The Official Red Chip Poker Podcast

The element of luck in #poker means that weak players can having winning sessions and strong ones can go on extended downswings. One can argue that this variance is necessary for the game to survive at all, since without it donators would quickly drop the game.   Appreciating how extreme poker variance can be is important for two reasons. First, understanding that downswings are a feature of the game helps us survive psychologically. Second, quantifying how big downswings can be is essential for exercising proper bankroll management.   TIMESTAMPS 0:00 Introduction: Live Poker Variance & Win Rates 0:30 Can You Win 12 Months Straight? 1:25 The Sample Size Problem in Live Poker 2:32 Why Live Win-Rates Are Over-Reported 4:03 Small-Stakes Win-Rate Estimates (1/2 & 1/3) 6:03 High-Stakes Reality Check (10/20+) 7:07 Three Win-Rate Scenarios: 40bb, 20bb, 6bb/100 8:44 Understanding Standard Deviation 9:30 40bb/100 Winner: Monthly Variance Analysis 12:42 20bb/100 Winner: Expect Breakeven Months 14:38 6bb/10