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Are there any Live Poker Pros That Don't Regret Their Decision to Play Professionally? Are there any Live Poker Pros That Don't Regret Their Decision to Play Professionally?

12-31-2012 , 01:23 AM
Quote:
Originally Posted by evechad
For me, I think playing poker is a perfect source of income aside from the total isolation portion of it. An office job or some skilled job would have much more human interaction, which a poker player gets almost none. (I don't count live poker as interaction)
The old tired I need my social life spoon fed to me argument. Mostly used by those looking to justify their fail.
Are there any Live Poker Pros That Don't Regret Their Decision to Play Professionally? Quote
12-31-2012 , 01:26 AM
Quote:
Originally Posted by evechad
For me, I think playing poker is a perfect source of income aside from the total isolation portion of it. An office job or some skilled job would have much more human interaction, which a poker player gets almost none. (I don't count live poker as interaction)
plus this makes me LOL too cause at least you get a constant changing of the Degens at your table, where i am stuck with the same Degens day after day in my office.
Are there any Live Poker Pros That Don't Regret Their Decision to Play Professionally? Quote
12-31-2012 , 01:35 AM
You lose or win alone. It is one of the the most solitary things you can achieve. It is simultaneously the appeal and spiritual drain of the game.

It has nothing to do with social interaction or whatever.
Are there any Live Poker Pros That Don't Regret Their Decision to Play Professionally? Quote
12-31-2012 , 04:05 AM
Quote:
Originally Posted by z4reio
Well, you're missing a huge part of the picture.

First off, I played full-time online and then switched to live play exclusively after Black Friday. I've been playing for a living for almost 11 years now.

If you're a kid making $20 living with your parents, then fine; great job (poker) you got there. $20/hr doing poker, supporting a family (or even just yourself) is not going to cut it long-term. If one expects to succeed long-term at this game, you'd better have your **** together before you make the decision to play for a living. I realize there's a bunch of kids here that can't comprehend thinking 10 years or more down the road, but bear with me.

I pay $400 a month in health insurance premiums for just myself alone. I have no health issues or preexisting conditions. A friend of mine that's around 10 years older than me (self-employed in a different occupation) pays $1,000 a month in premiums with a $5,000 deductible and a $10,000 out-of-pocket max (once coinsurance kicks in) per calendar year. This is a catastrophic health insurance plan that he pays $12,000 a year for (this type of insurance plan for a 20-year-old would cost about $35 a month, to put it into perspective).

I pay 100% of the 15.3% medicare and social security taxes (AKA: self-employment tax). This is a tax, if you have a legit job, that is split with your employer (i.e., you pay 7.65% and your employer pays the other 7.65%).

No one matches IRA contributions, no one pays 75-80% of health insurance premiums, no one splits tax liabilities, no one pays for sick days, and you don't have the option of collecting unemployment benefits during long downswings. As a professional player, you are both the employee and the business owner. As a business owner, you must pick up the slack in those areas and be able to compensate yourself accordingly.

At $20/hr, you can't realistically expect to pay yourself the benefits you would get from a job and pay your bills, invest, etc. The reason why is because money is the tool of your trade, so you need a large fund of idle cash (bankroll + living expenses) doing next to nothing. It's hard to justify that on a $20/hr expectation because you are not guaranteed that $20 each hour like you are at a regular job. You can't compare a $20/hr job to running a business (you need business capital) that earns an average of $20/hr.

This isn't like a live "paycheck-to-paycheck" job even with months of living expenses in reserve. I mean, doing that, and 10 years down the road you still are in the same place. That's fine when you're 20, as most everyone else at that age is bagging groceries, but you'll be well behind the norm in 10+ years. What about 20, 30 or 40 years? You still want to be grinding out an existence?

That's fine if your only option has always been McDonald's, but that's just more of a testament to the fact that you should have obtained an education/trade at some point. Even after having been out of my previous field for several years, I received a phone call from an associate I had worked with in the past to help expand a business of his with an attractive offer. Had that happened right after Stars pulled out, I may have actually considered it. As is, in my new medium, exclusive live play, the time:compensation ratio still favors poker easily.

Once you are set up properly to play for a living, the next is money management. Not bankroll management; money management. Everyone knows x bets/buy-ins is suitable for a player with such and such win rate with a this and that stdv. Instead, the problem I see in card rooms is guys spending their winnings and not considering how much they are actually earning at the tables.

Managing upswings is actually more difficult for most pros than managing downswings. Anyone can see that their bottom line is getting narrower when they are continually getting their nuts kicked in and something has to change (e.g., lifestyle, stakes, etc.), but when you're crushing the world and the money is easy, many people spend, spend, spend and find themselves behind the 8-ball when regression toward the mean kicks in. However, with the right information and proper mindset, this obstacle is very easily avoided.

[This next part is basically a copy/paste of a post I made a few months ago about managing winnings as a professional player, since there's probably some interest in that]

<post>

I run it like a business, because it is a business - it's a sole-proprietor business. I pay myself a wage despite my results at the tables. I pay myself what my overall expectation (EV) is in a game.

Using arbitrary figures, let's say you play $1/$2 NL and your established win rate is 6bb/100. This means that you earn $12 every 100 hands, or $12 / 100 = $0.12 per hand.

Your EV in the game is $0.12 per hand. If you played a 1247 hand session, then you earned, in EV, $149.64. It doesn't matter if you won $1500 or lost $1500 - those are deviations from the mean and have little to do with anything and nothing to do with your actual worth at the table.

This is why broke winning professional players go broke. They spend lavishly during upswings and come up short during downswings because they never actually determined how much they truly are earning (long-term) at the tables and compensate themselves accordingly.

So what you do is decide what percentage of total expected profits (EV) will go toward business capital (depends on a few variables). Say you want to cut 20% to the business and keep 80% of your EV (wage).

Now that 12 cents per hand becomes 9.6 cents per hand; the other 2.4 cents go toward expanding the business (i.e., larger capital = better investment opportunities).

Let's say you played 8274 hands in a week:

8274 * $0.096 = $794.30 to you for your time at the tables
8274 * $0.024 = $198.58 to the business for financing your play (even though it is you staking yourself)

Keep separate business and personal accounts. The business account is not for you to touch and buy a $5,000 Rolex, for example. If you can't pay for that watch out of your own personal bank account, then put more hours in at the tables. See the Full Tilt debacle for what can happen when you commingle business capital with personal finances.

I suffered the longest break-even in my life a few years ago. I had 4 million hands in the bag before that and never had anything close to that stretch nor thought it was even possible. However, I was still paying myself my wage for my time at the tables - for months.

Health insurance premiums, IRA's, etc. disbursements must still be paid out - just like it is at any other corporation that's suffering a downtrend - you must pay your workers for their time. Fortunately, you, as a responsible business owner, didn't overspend when times were good and can afford to keep greasing the wheels when times are tough.

As you can see, if you pay your business 20% (or some other suitable amount) of your profits and never pay yourself above your EV, then you can weather the swings when the time comes and continually expand the business at the same time.

</post>


In regards to the question posed in the subject title, no, I don't regret my decision, but I was very prepared. It wasn't a decision I made lightly. I had ten years prior poker experience before pulling the trigger on doing it full-time, so I knew, more or less, what to expect.
this is an amazing post, thank you
Are there any Live Poker Pros That Don't Regret Their Decision to Play Professionally? Quote
12-31-2012 , 12:11 PM
I don't play as a professional but if you're playing in different places you can talk to people and make new friends, connect, etc.. I have, and it being antisocial is the farthest thing from the truth. Unless, you are an antisocial person yourself, in which case it wouldnt matter if you were a poker pro or an office pro, you will just have a very lonely life regardless.
Are there any Live Poker Pros That Don't Regret Their Decision to Play Professionally? Quote
12-31-2012 , 01:14 PM
Quote:
Originally Posted by KingCa$ino
I don't play as a professional but if you're playing in different places you can talk to people and make new friends, connect, etc.. I have, and it being antisocial is the farthest thing from the truth. Unless, you are an antisocial person yourself, in which case it wouldnt matter if you were a poker pro or an office pro, you will just have a very lonely life regardless.
Live poker is an extremely social game. Pros do not lack for social interaction opportunities.

However, it's simulataneously an extremely isolating game. You lose or win completely alone, at the expense/benefit of those around you. There is no sense of teamwork or comraderie (well, hopefully not.) Winning always comes at the direct, pure expense of the guy next to you.

This is a big draw to the game; it's the realization of individual cunning over your opponents. But that same individualist characteristic is also isolating.

Poker is simulataneously extremely social AND extremely isolating. The two concepts are completely independent.
Are there any Live Poker Pros That Don't Regret Their Decision to Play Professionally? Quote
12-31-2012 , 01:41 PM
Quote:
Originally Posted by cl0r0x70
Live poker is an extremely social game. Pros do not lack for social interaction opportunities.

However, it's simulataneously an extremely isolating game. You lose or win completely alone, at the expense/benefit of those around you. There is no sense of teamwork or comraderie (well, hopefully not.) Winning always comes at the direct, pure expense of the guy next to you.

This is a big draw to the game; it's the realization of individual cunning over your opponents. But that same individualist characteristic is also isolating.

Poker is simulataneously extremely social AND extremely isolating. The two concepts are completely independent.
Poker is a good game for introverts. There are a lot of nerds that are not exactly social butterflies. To take just one example, Johnathan Little did nothing but grind SNGs between the ages of 18-21. As far as I can tell from what he has said and from what I have read, he never played a hand of live poker prior to turning 21, and never wanted to. (There are home games*, charity rooms, and other places that you can legally play live games under age 21 if you really want to.) Little's goal was to grind a big enough bankroll to play on the WPT circuit when he turned 21, and that's what he did. And now that he's playing live, I haven't seen him start many conversations at the table.

There are certainly opportunities playing live to meet some interesting people, and even though > 99% of my poker hours are spent online, it's a lot more fun, at least for me, than playing against an avatar from Uzbekistan. But if you're an introvert like my father (voted shyest boy in his high school class, spent over 40 years making a living talking into a radio microphone), live poker would be a great choice.

*In many states, home games are legal only if there is no rake. For example, players can be asked to contribute for things like food and drink that are provided, but the games can not be run to make a profit.

Last edited by Poker Clif; 12-31-2012 at 01:45 PM. Reason: Added the last paragraph.
Are there any Live Poker Pros That Don't Regret Their Decision to Play Professionally? Quote
12-31-2012 , 03:33 PM
Quote:
Originally Posted by Poker Clif
To take just one example, Johnathan Little...
You're starting to sound like that chick from American Pie... "This one time at band camp..." with using Johnathan Little in every post
Are there any Live Poker Pros That Don't Regret Their Decision to Play Professionally? Quote
12-31-2012 , 05:48 PM
great post z4 - all 20 something poker pros should read this and live by it
Are there any Live Poker Pros That Don't Regret Their Decision to Play Professionally? Quote
12-31-2012 , 06:58 PM
I really like that idea of separate accounts and paying yourself a wage.
Are there any Live Poker Pros That Don't Regret Their Decision to Play Professionally? Quote
12-31-2012 , 07:51 PM
What's an appropriate wage to pay yourself making 20/h? 50/h? 100/h?
Are there any Live Poker Pros That Don't Regret Their Decision to Play Professionally? Quote
01-01-2013 , 11:26 AM
Quote:
Originally Posted by cl0r0x70
Live poker is an extremely social game. Pros do not lack for social interaction opportunities.

However, it's simulataneously an extremely isolating game. You lose or win completely alone, at the expense/benefit of those around you. There is no sense of teamwork or comraderie (well, hopefully not.) Winning always comes at the direct, pure expense of the guy next to you.

This is a big draw to the game; it's the realization of individual cunning over your opponents. But that same individualist characteristic is also isolating.

Poker is simulataneously extremely social AND extremely isolating. The two concepts are completely independent.
Very well put. The game itself is very isolating. But the things you do regarding poker don't have to be. You can get together with people youre meeting at tables to do poker trips, poker study, and do other things together. And like with anything in life, you just need to balance out whatever negative effects you feel come from the game out in another area of your life. If poker is too solitary for you, you could do the things i just put. If youre around people all day long and forced to work together with morons at your day job, play poker! I don't see the big deal about the game in itself being individualistic. But then again im somewhat introverted :P.
Are there any Live Poker Pros That Don't Regret Their Decision to Play Professionally? Quote
01-01-2013 , 03:03 PM
Quote:
Originally Posted by z4reio
You're starting to sound like that chick from American Pie... "This one time at band camp..." with using Johnathan Little in every post
Hey, be nice! I was a band geek (retired army musician.)

Johnathan Little is a great example of how to do things the right way. Good bankroll management--as far as I know he has never borrowed money or sold pieces to play a tournament, unlike many (most?) who played in the One Drop. Good money management--he doesn't play outside the US if the travel cost is unreasonable considering his expectation, and he has invested in real estate and other businesses. He does not have a "baller" lifestyle and he doesn't abuse dealers or other players.

He's not the only one of course. You could substitute Kathy Liebert's name in the above paragraph and it would all be true, and I have said more than once on these forums that Liebert is one of my favorite players. (Liebert could be a bit of a jerk at one time, but that no longer seems to be the case.)

Last edited by Poker Clif; 01-01-2013 at 03:06 PM. Reason: Edited for clarity. No significant content change.
Are there any Live Poker Pros That Don't Regret Their Decision to Play Professionally? Quote
01-01-2013 , 08:40 PM
Quote:
Originally Posted by The Rumor
Ok, if the choice for you is between making $8 an hour at McDonalds and poker, sure. But the avg person making $20 an hour has some meaningful benefits in the US that are generally worth at least $5/hr more, probably closer to $10/hr if they have family health insurance. That was the comparison I was discussing.

Basically anyone good enough to make $20 an hour+ at poker is probably smart enough/analytical enough to make that much in the real world.

If your only employment option is McDonald's at $8 an hour, you probably aren't a good poker player either.
Tell this to mcd burger flipping teenage Phil Ivey
Are there any Live Poker Pros That Don't Regret Their Decision to Play Professionally? Quote
01-02-2013 , 12:38 AM
Quote:
Originally Posted by cl0r0x70
Live poker is an extremely social game. Pros do not lack for social interaction opportunities.

However, it's simulataneously an extremely isolating game. You lose or win completely alone, at the expense/benefit of those around you. There is no sense of teamwork or comraderie (well, hopefully not.) Winning always comes at the direct, pure expense of the guy next to you.

This is a big draw to the game; it's the realization of individual cunning over your opponents. But that same individualist characteristic is also isolating.

Poker is simulataneously extremely social AND extremely isolating. The two concepts are completely independent.
Plz post more,

Quote:
Originally Posted by Wahkan
Tell this to mcd burger flipping teenage Phil Ivey
I thought he worked a call center
Are there any Live Poker Pros That Don't Regret Their Decision to Play Professionally? Quote
01-02-2013 , 07:25 PM
Quote:
Originally Posted by Wahkan
Tell this to mcd burger flipping teenage Phil Ivey
Clearly, using Phil Ivey as a model, and dropping everything so you can go try and be like him, seems reasonable.
Are there any Live Poker Pros That Don't Regret Their Decision to Play Professionally? Quote
01-02-2013 , 09:51 PM
I played 1/2 to build a bankroll for 2/5.

I come from a very weathly background, so I got a college education and all that I have for free basically. So I had about $2,000 and ran on fire all the way up to $10,000. After I hit $10,000 I started playing 2/5 and been averaging about $600/40 hours.

I make about $31k/year from playing 2/5 which is barely enough to sustain a modest lifestyle. Definately not a lifestyle that I am accustomed too. I basically do it because I enjoy the freedom, and because it's just really fun to do. I guess it's different for me because if I go busto, I have a college degree and parents to fall back on.

My parents are too thrilled about it though, my dad wanted to me to go get a PhD like he did but I told him that I didn't feel like putting in the years of struggle just yet.
Are there any Live Poker Pros That Don't Regret Their Decision to Play Professionally? Quote
01-02-2013 , 09:58 PM
I just want the opportunity to be a professional, and see if I could challenge myself to the disciplines that come with it.
Are there any Live Poker Pros That Don't Regret Their Decision to Play Professionally? Quote
01-02-2013 , 10:45 PM
Ive pretty much played only live for about 6 years now (currently im 27). Im def happy with my current situation, like previous posters FREEEDOOMMMM (braveheart) rules all imo. I see all my other friends that went straight outta highschool into college and are basically working 1700 hours a year running the rat race being miserable trying to get ahead. Obv this doesnt pertain to every single one of them but the majority. It reminds me of the quote "The mass of men lead lives of quiet desperation". Or maybe they arent miserable and I just portray my own standard of living onto them and I perceive them as miserable?!!? hmm idk, regardless turning the same screw at the same assembly plant, with the same boss and co workers seem about the equivalent as.....turning the same screw at the same assembly plant.....

Anytime I think about quiting poker I should prob just go get the best job that I can given my current situation. Work for about 43 minutes and then realize just how good I have it, quit and go back to the tables.

One thing im not sure wasnt mentioned in all the posts is the fact that you get to come into contact with rich entrepreneurs CONSTANTLY. Live poker might be the best place in the world to meet anyone to get a good job. They are playing poker because they are 1. rich 2 have free time because they are rich 3. are risk takers and are usually looking for something to invest in. ie YOU.. Even the fishest of fish entrepreneurs can spot a good player and they admire that. If you can manage to be likable you can benefit in some obsured ways.

PS Almost certain this thread has the lowest average post numbers per poster in this thread than 99% of threads on two plus two
Are there any Live Poker Pros That Don't Regret Their Decision to Play Professionally? Quote
01-02-2013 , 10:48 PM
Quote:
Originally Posted by Gramps
I really like that idea of separate accounts and paying yourself a wage.
Not only is it the most practical way of managing personal and business finances (it's how mom & pop businesses operate), but it also helps you to be honest with how many hours you're putting in at the tables.

Work ethic is a problem for many players, but if you're paying yourself an hourly wage based on a percentage of your expectation, then if you're not happy with your take home pay, put more hours in. It also makes the up and downswings meaningless to your personal income, which can help make you see the money/chips you play with as units and not things used to pay for **** that's necessary for you to live.

Also, people that treat themselves to atypical items/entertainment after making a killing in a session are developing an unhealthy way to view the money they earn/lose in poker. If your boss just decided to give you a month's worth of pay in advance and won't give you another check for a month, are you going to buy flashy **** with that money and then dig into your savings to pay your bills when you come up short?
Are there any Live Poker Pros That Don't Regret Their Decision to Play Professionally? Quote
01-03-2013 , 12:29 AM
Quote:
Originally Posted by anthony17
Ive pretty much played only live for about 6 years now (currently im 27). Im def happy with my current situation, like previous posters FREEEDOOMMMM (braveheart) rules all imo. I see all my other friends that went straight outta highschool into college and are basically working 1700 hours a year running the rat race being miserable trying to get ahead. Obv this doesnt pertain to every single one of them but the majority. It reminds me of the quote "The mass of men lead lives of quiet desperation". Or maybe they arent miserable and I just portray my own standard of living onto them and I perceive them as miserable?!!? hmm idk, regardless turning the same screw at the same assembly plant, with the same boss and co workers seem about the equivalent as.....turning the same screw at the same assembly plant.....

Anytime I think about quiting poker I should prob just go get the best job that I can given my current situation. Work for about 43 minutes and then realize just how good I have it, quit and go back to the tables.

One thing im not sure wasnt mentioned in all the posts is the fact that you get to come into contact with rich entrepreneurs CONSTANTLY. Live poker might be the best place in the world to meet anyone to get a good job. They are playing poker because they are 1. rich 2 have free time because they are rich 3. are risk takers and are usually looking for something to invest in. ie YOU.. Even the fishest of fish entrepreneurs can spot a good player and they admire that. If you can manage to be likable you can benefit in some obsured ways.

PS Almost certain this thread has the lowest average post numbers per poster in this thread than 99% of threads on two plus two
the part about meeting rich entrepreneurs at the table is an excellent one.you should be nice to these people anyway because they're your bread and butter and it makes the game more enjoyable (and profitable.)I've been invited to some great often rake free home games with rich people before because Im friendly, entertaining, etc towards them. I have also seen some deals struck at the poker table between rich people and hungry young smart players.
It drives me crazy to see people be nasty towards them because they took a bad beat or whatever. Let's see you play poker for a living you should better than people who play once in a while for fun. That's not an accomplishment.In the game of life they are winning and it's not even close.
Are there any Live Poker Pros That Don't Regret Their Decision to Play Professionally? Quote
01-03-2013 , 12:35 AM
Quote:
Originally Posted by z4reio
Not only is it the most practical way of managing personal and business finances (it's how mom & pop businesses operate), but it also helps you to be honest with how many hours you're putting in at the tables.

Work ethic is a problem for many players, but if you're paying yourself an hourly wage based on a percentage of your expectation, then if you're not happy with your take home pay, put more hours in. It also makes the up and downswings meaningless to your personal income, which can help make you see the money/chips you play with as units and not things used to pay for **** that's necessary for you to live.

Also, people that treat themselves to atypical items/entertainment after making a killing in a session are developing an unhealthy way to view the money they earn/lose in poker. If your boss just decided to give you a month's worth of pay in advance and won't give you another check for a month, are you going to buy flashy **** with that money and then dig into your savings to pay your bills when you come up short?
Work ethic is important but by the same token you're not punching a clock with poker and all hours arent the same.Your hourly rate could be 50 dollars an hour but that doesnt mean each individual hour you put in at the table is worth 50 dollars.

At 1/2 most of the players suck so it's easy to get a lot of hours in at good tables but as you move up it's less true. This isnt card counting in blackjack- your edge (if there is one) won't be the same at every table, and this doesnt even take into account tilt, fatigue etc. Your goal should be to play quality hours not just put hours in to meet a quota.If you end up playing in bad games it should be for a good reason-stuck in a must move game waiting to get into a good game (or on a transfer list for a good game) for example.Playing just to get hours in isnt helpful and can even be detrimental in the long run even if you can beat the game for a small profit.
Are there any Live Poker Pros That Don't Regret Their Decision to Play Professionally? Quote
01-03-2013 , 01:45 AM
Quote:
Originally Posted by borg23
Work ethic is important but by the same token you're not punching a clock with poker and all hours arent the same.Your hourly rate could be 50 dollars an hour but that doesnt mean each individual hour you put in at the table is worth 50 dollars.

At 1/2 most of the players suck so it's easy to get a lot of hours in at good tables but as you move up it's less true. This isnt card counting in blackjack- your edge (if there is one) won't be the same at every table, and this doesnt even take into account tilt, fatigue etc. Your goal should be to play quality hours not just put hours in to meet a quota.If you end up playing in bad games it should be for a good reason-stuck in a must move game waiting to get into a good game (or on a transfer list for a good game) for example.Playing just to get hours in isnt helpful and can even be detrimental in the long run even if you can beat the game for a small profit.
Everything I say is based around a player using sensible game selection, of course. That's kind of rule one for professional play. As I said, you pay yourself based on expectation; if you decide to play in a super-tough game just to put hours in, then your expectation is lower and you must account for that in your calculations (even if that calculation is "skipping the game").

Online, though, where I could put in 50K hands a month of short-handed high-stakes games from a continually variable range of difficulty levels (of ones that fell within my threshold for playing), I just took the mean average of all results from a sufficient sample and used that for hourly.

Live, the answer is: How much money did you make last year and how many hours did you play? Winrate is the last stat to converge so we're not looking for "to the penny" accuracy.
Are there any Live Poker Pros That Don't Regret Their Decision to Play Professionally? Quote
01-03-2013 , 09:01 PM
Quote:
Originally Posted by Marc14
Quick question, why are so many people talking about a future loss of popularity of the game? Obviously Poker took a big hit with BF and all, so there has been a readjustment, but I'd be interested in getting the point of view of experienced and/or older pros on why the game would continue to loose popularity.
With poker legalization on the horizon (?), and the fact that poker is at the end of the day an "american pastime" as well as now well established in the rest of the world, why the dark outlook?

Re inflation, question for Vegas old timers: what was the lowest limit spread say 10 years ago in nlhe? 1/2? 0.5/1?
I believe it's called information asymmetry. Back in the day, there was a bigger gap between pros and the ocassional rec player. Games used to be great bc fish believed they were all great players, and lost bc of luck. The games have gotten tougher bc the 2p2 community outs, critiques, and helps fish become better players. Everyone now knows about documentation, graphs, ev, value bets, metagame, game selection, advanced strat, etc. Popularity of the game will continue to decline as new potentials to the game are deterred to enter the market without tons of training online and reading literature. This forum/training sites are not profitable for the game.
Are there any Live Poker Pros That Don't Regret Their Decision to Play Professionally? Quote
01-03-2013 , 09:21 PM
People still play slots, roulette, craps.

There will always be recreational gamblers taking shots and having a good time.
Are there any Live Poker Pros That Don't Regret Their Decision to Play Professionally? Quote

      
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