This Guy Makes $5 Million a Year Playing Poker

Daniel Cates Playing Poker
Daniel Cates Playing Poker

Have you ever heard of Daniel Cates?  He’s a 21 year old computer nerd who makes a living playing poker online. The New York Times even published a story about him a few months ago and led with an eye-popping headline – $5.5 million. That’s his reported income for 2010! Crazy, right?

One of my guilty pleasures used to be going to the casino. We lived just a few miles away from the Hard Rock and liked to visit a few times a year. I’ve always been pretty good about setting a limit and playing responsibly, but I hated the smokey air and the sometimes annoying clientele. So I switched to playing poker online. Here are a few of the strategies I have used…

Do Your Research

Do your homework. Sites like Pacific Poker can be a good starting point to learn the ins and outs of the game. They’ve got articles about good strategies to use, tips for winning, and the laws about online gaming for real money.

It’s also important that you do your research on the gaming company before you deposit any money.

Play Smart

It’s a good idea to set your limit in regards to how much money you are willing to lose.  Some online casinos even offer bonuses and deposit matches when you open an account. It can be a good way to increase the amount of money you have to play with. Other sites also run contests where you can earn free money to play with (check out Pacific Poker Birthday Freerolls promotion going on until June 23rd, 2013). Be sure to read the fine print though, because sometimes you have to play a certain number of hands before you receive the bonus.

Reap Your Rewards

Another strategy I like to use is to also set a cap of how much money I keep in my account. I start off with how much money I’m willing to lose, add to that bonuses and the winnings, and whenever my account goes over the cap, I withdraw what I can.  That way I keep my nice little bankroll going and I have play room there in case I need to bet a little more on a good hand.

Good luck Penny Hoarders!

The Penny Hoarder Promise: We provide accurate, reliable information. Here’s why you can trust us and how we make money.