KJ

POKER TAWK! - Playing Online Poker

Jan 10, 2014

CJ
Stage· 129 messages
Jan 10, 2014

The challenges and benefits of Playing Online Poker for a Living.

KJ

Kenna James · 6:00 PM

HI everyone! I wanna welcome to our Tawk the incomparable Chip Jett!!
CJ

Chip Jett · 6:01 PM

Incomparable..... I like it.
KJ

Kenna James · 6:01 PM

Chip, you know my favorite quote of yours, right?
CJ

Chip Jett · 6:01 PM

Thanks for having me Kenna
KJ

Kenna James · 6:01 PM

Let's start out with that so people can get to know you a bit.
CJ

Chip Jett · 6:01 PM

fearless?
KJ

Kenna James · 6:01 PM

Yeah, that's the one.
KJ

Kenna James · 6:02 PM

When asked what his greatest strength was
KJ

Kenna James · 6:02 PM

you said
CJ

Chip Jett · 6:02 PM

fearlessness
KJ

Kenna James · 6:02 PM

when asked what your greatest weakness was you said -
CJ

Chip Jett · 6:03 PM

fearlessness
CJ

Chip Jett · 6:03 PM

In poker that attribute can cut both ways
KJ

Kenna James · 6:03 PM

Love the zen ness of that - so true
KJ

Kenna James · 6:03 PM

So you've been playing poker for how long now professionally?
CJ

Chip Jett · 6:04 PM

20 years now
CJ

Chip Jett · 6:04 PM

time flies
KJ

Kenna James · 6:04 PM

★ Spotlighted from Blake Ian

“its a state by state thing. Right now I believe its only NJ and NV, though the gentlemen on the stage are prob better informed to answer! :)”

KJ

Kenna James · 6:04 PM

yes it does.
KJ

Kenna James · 6:05 PM

Actually it is legal in Nevada now as well, otherwise we would be tawking with a criminal! lol
KJ

Kenna James · 6:05 PM

Those are the 3 states in which online poker is now legal. NJ, NV, and ....?
CJ

Chip Jett · 6:05 PM

Right now the only two states where it is fully legal are NV and NJ
KJ

Kenna James · 6:05 PM

★ Spotlighted from Blake Ian

“I said NJ and NV Kenna! ;)”

KJ

Kenna James · 6:06 PM

There's one more...do you know what it is Chip?
CJ

Chip Jett · 6:06 PM

Delaware?
KJ

Kenna James · 6:06 PM

Hi Felix! Ah yes, the famous Delaware!!
KJ

Kenna James · 6:06 PM

Thank for joining us everyone!
CJ

Chip Jett · 6:07 PM

I know they were close
KJ

Kenna James · 6:07 PM

It's interesting as we have had poker careers that have mirrored each other quite a bit.
KJ

Kenna James · 6:08 PM

We've both had major wins on a poker cruise! What do you consider to be your biggest win Chip?
CJ

Chip Jett · 6:08 PM

Yes, we both started in other poker jobs and migrated to full time players
KJ

Kenna James · 6:09 PM

We both married poker women
CJ

Chip Jett · 6:10 PM

My second place on the Party Poker Cruise is definitely a career highlight.
KJ

Kenna James · 6:11 PM

LOL! Mine also. As if the cruise wasn't enough, add 700k and it becomes a helluva party!! Now that is what I call "Party Poker!" lol.
CJ

Chip Jett · 6:11 PM

Although, winning the best all around player at the L.A poker Classic is still my proudest poker accomplishment
KJ

Kenna James · 6:11 PM

You faced Howard Lederer heads up I believe.
KJ

Kenna James · 6:11 PM

Very cool.
CJ

Chip Jett · 6:11 PM

I was very inexperienced and it was a real honor at the time. Didn't pay that well though
KJ

Kenna James · 6:12 PM

One difference is that you've done it being a lot younger then me. I'm the old man here. Let me ask you, do you think poker is a young persons game?
CJ

Chip Jett · 6:12 PM

Yes. losing that heads up battle is probably what I am best known for.
KJ

Kenna James · 6:13 PM

lol. I don't think so.
KJ

Kenna James · 6:13 PM

I think you are best known for your fearlessness at the table!
CJ

Chip Jett · 6:13 PM

I think it is for the most part, but there are always exceptions.
KJ

Kenna James · 6:14 PM

True.
CJ

Chip Jett · 6:15 PM

Young players might have an easier time making money, but they definitely have a harder time holding on to it
KJ

Kenna James · 6:15 PM

★ Spotlighted from John Baker

“poker requires skill and experience. a young person can demonstrate great skill but theres still the need for experience”

KJ

Kenna James · 6:15 PM

Well said John.
KJ

Kenna James · 6:15 PM

I know I did. Lol.
KJ

Kenna James · 6:15 PM

Easy come, easy go as they say.
KJ

Kenna James · 6:16 PM

when we get older we realize what we did when we were younger perhaps isn't so easy now.
CJ

Chip Jett · 6:17 PM

As you gain experience, you see so many horrific things happen at the table, you can't help but develop a little fear with age.
KJ

Kenna James · 6:17 PM

Is that why you got into playing more Online Poker? Because it was easier when you don't have to leave the house?
CJ

Chip Jett · 6:18 PM

The young kids aren't scared because they haven't seen the bad stuff yet.
KJ

Kenna James · 6:18 PM

So true!
KJ

Kenna James · 6:19 PM

Their fearless because they haven't been beaten up on yet is what you're saying, huh?
KJ

Kenna James · 6:19 PM

★ Spotlighted from Felix Gutierrez

“what types of horrific things Chip?”

CJ

Chip Jett · 6:19 PM

Yes, When my second child was born I had to make a choice. Either try to be the best poker player in the world or try to be the best dad that I could be.
KJ

Kenna James · 6:19 PM

Wow!
CJ

Chip Jett · 6:20 PM

Online poker lets me be home with the kids and still be able to make a living from poker.
KJ

Kenna James · 6:20 PM

Interesting question coming from Felix, who is a war hero and just retired from over 20 years of service in our military.
KJ

Kenna James · 6:21 PM

And is still pretty young I might add!
CJ

Chip Jett · 6:21 PM

In that case, horrific is probably not the best choice of words. Thank you for your service Felix.
KJ

Kenna James · 6:23 PM

I don't know that it's the wrong word. When you have no other job and you have to put food on the table and you can't seem to win...it can be "horrifying."
CJ

Chip Jett · 6:23 PM

Variance over time in poker can make you start to question your ability, your Karma(if you believe in that,)among other things.
KJ

Kenna James · 6:23 PM

Especially when you are trying to be the best dad you can be and feel responsible for those around you.
KJ

Kenna James · 6:23 PM

I certainly do.
CJ

Chip Jett · 6:24 PM

★ Spotlighted from Felix Gutierrez

“after all the online scandals. how do expect people to trust online gaming again”

CJ

Chip Jett · 6:25 PM

The good thing about regulated, casino owned poker sites is that cheating can be dealt with the same as cheating at a casino.
KJ

Kenna James · 6:25 PM

The difference being that they come to your house and break your legs instead of taking you to the back room!
CJ

Chip Jett · 6:25 PM

With real world penalties, not just closing your account
CJ

Chip Jett · 6:26 PM

I think the security of the games is thenumber one priority for the sites right now
CJ

Chip Jett · 6:27 PM

★ Spotlighted from Felix Gutierrez

“So you are saying if you are caught for doing something illegal online poker. Then you could face actual jail time!”

CJ

Chip Jett · 6:27 PM

Exactly.
KJ

Kenna James · 6:27 PM

Seriously though, I don't expect people to trust.Trust is an individual thing. Although I will say that one of the good things that regulations do, is instill rules and guidelines that are taken from past experience in order to protect the greater...
KJ

Kenna James · 6:27 PM

good. Supposedly. lol
KJ

Kenna James · 6:28 PM

And supposedly there are a lot more restrictions and guidelines on operators of these sites now
KJ

Kenna James · 6:28 PM

Good question Felix. Do you fear playing cash games online chip?
KJ

Kenna James · 6:28 PM

Do you worry about being cheated?
KJ

Kenna James · 6:30 PM

probably a ridiculous question for someone who is fearless...but
CJ

Chip Jett · 6:31 PM

Not on the regulated sites. I have always felt that unless you are playing really high stakes, the amount of extra "work" that it takes to effectively and discreetly cheat makes it almost a non-factor
CJ

Chip Jett · 6:32 PM

The sites have very advanced software to detect players who are sitting together an unnatural percentage of the time.
KJ

Kenna James · 6:34 PM

Good answer. Let me ask you Chip, as an online poker pro - What would you list as being some of the biggest challenges of playing online poker for a living?
CJ

Chip Jett · 6:34 PM

And the theoretical gain you could get from having a buddy on the phone with you exchanging hole card information is negligible in my opinion.
KJ

Kenna James · 6:34 PM

Gotcha.
CJ

Chip Jett · 6:35 PM

★ Spotlighted from Felix Gutierrez

“My real fear is the program itself... I use to live on Full Tilt for a period of over 5 years. After black Friday I migrated to other sites like Carbon and Bovado and dont see the crazy bad beats that I did on Tilt”

KJ

Kenna James · 6:35 PM

Well, let me put that fear to rest right now.
KJ

Kenna James · 6:36 PM

Operators are always colluding for your money! lol. and they are going to get it! The only question is, are you as an operator going to get enough $ from the other players to make it worth your while?
CJ

Chip Jett · 6:37 PM

My experience is that everything is magnified online. Winners win faster. Losers lose faster. More strange random occurrences. More normal non-occurrences (that no one notices)
KJ

Kenna James · 6:38 PM

The program is just like a football field. Old online sites were playing on a field similar to a sandlot. Todays fields are more clearly defined. They may not have astro-turf yet, but I think they are safer to play on.
KJ

Kenna James · 6:38 PM

I agree Chip. Faster like a Jett!
KJ

Kenna James · 6:39 PM

So, back to the challenges of playing ONLINE poker for a living. Can you speak to those?
KJ

Kenna James · 6:40 PM

Some of our readers may not be poker players remember
KJ

Kenna James · 6:40 PM

but are interested in knowing more about it
CJ

Chip Jett · 6:42 PM

Online sites have no upside to having faulty software unless they are the ones directly stealing it. If Full Tilt was unsecure, I would think they would've had a surplus of money instead of 500 million shortage
CJ

Chip Jett · 6:43 PM

As we speak, the challenges of making a living online are very different than they were a few years ago.
KJ

Kenna James · 6:44 PM

really? that's interesting.
CJ

Chip Jett · 6:45 PM

By only having a state to state player base, it is much harder to find a comfortable niche to make money at. Less players=less game
KJ

Kenna James · 6:45 PM

ah....what about the competition level? Is it tougher now then it was before or about the same?
CJ

Chip Jett · 6:47 PM

The games are tougher than a comparable staked game in the casino, but the reduction in costs makes up for it in my opinion.
CJ

Chip Jett · 6:47 PM

For example...
CJ

Chip Jett · 6:49 PM

A low limit, no limit brick and mortar grinder has to pay for travel expences to the casino, tipping dealers, etc.
KJ

Kenna James · 6:49 PM

Interesting. I want to ask a couple of questions for our readers who may want to consider doing it. ideally, how much $ should someone have in their online poker account in order to be able to make a decent living playing professionally?
CJ

Chip Jett · 6:49 PM

Where a online grinder has none of that. Although their win rate may be lower.
KJ

Kenna James · 6:50 PM

Ideally being the key word I suppose as I know a lot of pros are able to get by with a lot less. And assuming the player can win.
CJ

Chip Jett · 6:51 PM

Another great thing about online play is you can start off playing EXTREMLY small and build you way up
CJ

Chip Jett · 6:52 PM

A good rule of thumb is to have 100 buy ins for whatever limit you are playing
KJ

Kenna James · 6:52 PM

So true. I've heard of some big pros today starting with 2 or 3 hundred and turning it into millions.
KJ

Kenna James · 6:53 PM

a couple common denominators though that were key. They weren't afraid to put in a lot of work on their game to become great players and also had a lot of innate ability to develop the necessary game skills.
KJ

Kenna James · 6:53 PM

A buy-in being 100x the big blind.
CJ

Chip Jett · 6:54 PM

Some people make that first deposit and never look back. That is the exception and not the rule however. Kind of how you see lottery winners on TV and not the people who can't pay their bills due to too much lottery play.
KJ

Kenna James · 6:54 PM

true.
KJ

Kenna James · 6:55 PM

Ok, well let's end off with some of the benefits of playing online poker for a living!!!
KJ

Kenna James · 6:55 PM

Yes, benefits!!! lol.
KJ

Kenna James · 6:55 PM

Besides being able to go to work in your underwear!!
CJ

Chip Jett · 6:56 PM

For me, the opportunity to multi-table is the biggest advantage.
KJ

Kenna James · 6:56 PM

I think another benefit is that you don't have to go to far when you get a bad beat to kick the dog....so to speak....no animal activists comments please.
KJ

Kenna James · 6:57 PM

Ah, so you get to play more and as a result EARN more then playing in a live casino. Good point.
KJ

Kenna James · 6:57 PM

I was thinking more like, you're closer to the fridge.
CJ

Chip Jett · 6:58 PM

Instead of playing 1 game and seeing 30 hands an hour, online you can play more tables at lower stakes and see hundreds of hand an hour. This reduces variance.
CJ

Chip Jett · 6:59 PM

Which makes playing online more like a job where you can comfortably predict your income.
KJ

Kenna James · 6:59 PM

Ah, reduction of variance. Some people love it, some people hate it. Variance that is.
KJ

Kenna James · 6:59 PM

Yes, that explains another difference between us.
KJ

Kenna James · 7:00 PM

So we highlighted the commonalities of our paths and now some of our differences. Same, similar and differences. It's the spice of life!
KJ

Kenna James · 7:01 PM

Well, that's our hour. I want to sincerely thank you for taking the time to Tawk with us Chip. I know with your kids and everything you got going on your time is precious. Thank you so much!
CJ

Chip Jett · 7:02 PM

My pleasure. thanks for having me. Thanks to Felix for the input and great ?s
KJ

Kenna James · 7:02 PM

I really respect your insights into the game and respect you as a competitor and more importantly as a father.
KJ

Kenna James · 7:02 PM

See y'all at the tables!!
CJ

Chip Jett · 7:03 PM

Thank you again.
KJ

Kenna James · 7:03 PM

ONLINE!!