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Is Poker a Game of Skill or Luck?
Poker: Skill or Luck?
Is poker a game of skill? Or, is it simply a game of luck? The answer is both, but to what exent is the real question.
Here are my thoughts: Poker is a game of luck, which I say is about 10%. The other other 90% is skill. This is why there are poker players who continually, year after year, make a profit from playing poker, and, why there are players that continually loose money money every year playing poker.
Take for example the World Series of Poker. All you do is have to watch and you'll see familiar faces of people are making it "in the money". Are these people that continually cash-in at the World Series of Poker almost every year lucky? Were they deal pocket aces every hand? Of course not! They used their knowledge and experience of tournament poker. The old saying goes something like this: "It's not the cards your dealt, it's how you you play your cards".
Knowing when and how to play your cards is key. There are several factors that affect your decision on how to play your cards. Such factors include-position, knowledge of players in the hand, size of the pot, stage in the game (tournament poker), chip stack, number of players remaining, what cards you are actually dealt, and several other factors. Having experience and a deep understanding of these factors are what truly separate the skilled players from the non skilled players (donkeys).
It's also about bankroll management. One of the biggest mistakes that even highly skilled pokers make is putting all their money in one "basket". They go to a table and use their entire bankroll. This is a poor management of your money because, even if you are the best play by far at the table, there will always be bad beats. If you have $500 in your bankroll, you probably should not sit at a table where you can buy-in with $500. Because you just might be dealt pocket aces and lose to another player with $500 who beats you with their straight on the river. Now, if you sit at a table where the buy-in is for $100, and you are a skilled player, you can probably make money. But, in the even that someone beat your second nuts, you still have a at least $400 in your bankroll.
"Poker is an investment much like buying a stock"