The explosion in popularity of real money Texas Holdem in the early 21st century is largely responsible for the overall growth of online gambling. This was largely due to the 2003 and 2004 World Series of Poker wins by Chris Moneymaker and Greg Raymer, as both men qualified for the tournament by playing in Internet satellite events.
Every virtual card room has to offer Texas Holdem, and it is the software giants Microgaming and Playtech that provide the casino-quality versions of this poker staple. In larger online casinos, you can find a potpourri of casual players and pros, giving you the rare opportunity not only to listen to them talk, but to try your hand at competing against them for real money.
This article covers some of the essentials associated with playing Texas Holdem for real money. It offers guidance on finding trustworthy online casinos and avoids any mention of the IRS, helping both newbies and veterans keep more of their hard-earned poker winnings. By the time you finish reading, you should be better equipped to enter the electrifying arena of online card games.
Playing Texas Holdem for Real Money
There is one clear and obvious difference between playing Texas Holdem for fun and for real money, and that is the presence of real money. Most casino games can be found in free versions online, and these are great for teaching you the basics of the game without risking your life savings. However, surprises can and do occur in the programming of some of these games. Since most casino games are games of chance, the overall outcome doesn't change much (unless the developers of the free version decided to give the player a significantly higher percentage of winning than they would find in a real game).
Moving from free play to real money Texas Holdem does have an advantage, however. In the free version, the computer usually makes the best possible moves for your digital opponents. This isn't always the case with your real-life opponents, who can catch you at any number of distracted or inept moments. Some players have barely noticed their game deteriorating in the same period of time that they've been playing in live card rooms. Their success rate against human opponents exceeds anything they ever achieved in the same amount of time playing against the computer.
The Basics of the Game
The object of Texas Holdem is to make the best 5-card poker hand using your 2 hole cards and the 5 community cards. If you are the last player in a hand, you win all the money in the pot.
A group of individuals seated around a table play the game, and the current dealer is indicated by possession of the dealer button (which rotates clockwise after each hand). Immediately to the left of the dealer is the player responsible for posting the small blind. To the left of this player is the player responsible for posting the Big Blind before the start of a new hand. This bet is usually twice the size of the small blind. The hand always starts with the two required blinds, but some games require the other players to ante before the hand begins.
Once the initial bets have been placed, the dealer deals each player two cards. These are not seen by anyone but the holder, and for the moment, only the player knows what the two hidden cards are. They will act as the player's "hand" in conjunction with other cards yet to be revealed.
The dealer then deals three community cards face up in the center of the table (called the "flop"). After another round of betting, a fourth card is dealt ("the turn"). After another round of betting, a fifth card is dealt (called "the river").
At any time during the betting rounds, a player may choose to stay in the hand or fold. If a player folds, that player cannot win the pot, as winning is an impossible outcome after that point, and the player cannot get back any money that has already been put into the pot.
There are times when everyone else has folded and one player simply wins. But more often than not, a hand comes down to two or more players at the showdown. These competitors have one last chance to "bet" (which could be a call, check, or raise). But if any player decides to fold at this point, the hand must end with the remaining player or players. If that's not enough (and if two players don't already have a better hand), the hole cards must be shown.
The pot is awarded to the winner after the hand is completed. Like the small and big blinds, the dealer button rotates clockwise to the next player. This is a complete reset as a new hand begins. The only difference is that in a tournament, play continues with this structure until only one player is left with chips.
Finding a Safe Site
Choosing an online card room can sometimes be a difficult task, as there are many unethical sites currently operating. Some sites may use the flimsiest of technicalities to refuse to pay their customers, while others may use delay tactics to hold up payments for as long as possible (hoping that the player will give up and gamble away the money in the meantime).
To avoid these migraines, it's wise to do a little research before choosing a site and registering an account. There are countless online reviews to wade through, most of which are helpful in getting you to the point where you can confidently say you've chosen a trustworthy site.
There are also several watchdog sites out there, and the ones that do this most effectively maintain an impartiality that allows their reviews and opinions to really pack a wallop. This is my method of choice and one that I highly recommend to any serious player.
Most Popular Types of Texas Holdem
After finding a safe and trustworthy card room, you need to choose the Texas Hold'em game you want to play. Almost all sites offer three popular types, including the following
- Limit Holdem
- A game of this type has a fixed betting structure, which means that each player is limited to the amount of money they can bet. The amount that players can bet in such a game is usually a few increments above the blind amounts, and it is very common for this amount to double at some point in the game. When it doubles, it is often referred to as the "big bet". If you see a game listed as "Limit Holdem $30/$60," it means the above
- No Limit Holdem;
Getting the Proper Hardware/Software
To run a casino or card room at full efficiency, you must meet certain hardware and software standards. Most inexpensive computers meet these criteria. But take a look at the requirements of the specific site you're considering to make sure everything is in order. The last thing you want is to be in the middle of an online poker game with graphics that look suspiciously like the last time you played Duck Hunt, or to have the whole thing freeze while the other players in your hand are obviously having a grand old time.
Legal Online Poker
Internet poker is completely legal in some parts of the world. In other countries, the practice is either banned outright or allowed only under strict restrictions that make it nearly impossible for the customer to send or receive money to or from an offshore gaming facility. In essence, you can play poker legally over the Internet, but you may have a hard time getting your money in and out of the game.
One straightforward strategy is to go to the poker room of your choice where you want to register. If your country is banned, there's a chance you'll be banned from the site. This is a fairly straightforward way to determine eligibility, but it's not foolproof.
If you can get into the site, the next thing to do is read the terms and conditions page. Somewhere in all that legalese should be a list of states and countries that are off limits. If your location isn't on the list, you should be able to open an account without any problems.
Most countries hold the poker room responsible for any problems, not the player. So even if you somehow slip through the cracks, you shouldn't have to worry about any legal repercussions.
Keep Your Gambling Under Control
Anyone can fall prey to the slow, insidious pull of a gambling addiction. That's why it's wise to keep an eye on yourself and your loved ones for behaviors that signal a shift toward problem gambling. The first and most reliable sign is an irresistible, escalating desire to experience the thrill you once felt when playing your favorite game, whether it be poker, a slot machine, or some other casino attraction.
Should this happen, it is important to seek help immediately. Many online resources can help someone in this situation, and most casinos allow users to place themselves on a voluntary ban (or limit their wagering to a certain amount within a certain time period).
The House Edge
The house edge is a percentage and indicates the overall advantage that a particular game has over the player. For example, in a game with a 2% house edge, the player could expect to win back (on average) $98 for every $100 wagered. This edge is critical to the long-term profitability of the casino.
In Texas Holdem, however, there is no advantage to the house. Instead of competing against the casino, players compete against each other. The downside is that no one can really feel their long-term win/loss ratio in this game. The upside is that because you're competing against other players, you control your own destiny*, and because of that, you could theoretically win every hand you play* *Note: I wouldn't hold my breath waiting for that to happen.
Practice Makes Perfect
Texas Holdem is unique among poker games in that it rewards not only familiarity with the rules, but also an understanding of strategy and the ability to replace chance with skill. It is a game where you can always think your way out of a problem - if you have the right thoughts. Anyone can be a contender in Texas Hold'em, but not everyone can become a contender.
Of course, this can also require the player to spend a lot of money. Even the most adept gamblers are bound to take a beating from time to time, which is why bankroll management is an equally important part of the whole process.
If you're just getting started, you may want to use some free Texas Holdem software as a means of acquiring the basics. Several top-notch video game developers also produce poker games, and these provide a safe environment in which to understand the principles of the game and try out different tactics before moving on to play for real money.
Since many online veterans are often looking for newbies to play against, more and more Internet casinos are setting aside some tables where only newbies can play. While you have the chance, I would stick to these tables. They are a protected environment for you to learn and the lack of experience at the other end of the table. From my perspective, a big plus of the tables set aside for only inexperienced players is that they are a good place to make friends. I can guarantee that more than a few of the players you sit across from will be new to poker just like you.
How Poker Rooms Make a Profit
Since players are competing against each other instead of the house, online poker rooms have to find another way to make money. They do this by collecting "rake", which is a small percentage of each pot in cash games. In addition, the site may charge a fee to enter tournaments (which can range from tiny to quite large).
Online Poker and Sign-Up Bonuses
In order to attract customers, most casinos and online card rooms offer an incentive to sign up. This comes in the form of free money given for opening an account and making a deposit. But there are a few catchers in the weeds that we need to discuss before you go and grab your free money.
The most common bonuses include the following:
- Match Bonus - When you sign up, the casino will match your initial deposit up to a certain amount
- the most common type of bonus, this one still has its wagering requirements. And that's okay. Most players can handle it. But if you're a player who thinks you might not be able to keep up with the pace they set for you, then you might want to consider some of the next bonuses we're going to discuss.
- Instant Sign-Up Bonus - This is cash deposited directly into your account when you sign up.
- The amount is usually small (under $10), and it's often free from standard rollover requirements. Because some players take unfair advantage of these offers, you won't find them at every online casino;
The best way to understand how an online poker matching bonus works is to look at an example. Say a player deposits $500 into their account and the bonus offers a matching amount up to $1,000. This is $500 (initial deposit) + $500 (bonus), giving the player a total of $1,000 in their account.
While the above may seem straightforward, it becomes more complicated when the player is ready to withdraw the additional bonus funds. In order to receive these funds, the player must meet a number of requirements, commonly referred to as "wagering requirements". These requirements are usually ranked by the number of Frequent Player Points that a player has; these points are earned by the player paying rake.
Players earn more points the more they play. The more points you earn, the closer you are to being able to withdraw your bonus.
While reputable poker rooms are willing to pay out bonuses, they make it a point to ensure that you have lost a decent amount of money in the process of meeting the bonus requirements. Better yet, the card room comes out ahead in the long run, which is undeniably the point of their business.
Keeping Financial Records
In a perfect world, gambling income would not be taxed. That's the case in a few select countries - Australia, for example. But here in the good old U.S.A., we poor suckers who play the slots, bet the ponies, and do other income-generating things to risk our lives have to fork over a percentage to the government.
Always make sure that you keep a yearly record of your total winnings from online gambling. If you do not report up to $100, you are in the clear with the IRS. But if you're winning big (like $1,000 or more) and you don't tell the IRS that you're not at the online card table, then you could be risking it all and possibly facing jail time and those pesky income withholding orders that some judges issue.
Conclusion
Texas Holdem, played for real money, has become the most sought after card game in the virtual gambling space, and it is certainly one of the top choices when it comes to serious wagering. The rules are easy to grasp, but the tactics required are what make it a puzzle not only for newcomers, but also for many who have been at the poker table for years.
Just do your due diligence before choosing a site and be sure to monitor your annual winnings so you can meet income tax reporting requirements. After that, it's all fun and games-well, mostly games, since there are some game show-like elements to this whole business. You'll see villainous characters like Calvin Candie doing card tricks in this not-so-virtual reality. In terms of look and feel, there's a Wild West vibe to the whole thing.