of some poker tips that pros use, it will help if you learn from Negreanu’s experience in increasing his net worth.
Increase Your Net Worth Through Equity-Based Decisions
If you want to move up in the stakes and compete for larger sums of dollars, the best way you can take is the traditional equity-based path. Your equity in poker is the sum within the pot that can potentially go to you. It is directly related to your winning odds at a particular period in the hand, e.g., your 56% chance is equal to your 56% equity in hand.
Use your equity to identify your expected value in poker and repeatedly use it to slowly increase your poker bankroll. To determine your expected value within a poker match, simply use this equation:
Expected Value = Winning Odds – Losing Odds
Let’s say the pot has a $300 value and your opponent goes all-in with $200 (providing a total of $500 pot money). Look at your hand and calculate your chances of winning against your opponent’s hand. If you have 56% winning odds, it means you have 56% equity. Calculate the dollar value of your winning and losing odds against the total pot money and your opponent’s move:
You can win 56% of $500 (total pot money) = $500 x 0.56 = $280
You can lose 44% of $200 (your opponent’s move) = $200 x 0.44 = $88
Calculate your Expected Value by subtracting your losing odds from your winning odds:
(Winning Odds) $280 – (Losing Odds) $88 = (Expected Value) $+192
When you make decisions based on your expected value, you are on the road to managing your poker bankroll efficiently.
Live Stream Your Matches on Twitch or YouTube Gaming
If you know how to choose the right online poker tournament for you, and you’ve gained a little popularity in the field, you may be able to get sponsorships from some poker sites. However, this is not the only method for you to increase your net worth.
Did you know that Felix Kjellberg, or most widely known as PewDiePie, has a net worth of $12 million? He achieved that by posting gaming commentaries and vlogs on YouTube. If he can do it, why can’t you? Use YouTube Gaming or Twitch as a venue for gaining followers and even potential sponsorships by either recording your poker matches or live streaming them. You will also come in at the right time because live poker streaming has gained a solid following online.
Promote Poker as Much as You Can
Poker has been encountering a lot of road blocks – the regulation efforts and brutal taxes, among others. Needless to say, every effort put into promoting the game in order to attract new players will definitely help each and everyone in the poker industry.
As an aspiring professional poker player, you too can contribute by promoting poker everywhere you go. Tell people that there are free online poker games out there. Be involved with inviting your social media friends to try the game or by providing insights about poker during live events or within forum communities.
Build a Solid Social Media Following
Gone are the days when we didn’t know how we can make money from social media sites. Due to a large fan base, Twitch, YouTube Gaming and other social media sites are drawing income not only for video gamers but also for poker players. It can be quite difficult and it may take a while for you to gain a solid social media following, but once you’ve accomplished this, you will find opportunities for earning money. Sponsorships and pay-per-view/click earnings will start to flood your way.
Carefully managing your poker bankroll is definitely your foundation to climbing up the poker ladder. But it takes a business-like approach to creating a consistently increasing net worth. Try these tips for yourself, and who knows… you might even become like Daniel Negreanu.