From today (Saturday March 26th) New York Times weekend magazine
http://www.nytimes.com/2011/03/27/magazine/mag-27Poker-t.html?ref=magazine
And some quotes:
"Daniel (jungleman12) Cates, a 21-year-old self-made multimillionaire, lapsed economics/computer-science major and one-day Bubble Trouble champion of the world."
And after losing money consistently:
"Within 18 months, Cates went from routinely losing at local $5 games to winning at the highest stakes of online poker for anywhere between $10,000 and $500,000 per night. In 2010, his reported $5.5 million in online earnings was more than $1 million higher than the nearest competitor. Unlike other young poker millionaires who make the bulk of their money by winning televised tournaments â a proposition that, because of the high number of players and the unpredictability of their actions, involves roughly the same amount of luck as winning a small lottery..."
And the (for me anyway) punchline:
"Cates earned his stake by grinding, the term used to describe the process of pressing a skill advantage over an extended period of time. Because poker is a game of high variance, where a significant difference in ability can be mitigated by a bad run of cards, a playerâs Expected Value (E.V.) must be actualized over thousands of hands. Every year, a few dozen kids go on hot streaks and take a shot at the big time. Almost invariably, these kids are eventually ground down by higher caliber players."
Remind you of anything? I recommend reading the whole article.
http://www.nytimes.com/2011/03/27/magazine/mag-27Poker-t.html?ref=magazine
And some quotes:
"Daniel (jungleman12) Cates, a 21-year-old self-made multimillionaire, lapsed economics/computer-science major and one-day Bubble Trouble champion of the world."
And after losing money consistently:
"Within 18 months, Cates went from routinely losing at local $5 games to winning at the highest stakes of online poker for anywhere between $10,000 and $500,000 per night. In 2010, his reported $5.5 million in online earnings was more than $1 million higher than the nearest competitor. Unlike other young poker millionaires who make the bulk of their money by winning televised tournaments â a proposition that, because of the high number of players and the unpredictability of their actions, involves roughly the same amount of luck as winning a small lottery..."
And the (for me anyway) punchline:
"Cates earned his stake by grinding, the term used to describe the process of pressing a skill advantage over an extended period of time. Because poker is a game of high variance, where a significant difference in ability can be mitigated by a bad run of cards, a playerâs Expected Value (E.V.) must be actualized over thousands of hands. Every year, a few dozen kids go on hot streaks and take a shot at the big time. Almost invariably, these kids are eventually ground down by higher caliber players."
Remind you of anything? I recommend reading the whole article.
