Chances are you already are thinking about starting playing on online casinos. Why would you be reading this if that wasn’t the case? We get, gambling is designed in a way that the only way you can walk out of a casino a millionaire is if you were a billionaire when you walked in.
Online casino games, though, are a bit different and when it comes to table games like Poker, if you are good enough of a player you can make some money. So can online Poker be profitable? Today we take a look at all the different factors resulting to the money you may win. So read on and find out for yourself.
Depending On the Casino
We are talking about online casinos, of course, and it would be only reasonable to elaborate a bit on the different kinds of them you can encounter. First, we have the ordinary casinos where you can play using real currencies such as EUR, USD, CAD etc.
On these, you will find pretty much every game you can play at a brick and mortar casino including slots, Video Poker and table games like Blackjack, Baccarat, Craps, Poker and much more. Initial bonuses are often relatively good. Usually, you will encounter a 100% bonus up to some hundreds of dollars. Bitcoin casinos offer better bonuses and promotions, but we will talk about them later. That is fine to start gambling with, but the real money isn’t in every game as most casino games are based on pure luck.
Poker, on the other hand, isn’t. Poker is a game of logic and math. Accurately calculating the possibility of a specific card showing on the river can make you or break you. Blackjack players may count cards if only a few decks are in play. But they have no opponent other than the dealer himself. Everyone on the table can still change the results, though, depending on some cards he may like to “hit”.
Online Poker can be profitable and at an excellent point, to be sincere. Keep in mind that this isn’t the WSOP (World Series of Poker) and the stakes will not be in the millions of dollars mark, but still, they could be easily in the thousands, if you are a high roller, that is.
Depending On the Currency
Earlier we talked about regular online casinos, but big money is in Bitcoin-accepting ones. Why you may ask. The answer is simple. Bitcoins are equivalent to more than 5,000 USD at the time of writing this article. Casinos that accept Bitcoin tend to provide 100% and sometimes even higher initial deposit bonuses of up to 5BTC. Do the math and see for yourself. This is over 15,000 USD compared to the regular casinos’ two or three hundred.
Although, for you to become able to withdraw any of the money included in the bonus you would have to meet a minimum bet requirement that sometimes may even reach a 40 or 50x times multiplier. To be realistic, not many people can achieve that but if you can remain on a specific level while balancing your loss and win ratio, you would meet the minimum after playing for a small period.
A new player could withdraw his winning, but an experienced and talented player should keep their bitcoins to continue playing, not to have to pay additional transaction feed for withdrawing money. Some people even hold onto their bitcoins until its exchange rate goes up when finally they would sell them or exchange them for real money and make a profit without doing any additional work themselves.
So yes, online Poker can be profitable, and it is incredibly lucrative if you know how to play the game and also how to choose the game which is our next segment.
Choosing a Specific Poker Game
Yes, you could just hop in a regular 5 or 8 seated Hold’em table and start gambling. News flash. The real money isn’t there. Tournaments and especially Sit n Go’s is where big money is. Just buy in a “special” competition like many Bitcoin casinos hold monthly, weekly and some even daily and start playing.
Playing slow and with a good tactic. “Calling” in every hand you play will most likely get you from your initial amount to zero in a few minutes or so. Try joining the side and start betting only when you have a pair of 9s or higher or a suitable combination such as QJ, J10, KA, KQ, QA and so on, you get the point.
Doing so the possibility of you winning the hand and the others losing to you is significant, and to your advantage it could lead you to the top of the tournament, finally winning the big prize. Safe play, sure money. Learn to play according to this motto, and you will be golden.
Account the Taxes
Yeah, I wish those didn’t exist in our lives, but unfortunately, they have to, for an advanced system to be able to work correctly. Taxes depend on the laws of the country you live in. Google them or ask a legal advisor to help you find out how much fees you must pay based on your winnings.
If you live in the US, you will have to pay taxes to be on the right side of the law. Online winnings and especially Bitcoin-related ones are calculated as property taxes, mainly because when you sell or purchase bitcoins you gain or lose money just like how you would if you have bought or sold a house or a car.
Those don’t exist in every country since the US has some of the strictest regulations when it comes to online gambling winnings. Most nations will get something less than 5-10% in most cases, and some don’t even apply any online winning taxes. These are also the countries where most online Bitcoin casinos are based. Some of them are Malta, Panama, Costa Rica and Curacao which is the most popular one among them all. Some others aren’t so well known to the world.
So now that you know all of these things you are also aware that Poker can and indeed is profitable and at a pretty big note, too. You just have to keep in mind that you must always be on the right side of the legal system and not try to bypass any laws as that would probably lead to significant fines or even imprisonment in some rare cases.
Online poker can be profitable and if a player is relatively experienced knowing when to call, bet raise or fold then he is pretty much already guaranteed to win some relatively significant amounts of money. You would be obligated to pay some insignificant transaction fees when depositing and withdrawing money, but that shouldn’t bother you. Go out there and start playing Poker.
Just remember to always play carefully and without an urge, and you will be on your way to the other side of the rainbow to leap into the pot full of gold coins. Good luck on your Poker plays!