Opening the Portals

It's an announcement many U.S. poker players have waited to see.  Plans have been announced to bring back "legal" online cash games and tournaments - the kind of games which brought two crackdowns by the Justice Department in recent years.

For now, the website is only accessible to adults living in Nevada.  But the obvious goal is to expand to other states.  For those who play poker well, it's an opportunity to win money without going to a standing casino.  For those who don't....

Well, the news of the week also has included a game player at the other end of the spectrum.  He went to a carnival to win an X-Box for his children, and wound up losing what he called his "life savings" of $2,600.  (At least the carnival promoters gave him a $600 refund.)

Our point?  If you don't know what you're doing, poker can be a money-losing proposition.  We've played enough cash games in poker rooms to experience both nice gains and quick busts.  As the Bible reminds us:

Labor not to be rich.... for riches certainly make themselves wings; they fly away as an eagle toward heaven. - Proverbs 23:4-5 (KJV)

The New International Version adds a noteworthy phrase to verse 4: "have the wisdom to show restraint."  The man at the carnival did not; he reportedly lost $300 at his game, then went back home for $2,300 more.

....But a wise man keeps himself under control. - Proverbs 29:11b

Or as one brewery's ads used to advise, "Know when to say when."  That's a wise tip when it comes to money in poker, every bit as much as alcohol.

So if you dare to play online cash games, we suggest having a personal "limit down" (to borrow a commodity market phrase) -- an amount of loss which you never cross.  If you hit it, you quit.  But look on the bright side -- if you win, the sky can be your limit.