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Washington Post -- Chad Power, MGM Nat'l Harbor, Rich Whales Washington Post -- Chad Power, MGM Nat'l Harbor, Rich Whales

01-23-2017 , 03:32 PM
Meh, I don't think that's really a good idea, regardless of his answer that's just going to kill the mood of a game. Ask him about his preference of blondes or brunettes, ask him what he thinks about *insert sports team here* being *insert sports talk here*, hell ask him about his view is on abortion.

There's two things you don't talk about at a poker table and poker is #1 (staking/horses fall into "poker")

Besides, judging by Chad's excellent PR skills, I think you are going to get a very good politician's answer. (Not being facetious here)
Washington Post -- Chad Power, MGM Nat'l Harbor, Rich Whales Quote
01-23-2017 , 03:44 PM
Quote:
Originally Posted by VolumeKing
losing hundreds of thousands over the course of your life is not the same as spending money on a car or a hooker. You might as well say dating is in the same category and so are vacations, except you can dust off $50k in one night playing blackjack, while the most you lose on the above is a few thousand dollars. There is no excuse for taking $50k (in one night!) completely out of the poker economy
You are missing the point. All winning pros take all of their winnings out of the poker economy always. Once you have a sufficient bankroll for the games you want to play, money won is converted into savings, investments, housing, transportation, and entertainment. Their bankroll is the only part that stays in the poker economy (and only a fraction of it usually), there is a huge difference personally between buying a $50k car or losing $50k at blackjack, but ZERO difference for the poker economy.

Lets examine a typical winning midstakes/high stakes mix games pro. They will take $3k to $10k with them for their typical games. They might keep $100K to $200k in their casino box to handle running bad for extended periods. They might keep a bit more elsewhere for emergencies on savings or as access to a line of credit. But they've may have won over a million in their career, where is the rest? Outside of taxes the rest helped buy a home, cars, maybe a small business, or is invested in stocks/bonds/rental property. Or were lost at strip clubs and blackjack tables. Either way, none of those winnings are ever coming back to the poker economy.
Washington Post -- Chad Power, MGM Nat'l Harbor, Rich Whales Quote
01-23-2017 , 04:02 PM
Quote:
Originally Posted by Dream Crusher

Because he loves money?! Renting to roommates is literally the easiest way in the world to make good money (And it essentially turns your primary residence into an actual investment that pays for itself). It's shocking to me that more people don't do it. It's probably the primary reason I never got anywhere close to busto as a live pro despite starting at 2/5 with a $10k life roll and very limited knowledge of lol liveaments.


He doesnt own the house so i assume hes not making any money off having these roomates. Even if he did own the house there has to be a certain age and or net worth where it is -lifeEV to have 6 low stakes grinders living with you. I would say $1,000,000 and 28 is well past both of those.
Washington Post -- Chad Power, MGM Nat'l Harbor, Rich Whales Quote
01-23-2017 , 04:59 PM
Quote:
Originally Posted by grindilocks
He doesnt own the house so i assume hes not making any money off having these roomates. Even if he did own the house there has to be a certain age and or net worth where it is -lifeEV to have 6 low stakes grinders living with you. I would say $1,000,000 and 28 is well past both of those.
Maybe so. To me 28 is still quite young and a perfect time to have roommates. Then again, I'm 10+ years older than kydd, worth more money, and still rent out rooms in my house (it's a hard habit to break honestly).
Washington Post -- Chad Power, MGM Nat'l Harbor, Rich Whales Quote
01-23-2017 , 05:16 PM
Quote:
Originally Posted by DesertCat
You are missing the point. All winning pros take all of their winnings out of the poker economy always. Once you have a sufficient bankroll for the games you want to play, money won is converted into savings, investments, housing, transportation, and entertainment. Their bankroll is the only part that stays in the poker economy (and only a fraction of it usually), there is a huge difference personally between buying a $50k car or losing $50k at blackjack, but ZERO difference for the poker economy.

Lets examine a typical winning midstakes/high stakes mix games pro. They will take $3k to $10k with them for their typical games. They might keep $100K to $200k in their casino box to handle running bad for extended periods. They might keep a bit more elsewhere for emergencies on savings or as access to a line of credit. But they've may have won over a million in their career, where is the rest? Outside of taxes the rest helped buy a home, cars, maybe a small business, or is invested in stocks/bonds/rental property. Or were lost at strip clubs and blackjack tables. Either way, none of those winnings are ever coming back to the poker economy.
homes property and even CARS can be converted to cash, losing money gambling cannot. Also you're wrong about peoples winnings not coming back to the economy. People lose or spend their money all the time and have to liquidate their assets. Regardless, you don't have to agree with me but your answers aren't valid. If I am a successful pro I can show off all these great things poker has allowed me to purchase; when I lose $50k gambling at blackjack I don't have anything except a tax deduction and a bunch of comps.

If I was paying someone 1/2 my winnings and then they told me they lost money gambling I would be very mad
Washington Post -- Chad Power, MGM Nat'l Harbor, Rich Whales Quote
01-23-2017 , 05:18 PM
Quote:
Originally Posted by KyddDynamite
1. No, I've got mostly good feedback except for from grinders.

In no place in the world that I can think of are people less confrontational/do they express their discontent more in private than in the poker world. Poker players are just soft in general (see them always getting scammed and nothing ever happening to the scammer), so there is a pretty good chance imo that the feedback you have gotten >>> the actual feelings people have about the article/stable.

And the "grinders" are your peers. Even if you think a lot of them are socially inept/you don't like them personally or whatever, do you not feel you owe them anything wrt equal opportunities to earn by not poaching? Do you not feel like you owe them anything wrt not artificially improving the player pool? Do you yourself (grinders aside) see no long-term issues with artificially improving the player pool?


2. I can't remember the context of how their names were written in the article, but I wasn't calling them whales. I just mentioned in a conversation with the poker room manager that they don't like having their picture taken and being bother when they're trying to play, so a frosted glass around the high stakes area would be a good idea. Neither one of them cares if people know they play poker. Like most celebrities, they don't want harassed while they play.

Most celebrities I've played with (plenty) like privacy all around. They don't want any publicity wrt their hobby/losses/whatever. <-- is why many of them won't play in casinos, frosted glass or not.

And while you may not have called them "whales", that was the way they were presented in the article. And you may have a few outlier examples of players who embrace the "whale" tag, but the norm is that no one wants to be hunted/no one wants to be the sucker (unless maybe they get to play with a celeb poker player or whatever). Once it's written in bold letters on the wall that they are the sucker amongst grinders, they start to play much tighter/smaller/better, or they just stop playing. Guy Laliberte...


3. In my experience, rec players enjoy the challenge of getting better. They're smart people - like I mentioned earlier - and if you pretend they're something they aren't, they know. It's actually something I've been told by some players is very annoying away from the table. That said, everyone is different and should be treated differently. I don't rub anything in anyone's face, and I don't know any rec player who hasn't thought this article was cool. Like I mentioned before, I had one guy throw his number at me, tell me he was a whale, and asked to play in a private game.

There is a huge difference between subtly downplaying the skill gap constantly/AMAP and being a complete cheeseball and saying obvious, insincere **** like, "Nothing you can do man, that was a cooler... everything is 50/50" or whatever pros with no social game say these days.

While I'm with you that the latter is garbage (I also agree fish =/= idiot whatsoever), I think the former is much smarter/better for the game than bringing any unnecessary attention to the skill gap- or that pros are paying their bills/maybe even getting rich from the whales' losses or whatever.

Wrt profitability, poker as a competition <<<<<< poker as a fun, social game where the skill gap is not ever present. It can work as a competition for a while (if there are bad enough players), but it has no future/games inevitably turn into variance festivals or they die (because bad players quit or get better/play harder).


4. They play at the same table a decent bit I'd assume. It isn't something I keep track of. Not with me.

If the whole staking/stable thing is as transparent as it appears, I can't imagine 2+ horses at the same table not severely heightening awareness/paranoia in the card room. It's bad for business (for everyone imo) and I'm shocked the card rooms out there allow it.

edit: I'm actually not shocked at all. Card rooms are generally some of the worst run businesses going. The money is just too easy for them- even if they could make a ton more of it with just a little effort/common business sense.


5. Don't know/don't care. At MDLive there was a big fuss when I would organize $25/$50 games with all non pros.

I'm guessing that's the attitude of most poker capitalists (backers, coaches, training site owners/video makers, home game runners, high-rake tournament directors, etc). Every man for himself (well aside from the people working below you), gouge this game for all you can until the money is all gone. It is def your/their prerogative to take that approach obv, I just can't imagine it satisfies the soul all that much.

More importantly, I don't think capitalism works in poker long term. Poker is too much of a zero sum game. When the "few" making real money--> "very, very few" making real money--> there are less and less people to start/prop up games---> poker just dies (the "very, very few" making real money becomes "none" making real money).

Even if ^^^ is just overly righteous/bleeding heart/idealistic spew, as a long time poker professional (who has won/continues to win heaps just playing vs whoever sits), I feel like I owe it to my peers (even though I like very few of them personally tbh) to take zero short cuts/just play the game on a level playing field and let skill and variance decide who gets the money. <-- is the only way poker survives imo. Any other approach (seat hopping, fish poaching, team building, etc) just results in a race to the bottom.


Thanks for disagreeing in a respectful manner. To me, the days of being young and playing big while pretending not to be a professional have been dead for a while. High stakes poker is on a serious decline, and that's why I've put a lot of focus on private games - so rec players can book winnings sessions and enjoy the game more without having to deal with the speechless grinding robot - and also on staking - because LLSNL will never die imo.

It's ironic, a handful of regs have chastised me for the article and how bad it is for them game. Meanwhile, many rec players are telling me the reason they don't play more is because they don't enjoy playing with X player - the same guy trying to tell me an article is bad for the game.

No problem. I hope this post came off respectful too. While we def disagree on most things poker, neither of us is right or wrong until the discussion is had and a consensus is formed. Either way, adult conversations are just so much better/more productive/less taxing than the alternative.

While I don't look/talk/act/sometimes play (lol) anything like a poker pro (and I certainly never publicly advertise the fact that I am), I don't hate the guys who do- as long as they "get it" at the table and aren't toxic in anyway. And I agree there is some room in poker for a healthy pro vs rec competition vibe... However, there is no doubt in my mind that high stakes games are on a steep decline (I agree 100% with your assessment on that) because the recs/fish/whales just feel too outclassed/hunted... And ofc they don't get anywhere near the entertainment/social value they need to justify losing heaps over and over.
blue
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01-23-2017 , 05:20 PM
Quote:
Originally Posted by KyddDynamite
Not at $10/$25 or higher which is 95% of what I play. Occasionally for a brief period at a lower game if I play that while I wait for a seat to open. Always confused me why anyone cared about this.
Wait, are you being sincere?
Washington Post -- Chad Power, MGM Nat'l Harbor, Rich Whales Quote
01-23-2017 , 05:29 PM
Quote:
Originally Posted by DesertCat
This is kind of dumb. No one "owns" whales so they can't be poached. Everyone has an equal shot at starting private games, only those with good social skills have the ability to pull it off.

As far as playing at the same table with his horses, due to the immense variance in poker I doubt there are many high stakes games where some players aren't sharing some amount of action. The casinos don't care, and as long as you don't change how you play it's ethical.
Except private games are illegal.

And "public games" like the ones at Aria where they all start together/pretty much leave together/pros have to hit a lotto to get in- they are pretty much a huge middle finger to the rest of us who refuse to gouge. Sure, the organizer can do it, but we can also give him zero love/leave him friendless/acquaintance-less, and we can also speak out about it at every opportunity/do whatever we want to try to stop the gouging.

People should just get better at poker/have more heart imo.
Washington Post -- Chad Power, MGM Nat'l Harbor, Rich Whales Quote
01-23-2017 , 05:32 PM
Quote:
Originally Posted by Howard Treesong
That post is utter crap. All too many pros are annoying, selfish nits who stick earbuds in, concentrate on their phones, tank, don't follow poker etiquette, bitch about time, and generally put no effort at all into making the game fun. I did not particularly like the image that chad cast in the article, but it is clear that chad puts in effort into being sociable -- which is a critical component of the game.
Being sociable is good, yes. It doesn't give you license to gouge though wtf.
Washington Post -- Chad Power, MGM Nat'l Harbor, Rich Whales Quote
01-23-2017 , 05:34 PM
Quote:
Originally Posted by ChicagoRy
Is there really anything wrong with this? In order to do #1 you have to offer a better experience. Whether it's another casino's director or sponsored pro offering a more popular environment or a person (pro or not) as a home game, why is this scummy?

Historically there's a lot more to it than "blocking out good pros." Sure, good pros get blocked out a ton and are in too large a supply, but there are plenty of good pros that are outgoing and monetarily loose and will be as desirable to the avg player in the game as a wealthy bad player.
It's illegal and it screws over all your peers. Nah, it's fine obv.
Washington Post -- Chad Power, MGM Nat'l Harbor, Rich Whales Quote
01-23-2017 , 05:37 PM
Quote:
Originally Posted by MacauBound
WHALES CAN THINK FOR THEMSELVES AND PLAY WITH WHO THEY CHOOSE

D you see that the problem w your bitter, selfish argument is that it's based on the assumption that whales (who are usually successful/smart/self-aware unless they are trust fund babies) not only cant figure out where and who they want to play with, but simply have no choice in the matter?

There are different ethical ways to make money in poker (the staking/playing at same table thing may be wrong, I don't know enough about it). Being a quiet nitty headphone-wearing pro that stares people down is one ethical way. Competing w the casino's card room for business and parlaying social/networking skills into more profitable situations are other ways.

The whole point of poker is to make money. Whether it's negotiating favorable games in a mix, taking the best seat, staking people, being an affiliate, or refusing to play in games that deteriorate to the point where they aren't profitable, there are many more ways to make mucho dinero thru poker than just playing/running better than the players sitting across from you. It will not stop bc of your flawed argument, nor should it. A self described rec (who prob falls into the category of successful and self-aware) has stated his review of playing w Dr Evil here as a positive experience. What more do you need to hear?
But what happens if we all take this approach?
Washington Post -- Chad Power, MGM Nat'l Harbor, Rich Whales Quote
01-23-2017 , 05:41 PM
Quote:
Originally Posted by zachvac
Depending on the deal, it's actually rarely worth changing play style. He gets 100% of his own profits and loses 100% of the money he loses. He only gets some percentage of his horse's winnings and loses in the long run that same percentage. There's very few situations I can think of where he could take an action that would be +ev to him with the staking arrangement and -ev when not. It would have to be a situation where it was extremely close ev-wise pre stake and significantly helped out his horse. I can see those coming up occasionally but I'd be surprised if he spends time thinking about them so he probably wouldn't take them and further if he did take them they would result in a negligible amount of profit. If they both had 50% of each other it would be completely different and super unethical but that's not the arrangement being discussed here.
Your horse takes a stab multiway in position after it's pretty clear everyone is weak. You flat to protect him. The rest fold. Easy game.
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01-23-2017 , 05:43 PM
DGAF, are you against anyone playing poker illegally outside of licensed casinos or card rooms?
Washington Post -- Chad Power, MGM Nat'l Harbor, Rich Whales Quote
01-23-2017 , 05:44 PM
Quote:
Originally Posted by DesertCat
How do you handle it when the fish busts you for $50k? You shake his hand, tell him nicely played, that you are done for the night but look forward to playing with him again. It's not like Chad wins every session, I play midstakes limit Holdem and mix games and win about 56% of my sessions, which works out to a decent win rate. Even if Chad is a better player than me and NL has bigger edges (both almost certainly true), I doubt he wins much more than 60% of his sessions. Poker is a great game and great entertainment because edges are small and bad players can win almost as often as they lose.

You play enough with the same players that whenever you have a big win if it bothers him you can always remind him of the big wins he's had vs you.



Texting hands during play with another player at the table can be sketchy, or not. "Frank isn't going to fold a hand, is he? lol" is a lot different than "frank couldn't have trips that 55x flop vs you cause I folded a 5". Casual observations should be fine as long as you aren't giving specific range/tell information during the game (tho obviously fine away from game).

But if you want to play ethically you can't adjust for the stake, and you have to play just as hard vs your horse/staker as other players. It's part of being a good pro as well, it's fine for fish to soft play hands vs their friends/favorites, but if you want it to be your profession you can never give customers reason to think you are team playing.

If I play high stakes (for me that might be 100-200 or higher) I might sell off up some of my action, say 25% to minimize variance. If for some reason the person I sold action to is in the game I'm always playing them as hard than anyone else.

And winning players don't take money out if the poker ecosystem by playing blackjack, any more than they do by buying a car or a hooker.
Agreed. But it's just so much better for everyone when they do their degen gambling in smaller stakes games or whatever.

edit: this is just a way side note to the real discussion, I prob shouldn't even have detracted with it, it's just something kinda next level imo

Last edited by DGAF; 01-23-2017 at 06:11 PM.
Washington Post -- Chad Power, MGM Nat'l Harbor, Rich Whales Quote
01-23-2017 , 05:45 PM
Quote:
Originally Posted by Dream Crusher
Maybe so. To me 28 is still quite young and a perfect time to have roommates. Then again, I'm 10+ years older than kydd, worth more money, and still rent out rooms in my house (it's a hard habit to break honestly).
its not his house
Washington Post -- Chad Power, MGM Nat'l Harbor, Rich Whales Quote
01-23-2017 , 05:49 PM
Quote:
Originally Posted by Howard Treesong
I don't understand the hate for Chad's staking arrangements. It's a free country last time I checked and Chad and his horses are free to make any arrangements they choose.
Some of us believe you should never artificially/intentionally improve the player pool in this zero sum game (not sport) where edges need to be huge to fade variance.

There is plenty of money to go around and it keeps flowing in if we don't **** it up (which we always do obv).
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01-23-2017 , 06:01 PM
Quote:
Originally Posted by gregorio
DGAF, are you against anyone playing poker illegally outside of licensed casinos or card rooms?
Not at all. I think it's mostly dumb if you want to make money (rake too high, cheating too high, robbing too high, etc). I would play in them if they were different/better. I'm no law lover lol, I just think about legal consequences and how they might affect my life. The legal consequences of getting caught playing in a private game are likely very minor.

I am against running private games. I think it's a gouge that ****s over your peers/the community- that's why I don't do it (despite knowing I could kill it financially/havng the opportunity present itself many times). That aside, the legal consequences of running a private, illegal game are no joke afaik.
Washington Post -- Chad Power, MGM Nat'l Harbor, Rich Whales Quote
01-23-2017 , 06:12 PM
Quote:
Originally Posted by DGAF
Agreed. But it's just so much better for everyone when they do their degen gambling in smaller stakes games or whatever.

edit: this is just a way side note to the real discussion, I prob shouldn't even have detracted with it, it's just something kinda next level imo
How about sports betting?
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01-23-2017 , 06:13 PM
Quote:
Originally Posted by grindilocks
its not his house
I got that. Still, it's not like this is super uncommon. I rent rooms to highly successful people: Harvard law grads, PHDs, MDs, and they are often a similar age as Kydd.

I haven't looked closely at it but I believe this living situation is a big part of his business model...ie facilitate an environment of learning/accountability/camraderie/etc to help everyone succeed at the poker table..plus I would think it would be good to keep close tabs on your horses.
Washington Post -- Chad Power, MGM Nat'l Harbor, Rich Whales Quote
01-23-2017 , 06:21 PM
Whether a private game is illegal or not and the potential consequences to running one would depend heavily on the laws of that particular state.
Washington Post -- Chad Power, MGM Nat'l Harbor, Rich Whales Quote
01-23-2017 , 06:33 PM
Quote:
Originally Posted by jrr63
How about sports betting?
I'm no economist, but whenever poker winnings are taken out of the game, that is bad for the poker economy. Whenever poker winnings are cycled back into the game (even at lower stakes or whatever), that is good for the poker economy.

Spoiler:
X - Y + 0 < X - Y + y imo .


Poker players love to gamble (for several reasons imo). The ones who do it with other poker players are (subconsciously in most cases) doing a pretty damn good/honorable thing imo. **** the pits/sports books/bookies, book each other's action (juice free is best for camaraderie obv, but w/e) right there at the table and everyone in poker benefits...

A lot of the ~ half mill I've lost gambling over the past few years () has gone to poker players. That's the silver lining!
Washington Post -- Chad Power, MGM Nat'l Harbor, Rich Whales Quote
01-23-2017 , 06:36 PM
Quote:
Originally Posted by Dream Crusher
Whether a private game is illegal or not and the potential consequences to running one would depend heavily on the laws of that particular state.
Right. But in general they are illegal and the potential consequences are severe.
Washington Post -- Chad Power, MGM Nat'l Harbor, Rich Whales Quote
01-23-2017 , 07:12 PM
Quote:
Originally Posted by Dream Crusher
I got that. Still, it's not like this is super uncommon. I rent rooms to highly successful people: Harvard law grads, PHDs, MDs, and they are often a similar age as Kydd.

I haven't looked closely at it but I believe this living situation is a big part of his business model...ie facilitate an environment of learning/accountability/camraderie/etc to help everyone succeed at the poker table..plus I would think it would be good to keep close tabs on your horses.
His pyramid scheme erm I mean business model is pretty slick. Employ 250 hour per month low stakes slaves to 1. pay off your mortgage for you 2. give you half of their winnings 3. allow you to freeroll them when playing at the same table. That's pretty awesome... if you don't care about anyone or anything but yourself.
Washington Post -- Chad Power, MGM Nat'l Harbor, Rich Whales Quote
01-23-2017 , 07:35 PM
I haven't seen any of his horses complaining, but I'm sure they appreciate all the righteous indignation on their behalf, especially if he keeps them chained up in his basement where they're not able to speak up.

He doesn't even own the house they all live in so they're not paying off his mortgage. The WaPo article says he "the hardest thing has been the landlords who don’t want to rent to a professional poker player.... The Fort Washington house would do. It was seven minutes closer than the next best. And the owner, who has been hoping for an MGM-related business boom, had no problem with Power’s income stream."

Last edited by gregorio; 01-23-2017 at 07:40 PM.
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01-23-2017 , 07:40 PM
Quote:
Originally Posted by gregorio
especially if he keeps them chained up in his basement where they're not able to speak up.
Man I really hope this thread turns to photoshop. It would be great.
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