Vices……… We all have them. For some people, it’s shopping. For some it can be, gambling, strippers, hookers. When you are living a lifestyle were cash is readily available and money means essentially nothing, it can be all four and others that I maybe missing. Poker players have had to deal with vices for YEEEEEAAAARRRS!!! The number one vice of poker players has been other forms of gambling. No other poker player has been a “how-to” story of avoiding vices than Archie Karas.
Archie Karas is a Vegas legend and a cautionary tale of money management in the poker world. He is the guy who went on the legendary “Run” turning 50 dollars into over 40 million in the course of two years. I looked up exactly how he rose and fell. He mainly made the 40 million playing poker and hustling pool. Two games were you can actually use skill to earn you bucks. On the tail end of this story, the legendary “Fall” he was shooting dice on a day in day out basis.
Recently, I have found myself pounding the felt again semi-professionally. The other night, I made over 1500 dollars playing poker only to lose it all, plus 800 of my own shooting dice. Brutal, I know. That’s what got me to thinking of Archie Karas and talking to other poker players that I know and respect. Just in our conversations, I found that all of us have vices that make our poker successes not seem so successful. There have been plenty of nights when I have roll 200 bucks in to a couple grand only to wake up the next day and find that I am only left with either what I started with or a few bucks profit from the night before. My buddy Johnnie calls it the “itch” that feeling of, “hey I have few bucks in my pocket and I want to celebrate.” I have blown my profits either gambling in other games, strippers, or blowing it on buying a bottle at the club or 340 dollar sunglasses that I left in the rental car.
In order to be a successful poker player, money management is a BIG key and vice control is also a big part of this. If your “thing” is costing you profits big time, you have to do some soul searching and figure out how to indulge and maintain some level of success with making money. I don’t think I will ever be able to shake the itch, but maybe hiding the money would help.
Do you have a gambling horror story? Comment below!!!
“Don’t Move Unless Money Is Involved” (wagmsworld)
Visitors Getting Younger, Gambling Less (CBS Las Vegas)
John Daly $55 Million Dollar Gambling Losses (The Big Lead)