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If you are new to Online Poker, I urge you to pay attention next time you are playing it. Primarily focus on how the pot is not the same amount of chips after each betting round.
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If you are new to Online Poker, I urge you to pay attention next time you are playing it. Primarily focus on how the pot is not the same amount of chips after each betting round. Poker house takes a small portion of each pot to the side. That is called rake, and it is a fee taken by the site. That is how Online Poker providers make money. Often poker players would get some money back, depending on how much they play.
What is rakeback in poker, and why does it matter? Rakeback is a certain amount of money that poker players get back, depending on how much rake they contributed. It provides a considerable boost to your winrate. Unlike poker winnings, rakeback is a guaranteed amount of money you will earn if you decide to play Online Poker.
Some poker sites offer rakeback in terms of points that you exchange either for items in their shop or for real money. While others give you money directly to your poker account or on your money wallet, this is done once per week or once per month. I generally opt for ones that give me money directly. This allowed me to create an efficient money plan for myself.
My approach is as follows. I only cash out my rakeback winnings. Whatever are my poker winnings without rakeback, I leave it on poker account to grow my bankroll:
This way I have a set hourly guaranteed income. Guaranteed income is very important if you are a professional poker player like myself. I wanted to cash out a certain amount each month, and that was my rakeback.Poker is a very swingy game. It is nothing uncommon if you lose money from playing two months in a year. And that is from playing cash games online.
When it comes to tournaments or live games, this stretch can be even more significant. • I knew when I played 150 hrs per month, that I would get INR 120k. My rakeback added up to INR 800 per hour. Then every 6 or 12 months, I would take out part of my winnings from games itself, depending on my winrate. Another part was kept to build my bankroll further. This allowed me to move up in limits quite fast at the beginning.
Knowing I make some money no matter what my results are was a great relief. It allowed me to play my A-game even when I was running bad. This way, I am completely unattached to my results. The only thing that matters to me is how many hours I put in. The more I play, the more I make. Maybe it comes as a surprise to you, but playing full time is quite different compared to playing for fun.
Poker becomes your only source of income. Imagine going to a job and not getting any money for two or even three months. Hundreds of hours spent working and being in the red in the end. This is statistically bound to happen to every professional poker player someday. Therefore, having a good rakeback deal and some payout each month is paramount to succeeding as a professional poker player.
