Capture the Flag

Tim Phan resides in California, so he has easy access to the abundance of juicy cash games there. He regularly plays in the highest-stakes games that Los Angeles has to offer, and he has been known to venture to Sin City to play in the "big game" at Bellagio. He has earned more than $1.7 million playing tournament poker, but says the money he earns in cash games is what supports his family.

Lizzy Harrison: What factors make for a good cash game?

Tim Phan: It depends on which game it is. Generally, though, it is the players. You want them to be willing to put in their money with the worst hand.

LH: What is your preferred game, and why?

TP: My favorite game to play probably would be a mix of games, to keep from getting bored. Any mix, it does not matter, because I think that I play all of them well. I just don't want to be bored when I play poker. I played limit hold'em for 10 years, and it got pretty tedious.

LH: When you first started playing cash games, what games and stakes did you play?

TP: I was 19 when I first played at The Bike [The Bicycle Casino] in Los Angeles. I pretty much lost all of the time at the beginning. I used to play a lot with David Oppenheim; he was 20 and I was 19. We played a lot of $5-$10 limit and $10-$20 limit together back then.

LH: What are the biggest differences between limit and no-limit?

TP: Limit games are very different from no-limit games. Limit is much easier to play; it is stress-free. If you don't try to enter pots with bad hands, you will be OK. Some people will play any hand, but you should play only good starting hands. Discipline is important.

LH: What tweaks were needed to turn yourself into a consistent winner?

TP: I don't really know. At that time, limit hold'em was played differently, and you had to be more selective, yet still aggressive. Now, aggression is everywhere.

LH: Since so many people are aggressive now, what is the best way to counteract that?

TP: If I am playing limit hold'em and think that the other players will put their money in bad, there is no reason for me to force the action. I can just sit back and pick up what they throw in the pot.

LH: Did you ever receive any advice that changed the way you played cash games?

TP: Not really. I pretty much had to learn on my own. Nobody really wanted to tell me anything, because I was the bad player when I started playing. They didn't tell me anything because they wanted me to keep losing. I figured it out, though, and then they all were in trouble [laughing].

LH: What stakes do you play on a day-to-day basis?

TP: In L.A., we generally do not have games bigger than $400-$800 limit. During tournaments, though, we can play $1,000-$2,000 every day, because there are more players in town. When I go to Las Vegas, I usually play $2,000-$4,000. I would say that I like to play moderately high.

LH: I have seen you playing in the "big game" at Bellagio; how have you done there?

TP: I am a small winner there, but I was up a lot when I first started playing with them. Then I lost some and ended up being a small winner, but at least I am still in the black.

LH: What are the highest stakes you have played?

TP: $4,000-$8,000 at Bellagio.

LH: Who else was in that game?

TP: It was me and Johnny "World" [Hennigan] heads up. He asked me to play stud eight-or-better heads up. It is his best game, and apparently he is one of the best stud eight-or-better players in the world. When he challenged me, it was actually a funny situation. We had been playing $2,000-$4,000, and the game was breaking up. So, I said, "Johnny, let's play something else." And he said, "I really don't feel like playing." I kind of egged him on to play, and he dared me to play him in his best game. Instead of playing $2,000-$4,000, though, we played $4,000-$8,000 for half a million. I had him beat pretty badly, and he wanted to quit, but I said no. Then he got it all back, and I beat him for it again. He ended up losing $50,000, which is minimal in that game.

LH: How should a player determine when he is ready to move up in stakes?

TP: You have to have the skill level to move up. Having the right bankroll is also key. There are players who are like me when I was younger. I used to gamble and take shots. I would take all of my money and put it on the table all of the time. I don't recommend doing that, though. If you are a good player, you should take shots, but it is not smart to put all of your money on the table.
LH: What percentage of his bankroll should a player risk in one session?

TP: I would say that a player should not lose more than 10 percent of his bankroll in one night.

LH: What advice would you give a successful tournament player if he wanted to move into the cash-game arena?

TP: I would tell him not to be overly aggressive from the start. He has to get familiar with the routines of the other players at the table. Being overly aggressive right from the jump is never a good idea. In cash games, the players are not afraid to go broke, because they can just take out more money.

LH: What characteristics do all great cash-game players share?

TP: All of the best players are not afraid to gamble. They are willing to bet on the stupidest things in the world because they know they are good at poker. They know that they can make the money back if they lose it. Great players have a very high gamble factor. I am not saying it is smart, but you will notice that the players who are winning are willing to gamble.

LH: You are a winning player, so you must be a gambler. What is the craziest bet you have ever made?

TP: Once, I had a footrace outside Commerce Casino, but it was only a 50-yard race. I spotted Ted Forrest five yards in a 50-yard dash, and he beat me. He beat me by only a little bit, though! I lost that bet. Another time, I bet a guy that he could not do one pull-up. That bet was for $50,000.

LH: Did he do it?

TP: No, he couldn't. But another time I bet a guy he could not do two pull-ups, and he ended up doing eight!