Lee Markholt is one of those professionals a lot of people haven’t even heard of, but in the LA and Las Vegas scene, this guy is respected for being one of the most consistent cash game players at the high limits for over two decades.
What Lee is great at it is controlling emotions. He doesn’t resort to playing blackjack, he doesn’t make the mistake of hitting the roulette tables – which is fine for you and me – but, in his words: “if you want to become a professional poker player, these are leaks, and you have to avoid them”. That’s something Belgian poker pro and tournament director Kenny Hallaert has definitely picked up from Lee. Kenny knows he’s a poker player first, not a gambler, and that what makes both him and Lee so successful at this game.
Archie Karas is a prime example of a talented poker player and gambler not gambling responsibly.
I somewhat feel bad his story gets romanticized on national television. This is a tragic story, very tragic – and seeing people like Doyle Brunson, Barry Greenstein and T.J. Cloutier kind of promote him, makes me feel sick.
Bryan Devonshire talks about the importance of bankroll management. He admits to being lazy, but obviously, he’s been very succesful by sticking to the most stringent of bankroll management rules.
Alec Torelli is one of the most skilled online poker players. He doesn’t give any real bankroll management tips, but he does discuss why gambling smart is so important, and why you have to kind of think like the casinos do.
Take Alec’s word for it. He’s been known to beat up the likes of Tom Dwan and Joe Cada on a regular basis – so he knows his stuff!
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The American Psychiatric Association issued a health advisory (January 16, 2001) about Internet gambling. The advisory, from the committee on Treatment Services for Addicted Patients, notes that there has been tremendous growth of gambling opportunities in the last several years. This includes Internet gambling aimed at children and teenagers. Children can link to gambling sites from other game sites, and are lured by free gifts and discounts.
Internet gambling can be more dangerous than other forms of gambling since there are few – if any – regulations as to fairness, and most of the operators are outside the US. These operations are not regulated by state or federal statutes, so there is no control over the types of games available or the ages of the participants. Hackers can manipulate the games, and can gain access to credit card numbers and funds.
As of 2000, there were more than 1,300 online gambling sites with revenues in the hundreds of millions of dollars. Research has shown a correlation between the availability of legal gambling in a state, and the proportion of the state’s population who report gambling addiction or lesser problems. In all states, the rates of gambling problems are highest in high school and college-aged young adults. According to the advisory, about 10% to 15% of young people surveyed in the US and Canada report having experienced one or more problems related to gambling. This includes an estimated 1% to 6% who may satisfy the diagnostic criteria for pathological gambling. If you’re living in Nevada, and are worried about poker addiction – read up on FernleyNevada.net.
Chad Brown talks about money management, self-destruction, and bankroll strategics. Chad is a great example of a not-so-talented poker player doing well for himself in gambling. He’s showing that intelligent and responsible gambling can put less talented players on the map. His wife, poker pro Vanessa Rousso also testifies to that, and they’re both great examples for young players if you ask me!
This guy isn’t saying much you don’t already know, but it’s great to hear this more every once in a while. He discusses money management less than he gives practical tips too – and that’s great. Yes, set aside a daily budget and a budget for the whole trip. Yes, know what to expect when you’re playing a specific game, and yes, focus on the here and now!
For example. When I’m striking out in the Vegas poker rooms, I like to head to one of the Las Vegas Strip Clubs to blow off some steam. It’s not cheap – but it’s better than losing thousands when I’m not playing my best. When expectancies are bad, I look for a way out – that’s also money management.
The ever so gracious (lol) Phil Hellmuth talking about money management, financial conservatism, … but also advertising some of his products, his web site, and so much more… No way this guy will over go broke, but he’s so much more than a gambler, he’s a capitalism-junkie!
This guy isn’t a true bankroll management genius, but he is one of the most intelligent gamblers I’ve ever talked to. Last year during the World Series of Poker, I was discussing money management with him, and he was extremely fascinating. He knew what he was talking about, he gave me some great practical tips, and even though the geeks might not share his views, Phil Laak has been highly successful in gambling without being a truly “great” player…
Very succesful poker player Daniel Negreanu is openly talking about Bankroll Management in this educational video. I’m a big fan of Daniel – and I love the fact he’s openly admitting to not always being as solid as he should have been…