~ R A K E S & F E E S ~
Overhead In The Live Poker Market
When it comes to paying the piper in poker rakes and fees, there are key differences in the associated costs of live versus online play. We've already hit on the basic costs of online poker, which you should find the same range of in live play. The only exception here would be in home games where no rakes or fees are taken (as it should be under law), and for the most part we are discussing casinos, brick and mortars, or any other sort of establishments in which poker games are regularly held. When it comes to these arenas for cash games and tournaments, you will still be faced with the obstacle of beating the rake, but you also need to factor in a number of other costs that will eat away at your overall profit margin.
For one, in order to play live poker, it is generally going to require that you get off your butt and out of your residence, maybe put some pants on for once, and go wherever the game is. In addition to a little motivation, this is going to require some traveling, which can be costly these days depending on how far you have to go. This is definitely something that has to be taken into consideration, and just to put it in perspective, imagine driving an hour to get to the closest casino, buying in to a big multi-table tournament with the only portion of your bankroll that you brought to spend, and being knocked out on the first hand when your pocket Aces lose to pocket Kings that river a set. One hour of driving, a big chunk of money down, one hand, and one very very long hour of driving back home. Don't let it happen to you - plan your poker trips efficiently and effectively to minimize the costs of travel.
Another cost of live poker, and a general courtesy in the poker world, is that of tipping the dealers. Somewhat similar to cash game rakes, it is often an informal agreement that players at the table are expected to give a portion from their winnings to the almighty card shuffler, either a portion from each pot won or a larger chunk from overall profits at the end of session. It may not be a rational thing to do in the eyes of a purely systematic player looking to use every edge to his or her advantage, but it is the ethically sound thing to do, and even poker players are expected to show a little compassion every once in a while.
Some players may also have various indirect costs of live poker that cut into their earnings - things that will vary from person to person, but that you should think about before you walk through the doors of whatever establishment you're frequenting. For instance, are you going to be getting food and drinks where you're going? Are you going to be tempted by other attractions in the surrounding environment, such as other casino games? Are you disciplined enough to keep spending money separate from your poker bankroll, and is your trip spending going to cut in to your poker profits and maybe even put you in the red? Depending upon the type of person that you are, there are many things that could fall into this category of indirect costs and need to be factored in to the overall equation.
One final factor, and perhaps the most important, is the issue of time. Just like anything else in life, playing poker requires time. And in a world where time is serious money, you have to realize that poker is not only an investment of money, but it is a substantial investment of your time; time that could be used to do many other things, whether for the sake of wealth, health, or general enjoyment. Professional poker players all have stories about cash games that played on for days straight, or tournaments that only allotted them a few hours of sleep in the middle of the day. Many recreational live players at least have the addition of human interaction during their time at the tables, which can sometimes provide a fun and friendly environment and still seem to make those losing sessions somewhat enjoyable. For more tech-savvy players, the online poker world can become tedious and tiresome, especially when technical difficulties hamper your ability to focus on the game, and when your only human interaction is the occasional "nh" and "lol" comments in the chat box. No matter where you play though, you are going to be investing a considerable amount of time in order to make a profit.
Associated costs of playing live poker:
~ In addition to rakes and fees, there are several other costs that come into play for live poker.
~ These include transportation and accommodation costs, tips for the dealer, and indirect costs such as food, drinks, and the allure of spending funds on non-poker games or attractions.
~ Another important consideration is the investment of time you're making. This is a factor in online poker as well, but remember that live poker plays about half as fast.
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Remember to think of other ways that you may be profiting from sitting down at either a real or virtual poker table, perhaps in the lessons you learn or the friends that you make. This will help to make the losing sessions and bad beats a bit more bearable, and will keep you focused on the long-term big picture. With this perspective though, you should also keep in mind that there is life outside of poker, and sometimes the best decision you can make is to back away for a while and focus on all the other wonderful things that the world has to offer.
~ Next: Rakeback And Bonus Incentives
~ Previous: Reasonable Rakes And Fees In Online Poker
~ Summary: Rakes & Fees Overview
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