I have been traveling the tournament circuit overseas and in the United States since January 2006, and I have learned a lot along the way. The touring tournament professional's career is quite a bit different than the online or strictly cash-game pro's. Those of us who travel the circuit are constantly living out of our suitcases and booking the next site's hotel and airfare arrangements. These things, along with the expensive dining and entertainment, can create a myriad of expenses. We have to make enough money to cover all of these expenses and turn a profit in the tournaments just to be able to be winning players. While a lot of said expenses are somewhat tax deductible, there are several things a player can do while traveling the circuit to save money and avoid going broke.
1. Don't think you're too invincible to be backed financially. Tournament buy-ins alone add up to hundreds of thousands of dollars over the course of a year. If you're lucky enough to find someone who is willing to back you, or even buy a percentage of your action, it's probably not a terrible idea to do it. Running bad over the course of just a few months can be devastating to your tournament bankroll. I would venture to say that you need an absolute minimum of $500,000 set aside if you plan on traveling the tournament circuit for one year. I've never been backed, and I'm one of probably 10 to 20 guys who hits every tournament spot and plays his own money, but that doesn't mean I'd be above being backed if things got rough and someone offered the right deal.
2. Find a traveling partner. For the last 10 months, I've been traveling a lot with my good friend Jon "Jcardshark" Little. Jon has had some success, including a fifth-place finish at this year's
PokerStars Caribbean Adventure event. Splitting hotel room expenses can save more money than you might think over the course of a year. Having a friend to hang out with can make things a lot more fun at the tournament sites, and it's also nice to have someone around when things are going terribly in poker. The tens of thousands of dollars you save by splitting expenses two or three ways could be crucial when the end of the year comes around.
3. Don't go overboard with extravagant nightlife. We all know how fun nightlife is, but it is very important to keep it in check while you are on the circuit. I party just like the next guy, and have spent my fair share of nights partying until 5 a.m. when there's a tournament at noon the next day. Nightlife, especially in Las Vegas, is a huge leak of a lot of guys on the circuit. Bottle service at nightclubs can easily reach $1,000 per night. That being said, nightlife alone can cost $50,000 over the course of a year. I'd recommend partying, but only every so often and not the night before a big tournament.
4. Avoid table games and sports betting. Without question, table games and betting sports break more guys on the circuit than anything else. It is somewhat hypercritical because I cannot profess to be completely devoid of betting sports and playing table games, but I keep them to a minimum and usually don't buy in for more than $1,000. It just doesn't make sense to play these games at a 53-47 or worse disadvantage, and there is no worse feeling than sitting at a blackjack table when you run out of chips and realizing that you just lost a sizable amount of money playing a negative expected-value game. It makes a lot more sense to play a cash game and grind out a profit in a game in which you're definitely a winning player. The allure of table games and sports betting can be especially prevalent in places like Tunica and Foxwoods, but you just have to find other things to do to keep yourself occupied.
Give these four things a shot, and I can assure you that you'll have more money in your pocket at the end of the year that you can use to pad your bankroll and play in more poker tournaments.
Good luck!
Shannon Shorr is a professional poker player from Tuscaloosa, Alabama. He finished fourth in the Card Player 2006 Player of the Year race. You can follow his progress at shannonshorr.com, or e-mail him with questions and comments at [email protected].
