DirecTV Is Outpacing Dish And Now Comes Malone
Liberty Media chairman John Malone and Dish Network chairman Charlie Ergen are two of the most mercurial executives in the pay TV industry.
Now, the two mavericks are determining the futures of DirecTV and Dish Network, the two satellite providers, with roughly 31 million subscribers between them.
Yet, as Malone and Ergen begin to hit heads, the companies they run have diverged, with one handily beating the other in gaining customers. DIRECTV ROLLING
DirecTV, the nation s second-largest pay TV provider with 17 million subscribers, is basking in strong subscriber growth. DirecTV gained 275,000 subscribers in the first quarter, an increase of 17%. Its winning formula has been: Focusing on upscale customers; growing its lineup of national HD channels, now at 95; and aggressive marketing.
There was no such luck for Dish Network. The third-largest pay TV service said it has been hit hard by having fewer HD channels, the sour economy, increased customer turnover, growing telco competition, customer-service problems and piracy.
The good news was that Dish Network saw its net income climb 65%, to $259 million, in the first quarter. But Dish only gained 35,000 subscribers, an 88.7% plunge from its pace of a year ago. It now has 13.8 million subscribers.
With two satellite companies, we should be getting half the business subscribers , if we re a company that s executing properly, Ergen said during a first-quarter conference call last week. And we didn t come close to getting half the business. We got a very small percentage of the business. We re not operating as well as we should have.
With that dynamic in play, during the remainder of the year Malone, a veteran cable operator, and Ergen, a satellite pioneer, have quite different decisions to make and challenges to face.
Malone s Liberty Media, after completing an $11 billion swap for News Corp. s 41% stake in DirecTV in February, will likely decide if it wants to buy the rest of the nation s No. 1 satellite provider, according to analysts.
Full ownership of DirecTV would permit Liberty Media to include the satellite provider s sizable cash flow, $617 million in the first quarter, in its own financial results.
Liberty Media would then control and have the latitude to fully mine synergies between DirecTV, a giant distributor, and Liberty s programming assets, which include full ownership or stakes in Starz Entertainment, QVC, GSN and three regional sports networks.
For example, DirecTV could use its clout as a major distributor to leverage better deals for Liberty programming services from cable operators such as Comcast or Time Warner which own or have ties to cable networks that are carried on DirecTV.
Right now, Ergen s Dish Network has a variety of issues on its plate. In an effort to beat back the competition, Dish said it will continue to ramp up its HDTV lineup, offering 100 high-definition networks and local service to 100 markets by year-end, despite the failure of a satellite launch earlier this year that would have enhanced Dish s HD capacity.
Dish now has an estimated 80 HD channels nationally and local HD in 55 markets.
Now, they DirecTV have the momentum, and they ve certainly got brand awareness for HD, but we ll have a competitive product out there, Ergen said.
Nonetheless, Sanford C. Bernstein Co. analyst Craig Moffett last week hammered Dish on its subscriber-growth plummet.
Dish would appear to be between a rock and a hard place, he wrote. At the low end, Dish s 'everyday-low-price value proposition suddenly appears vulnerable against cable s economically advantaged triple play. At the high end, Dish has been outflanked by DirecTV s 'best HDTV positioning. Churn is eroding the base. LIKES HIS CARDS
But Ergen, a former professional poker player, was upbeat and said Dish Network has taken steps to address the problems, like call-center snafus and mishandled installs, that dragged down its customer growth.
I learned when I played poker I d better be patient, Ergen told analysts. And I played poker some nights where I folded for 10 hours in a row, and I walked out a big winner when the game was over an hour later. So we bet when we have cards and we re patient when we don t. We think that things are going to be better for us. We think we re doing a lot of the right things.
While DirecTV has focused on the customer s video experience by touting its DVRs, HDTV, original content and unique interactive options Dish Network is trying to expand into new businesses, namely selling set-tops to cable operators and pursuing mobile-video opportunities.
At the start of this year, Ergen split his fiefdom and is now chairman of two separate publicly traded companies: Dish Network, his pay TV service; and EchoStar Corp., which houses his set-top and fixed satellite businesses, as well as video-viewing place-shifter Sling Media.
EchoStar, which supplies Dish Network with its set-tops, will be selling Sling-enabled modems and set-tops to the cable industry. The new SlingModem will allow cable customers to place-shift programming from their TV sets for viewing on any Internet-connected device.
To make its pitch to cable operators, EchoStar for the first time ever will be an exhibitor at The Cable Show in New Orleans this week.
Ergen is also aggressively pursuing a strategy of being able to offer consumers portable and mobile video, via the acquisitions of not only Sling Media but 700-Megahertz wireless-spectrum licenses obtained earlier this year, which he may use to launch a mobile TV service.
It remains to be seen whether 700 MHz or Sling or our satellites or anything we re doing we can piece together to make money at, but we think the odds are in our favor, Ergen said last week.
In the spectrum auction, Dish Network shelled out $712 million in a winning bid for 168 licenses in March, and it paid $380 million for Sling Media last fall.
Last week, Dish Network vice chairman Carl Vogel said the company is looking for partners interested in possibly creating a mobile-video service.
In terms of 700 MHz, this acquisition of spectrum dovetails with our broader philosophy that we want to be the best we can at video, Vogel said. Our principal interest in this is to provide some mobility and portability options that dovetail nicely with both our Dish customer base, as well as our Sling product.
But he and Ergen repeatedly cautioned that Dish Network is just testing the waters and will literally test the technology, and then try to determine if mobile video can be profitable before it forges forward.
Nobody s made money in the mobile business today that I know of, Ergen said, adding that Dish Network will do several tests, including one of European mobile-TV broadcast technology with Alcatel-Lucent equipment in Atlanta. HARD TO HANDICAP
Over the years, Wall Street analysts have written many a report trying to forecast what Malone and Ergen will do, short-term and long-term not an easy handicap.
For example, few would have seen Malone a cable icon who made Tele-Communications Inc. into an industry giant before selling it to AT T in 1999 buying into a direct-broadcast satellite provider, cable s archrival. And Dish Network s bid for the spectrum, as well as its purchase of Slingbox-maker Sling Media, were unforeseen.
When the News Corp.-Liberty deal was announced in December 2006, some analysts predicted that Malone planned to flip DirecTV to a telco or that he would try to strike a deal to merge it with Dish Network.
That s not the talk on Wall Street now. Instead, the speculation is about how Liberty Media will ultimately incorporate and leverage DirecTV into its portfolio of programming assets.
Earlier this month, to enable DirecTV to do a $3 billion stock buyback, Liberty Media agreed to keep its voting stake in the satellite company at its present 47.9%, even though Liberty s actual holdings will increase to an expected 53% once the buyback is done.
Since it completed its deal for News Corp. s 16.3% stake in DirecTV, Liberty Media has already increased its ownership from 41% to its present 47.9%.
We like the company so much more, that post the swap we ve added another 78.3 million shares to our holdings, Liberty Media president Greg Maffei said during the company s first-quarter conference call earlier this month. GIVE ME LIBERTY
On both Liberty Media and DirecTV s recent first-quarter earnings calls, executives said they are still trying to find ways to capitalize on their companies relationship.
DirecTV CEO Chase Carey cited Liberty Media s amenability to holding its voting stake at 47.9%.
Liberty and DirecTV are working well together, and working well to move DirecTV forward, Carey said. Clearly, we and Liberty believe there are other steps that make sense for us together and expect to continue to move forward expeditiously as we work through short-term items.
On Liberty Media s call, referring to DirecTV, Maffei said, We re still working on the best path to unlock additional value there.
As for Liberty Media s stake increasing as part of the stock buyback, he told analysts: We re also excited that our economic interest in the business will increase, if not our voting interest. And nothing they are doing, we believe, limits our future strategic options, or theirs.
When asked about the option of merging DirecTV with Liberty, Maffei said, It really depends on what kind of a merger you are thinking, but added there was no such plan at present.
After Liberty Media agreed to hold its voting stake to 47.9%, Sanford Bernstein analyst Craig Moffett wrote, That will quell hopeful speculation that Liberty will buy in all of DirecTV.
But other analysts have come to the opposite conclusion of Moffett, and believe odds are good that Liberty Media will buy the rest of DirecTV.
The new agreement does not allow Liberty to acquire a larger voting stake without a formal tender offer for the all the remaining shares held by the company, Citigroup analyst Jason Bazinet wrote. We believe there is a 75% chance that Liberty Capital tenders for DirecTV within the next 12 months. NOT JUST CONTENT
Several Wall Street analysts believe that Malone bought into DirecTV not as a passive financial investment, but as an avenue to actively capitalize on having both a distribution platform and content company.
On DirecTV s first-quarter call, Carey alluded to distributor-content benefits when asked if the satellite company would be interested in acquiring a network.
My general view, they all seem to be premium-priced, Carey said. I ve said it before, I think content and distribution there are values, there are synergies and values you can create. We d be selective and opportunistic.
Janco Partners analyst April Horace said that long-term, it does not make sense to have separate securities out there for DirecTV and the Liberty Entertainment Group, the tracking stock that holds Liberty Media s interest in DirecTV, Starz, GSN and the regional sports channels.
Horace said that she thinks Malone wants to be very much strategically involved in DirecTV, and Jamie Townsend, an analyst for JRPG Investment Research, also predicted that Malone and Liberty Media will not be mere passive investors.
I guess almost by definition his role is going to be more active: How active that is, is much harder to say, Townsend said. Clearly, they re going to have something to say about where the business goes, otherwise, they wouldn t have made the investment they ve made.
Others believe it s too soon to try to gauge Malone s plans for DirecTV.
It s too early to opine on what he s doing there, said Jimmy Schaeffler, chairman of The Carmel Group, which has consulted for DirecTV and Dish Network.
But Schaeffler added, When all is said and done, it fits what I know of Dr. Malone that he will become more deeply invested, or his companies will be more deeply invested, in DirecTV.
Last summer Carey renewed his DirecTV contract until the end of 2010, but Schaeffler still believes that despite Carey s success at the satellite provider, it s inevitable that Malone will bring his own executive in, someone who understands the Liberty Media companies and how to make DirecTV fit in with them.
He s Carey a News Corp. guy; he doesn t understand Liberty, Schaeffler said.
DirecTV has made its gains, in large part, by positioning itself as a premiere programming provider, with a big emphasis on HDTV. It now has 95 national HD networks and local HD in 77 markets, and will have capacity for 150 HD networks and local HD in 100 markets by year-end. HD HEADACHES
Cable, on the other hand, has had its own triple play and video on demand to tout as a differentiator against satellite.
That s HDTV kind of a battle that s been fought and we won, DirecTV executive vice president of content strategy and development Derek Chang said.
What we ve always been about is highlighting our content overall, Chang said. We ve created a premium brand for content. Customers know if they want the best content, they come to DirecTV.
In terms of original content, Chang cited DirecTV striking a deal last month to partner with NBC on a third season of Friday Night Lights, which will initially air on DirecTV and then the Peacock Network.
Dish Network s HDTV offerings, particularly in local markets, are lagging behind DirecTV.
Dish Network suffered a setback this year when a satellite, AMC-14, it was going to use to expand its HD offerings failed to reach its orbit and was declared a total loss.
Dish Network has downplayed the impact, saying its HDTV plans are still on target.
But on the first-quarter call, Ergen conceded that the AMC-14 problems had forced Dish Network to rejigger an awful lot of stuff, to move things around, in order to launch its latest round of national HD networks, which include Sci Fi HD and Bravo HD.
But we were able to do that, so we have a very competitive HD offering in the marketplace, said Ergen, who then promptly dropped 15 Voom networks, bringing his HD channel count back down.
A number of analysts believe that long term, the AMC-14 malfunction will slow down some of Dish s HDTV plans.
We expect DirecTV to continue to show good growth, recognizing some of the economic crosswinds that are out there affecting everybody, Townsend said. We re less comfortable that Dish may be able to reverse their recent trends, partially because their HD offering continues to fall short of what DTV has, and they also failed with the satellite launch that took place in March. BUYER OR SELLER
Some analysts also believe Ergen will continue to look for acquisitions like Sling Media. Last year EchoStar was an unsuccessful bidder for Intelsat, the world s largest fixed satellite provider; it reportedly unsuccessfully bid for Ion Media Networks; and was approached by MySpace co-founder Brad Greenspan about jointly bidding for Dow Jones Co.
EchoStar could be a seller. The long-speculated AT T acquisition of Dish Network is still possible, some say.
It certainly makes some sense, and we continue to think it s a possibility, Townsend said.
But Schaeffler just doesn t see Ergen, who he said is still passionate about the business, selling this year.
He s a young man, Schaeffler said. He s in his mid-50s. He loves what he does. He s got children coming up. Charlie eats, sleeps and breathes this stuff.
Hoping to rob cable of a competitive differentiator, DirecTV is gearing up to launch its on-demand service in June and claims its approach will be user friendly, with better graphics and more features for TV viewers.
DirecTV On Demand has been in beta tests since October, and now has about 4,000 titles.
The service offers a mix of free movies, TV shows, short clips, new Hollywood releases on pay per view and a stable of high-definition content, said DirecTV executive vice president of entertainment Eric Shanks. In fact, DirecTV was the first distributor to launch NBC s 2008 Summer Olympics on-demand product, according to Shanks.
DirecTV says its on-demand service present its offerings in a user-friendly way. For example, the 73 programmers participating in the VOD service will each have their own on-demand channel home page, a full-color interface, according to Shanks.
People really enjoy the graphical interface this literally just blows cable s interface away across the board, said Shanks.
On that home page, networks can highlight their new VOD content and promote their new offerings.
Subscribers can also search for titles on channel 1000 of the program guide the home for DirecTV On Demand. Via remote, viewers can browse titles listed alphabetically and can also browse titles by category and subcategory.
DirecTV is providing VOD service by downloading video to storage space on subscribers set-top boxes through a broadband connection.
Shanks maintains users can watch VOD choices in real time, within seconds of when they request a title.
Once you pick an on-demand title it lives on your DVR until you delete it, he said. You can create a library of downloads.
Cable has skewered DirecTV s on-demand as pseudo VOD, but Shanks said, If I were cable, I would be disparaging the product as well, because they know they can t use on-demand as a differentiator anymore.
Previously, DirecTV subscribers would need the satellite provider s HD-DVR to get the on-demand service, which is free. But DirecTV just launched a standard-definition DVR that customers can also use to get the on-demand service, according to Shanks.
Even while pursuing on-demand options, Shanks still downplays VOD s overall importance as a competitive factor.
On-demand in general is a nice service, but I think that history tells you on-demand hasn t been a game-changer for cable, Shanks said. It s a step in a strategy of us embracing the Internet with our boxes. There s a whole world of services that you open up.
DirecTV CEO Chase Carey also soft-pedaled VOD during the company s first-quarter conference call earlier this month.
VOD continues to be probably a long-term proposition, Carey said. I ve said before: DVRs and HD, I think, are much more powerful forces in the marketplace today. I think VOD that s not diminishing any VOD will grow. I think it will grow over a longer time frame.
DirecTV views on-demand as part of its bigger strategy of embracing the Internet, by sending Web content to set-tops and exploring interactivity.
Shanks said he sees VOD as just a great building block for things to come.
Linda Moss
My Poker Life - my poker career
Poker is gambling, would like to make money through gambling is very difficult, would be Huozhongquli, you must make it clear where their strengths and to maximize their advantages. This requires adequate funding to do capital, control every good bet for the Bureau. Then is spend time Mochu their own profits.
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If you know the ins and outs of the game, change your focus. Work on the next great challenge, always putting your A game forward and controlling tilt. If before, when you were studying poker you worked on strategy 90% of the time and mental aspects of the game 10%, REVERSE IT. Put everything you have into making yourself the best possible mental player you can. Please re-read this paragraph before I give you the good news and the bad news. I ll give the bad news first: Becoming a mentally tough poker player on a world class level is easily twenty times harder than learning poker strategy. However the good news is that mastering the mind is the true secret to poker and anyone can do it. If you use sound strategy at the table and are mentally tough you will be a winning poker player.
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Finally some guidance how the individual can not win all the money the brothers, if short-term Shuqian, the final profit for the positive, it is likely nothing to do with technology, out of luck when it is bad, nobody can not be overcome, but if long-term Shuqian how It is a loser from the illnesses themselves to find the (self-To be honest, if the monthly balance, 30 days a month I seriously can we also winning the average down to 10 days, the remaining time in Dangzhuo You, I do not lose to maintain a satisfying, of course, my own consumption standards on 10 days win enough), is not caught on the dark three people must then ALL IN, experience, slowly groping to understand! Novice Committed the biggest mistake is to capture all the attention on good licensing Siding in their own boards, that is wrong in the wrong, and more consideration is what other people, than they have a licence to be much stronger, a mentality of playing cards, playing Location! I eventually found myself playing more playing cards to learn what the most simple that is a kind of vigilance, any feeling of a card down slightly against themselves, how to think about the future compared to some! Rather than Look at their licensing Tingtaiqupin click!
Several experts saw the Forum article, I think, Jingyanzhitan, thoughtful. I will say a few words about my experience in my view.
I thought, we need not consider whether the random software problems, the key lies in place, poker market is the same for all players, whether it is fair, I have held a positive view. Even if the poker market for software for the control of some people, but also for all the players, not only for a certain individual, as you may have encountered such a Daomei Shi, other players may also.
And land-based casino is different - you have to face the audience, rather than poker market. Therefore, we need to do is identify what it is to market the trap of poker, when is the profit you a good card, this is not to say a few words to understand that different Changzi have different characteristics, we rely on in combat in groping . I think that the experience, is not difficult to do this.
By AP as an example, in Limit game tables, there are two very obvious features are:
1, few people can only properly licensed by three consecutive wins hands;
2, when a player fast Shuguang, general licensing You Yishou a coincidence, you just call the AA play
Bitter combat - Bad beats
Against 1:
In your great composition of licensing, also an opponent than you, you lose a Hencan, such as the composition of your gourd (Full house), and your opponent has four components (Four of a kind).
Against 2:
You have already formed a three (Set), and other opponents in the mouth with a folder (Gut shot straight drawing), into the river when the licence was formed, so that you lost even worse.
Online poker in many such cases, what the reasons for it
One view is interested in the online poker licensing control; Another view was playing online poker every hour the hand of poker much more than the ground, so the probability of certain licensing on much larger.
These two views are not correct, the big online poker every day rely on pumping stations can have millions of business income, do you think they will be interested to licensing control? This licensing control to the risk is very large, these cards will not stop millions of home every day regardless of income, to stop for some small players, this would destroy their business.
The second view, if established, it should be playing poker in the field 100 hand in hand with online play 100, you will experience the bitter combat should be almost probability. However, according to statistics, in the field in poker, you play 100 hands may be subjected to the bitter fight against the probability is 2 percent, while online poker, playing 100 may be subjected to the painful hand combat is the probability of 5 percent to 10 percent, the gap Is great.
In the end that is what causes so many online poker the bitter fight against it
According to my point of view this is the case, online poker and poker site on the nature of the difference between the two cases led to the players different ways to play.
Licensing and odds are the same. But the audience is a difference
The online poker players in general are very loose and Henxiong, to put it Nanting point is like a lunatic. They very sensibly, often those who should not be playing on the Board and, in many cases have bet Taixiong.
Because online poker is not true:
1. False sense of money, I mean, when you register for ID cards at the station so many dividends to you, you feel real? If you really bet each time from a few hundred dollars out of Douli Taichao time, you will feel what is a
2. Poker false, untrue chips, the table is not true, these things do not exist.
You play online poker at all to see only some of those ridiculous little picture and animation, but also analog chips to hear those voices of the collision. Only these, no other. And if you lose on the one after, just a few clicks of the mouse on the table immediately to another. You can also play at the 10 table, which is also the face of nearly 100 opponents to play. This is a different world.
Online poker players playing style in general-and fierce, this style of a lot of bitter combat there. Because a lot of players in the licensing of the poor often bet Henxiong; many players involved should not be involved in many of the Licensing Board; table a lot of money, because players bet Henxiong. When these conditions together when there are a lot of the exotic (Pot) and many bitter combat.
Was not because of licensing control, but because of online poker players
The Chinese poker players, the really troubled times in recent months, the first PartyPoker announced that China prohibited players, and then announced that the United States signed a decree poker network in the United States illegal and prohibit U.S. banks to issue credit cards in online poker to the station to the money, This led to some major points that poker players do not accept the United States. The United States played really, the arrest of several foreign countries in the United States, Tai Zhan, president of poker, for a time, several of the big London-listed stock prices Kuangxie poker stations, and even Neteller also suffered, or a lot.
I recently to Duoduo wind, Neteller and MoneyBookers, the money taken out of the way to think, intended to avoid a repeat bullet. Basic to calm down now, and I began Chunchunyudong, tell the truth, I play cards to make money is a long, I always believe it. Although I have spent a lot of time and money to study other ways to make money, but unfortunately,
I also like to become one of the main industry, it can not give up.
The United States signed the Gambling Act matters to a hubbub in online discussions, I read a lot, I feel the U.S. government is proceeding from its own national interests, not really consider the ordinary people do, you the ordinary people of the destruction the U.S. government gambling Should not be to your tube, it is your own thing. Too much gambling in the United States stands to attract a large number of players, led to outflows of capital, the U.S. government is really worried.
But online poker is the trend no one can not stop the U.S. government can ban, but the United States so much enthusiasm of the players who can Jinde Zhu Especially those who have not been stopping the drug addicts are. So do not need to worry about the future of online poker, bear in question is now can choose several on the Tai Zhan, my choice is UltimateBet, before the regular playing here, very handsome dividends, but also against foreign domestic helpers. Another option is to PokerStars, top experts said there are too many, not easy to make money, so for the time being does not touch Miao. The other option is also available in some European Tai Zhan, as Betsson poker.
One I have often been asked the question: If you want to seriously carry out the cause of poker, the number of funds which was enough under the influence of the many possibilities will be difficult to have a correct answer. Each individual must examine his own play type, choose what type of game, playing the location, number of bets only appropriate, and the reason for playing games. After carefully considering these issues, you finally get an approximate figure.
If you search the data on the funds, you will find some of the basic rules of the experience. I know that these rules times to 300 times the money, as you Wan Puke funds. Meaning that if you play 1 / 2 (Limit), you need $ 600 as a poker funds. This is a very good figure, but it is also a general note, first of all, you must pay attention to you is that type of player. If you are a serious gamer, you do not need as many of those involved in the betting pool for the players as preparation for a big poker funds.
When I as a professional player in the identity of my poker career, I have chosen the game is Omaha high / low scores Chi (Limit). Whenever the opportunity comes, I will take full advantage of it. Then another one and I play very similar to the audience, we often have the same Board of adhering to the end. I of the Board of players he is playing between two to three times, which means that my Zhenfu higher. Our very different types, but last week the results we are very close. I have asked myself if I change my type of play cards, I play cards in Zhenfu will not be so high, and the answer is very simple
This is my own style, I can only confirm my poker funds in similar Game more than any other player.
Another impact of the poker capital you need is the size of the type you play the game. If you like playing Suoha, three out licensing or Badugi, you will need more funds to cope with the pumped-card poker. Some of the games, bet a few more games than the other, so if you re ready for a few more bets on the game, you will be less than other bets on the number of games players prepare more funds.
Note Texas Hold em unlimited needs large amounts of funds is another preparation for the game. Duzi $ 100 in a game, the blind $ 2-3. 300 times the injection of funds prepared formula would not apply. No one knows the $ 900 it is very difficult to cope with unlimited capital injection in Texas Hold em Scott fluctuations. I started in the early poker career, I have chosen the game is Omaha. , I always play the game of unlimited note. I experienced a continuous loss of life, has been in low-Limit game to lose a total of $ 1,500 ($ 100 per Duzi). This fluctuation can destroy a person s confidence, and if he does not have sufficient funds to deal with. Note unlimited Zhenfu Texas Hold em may be the most intense game. I can deal with this Zhenfu good because I have enough money poker, to cope with the loss of those days I have enough confidence and without fear of money left by the loss of my recovery. Fear of money means that you do not play cards in accordance with your style, because you fear that if we continue to lose, you will lose all of you to the poker capital, and can not make the right action - or can not money to continue the case.
You must think that a limited level of note for you. The most basic guidelines from the $ 1 - 2 Limit game, you need $ 600 poker funds. Therefore, if the $ 10 - 20 Limit game, you need $ 6,000 of funds. It looks adequate, but the contrary. Low Note in the amount of games, you will circle over licensing in the face more opponents. That is, you only play strong Qishou card, you also have relatively large fluctuations, because you are facing the opponent more than a few will win the relatively less. But you have to win the prize money pool will be larger. Basically, you have a low note in the amount of games will become more volatile. Therefore, you will be prepared than the guide said more funds.
You will be prepared to decide how much money you is the main factor in Wan Puke. If you have a normal work, or other sources of income, that the above guidelines are just right for you. If you plan to poker as the main source of income, then things will become complicated by many. A professional poker player is different from the needs of amateur players (or semi-amateur). A professional player of the cost of living can not be separated from his money, his money is actually a net asset of his.
When you Wan Puke, you will be shaken. When you are very rich, this will not shake you. If poker is your only source of income, and you have shaken. You will put your monthly expenses in your day-to-day funds to remove until you come back after the win, or to minimize expenses. Although you ready funds, but you can not maintain its long-term, the basic reason is that you do not have ready for poker. So this is very important, you must be prepared to 300 times more than the benchmark big injection of funds.
Professional poker players will think some other source of income to increase their funding. Funds not only in your bedroom drawer. If a player usually $ 30-60 on the Board, he would be prepared to $ 20,000 of the Duzi to play cards. If a player has $ 20,000 of the funds, he can not every time all the money on the table to play cards. Every time a player should only take a small part of the funds went to DU field, while others should be stored in banks, the stock market or other places may be earned. Those reserves should be in the audience in the poker table to play cards at the same time to work. Each one of the players because of their own money factor will vary. Every player in the beginning before they can answer the many questions to think that they are prepared to appropriate the funds. They must consider the type of game, Limit Mode, play cards style (Las Vegas card wind more stringent than in Los Angeles), and because of what reasons to play cards. When an audience ready to funds, and then they embark on their own when the road. If only to recall more will be better prepared. The number of times you win by less than expected, if you playing more, there are many benefits, but the pros only one - bankruptcy.
Poker funds equivalent to your life.
Some people say that Texas Hold em is on the final play of the game. It is a little exaggerated, but it is undeniable that psychological factors in Texas Hold em indeed occupy an important position. Texas Hold em games are integrated technical, psychological factors such as luck and a senior intelligence game, it is necessary to achieve long-term profitability, the most in need may not be technical, not luck, but good psychological quality. However, As the saying goes: long losing bet. To achieve long-term profitability, is easier said than done.
Of course, technology is fundamental. Texas Hold em rule is very simple, super-easy entry, you can in one hour or even a few minutes on the entry. Through the front of the poker tutorial related to the study, I believe we have Texas Hold em is no longer unfamiliar. However, it is necessary to make a winner in Texas Hold em, you may have to spend a long time to explore and even pay a high fees , even if you can carry all kinds of Dipai the probability of Gungualanshu, you can master with any singled cents at Not less. The reason is simple: Texas Hold em is not gambling, but many people equate them, or you can become a millionaire through a gamble, but the psychological gamblers, you may become the next Million negative Weng. That is why a lot of good technical people, luck is also very good, but still can not be profitable for the final. For our general audience, Bo Gong through a slim chance, after all, our goal is - the long, long-term profitability!
Luck is the day set, the opportunity to everyone, and so the technology is to learn, after all, a few days; the technology than you are even worse Shuiyu. We have to do is find out Shuiyu this article. This is the key to profitability! On today s classical training poker is the most important part of poker - the psychological training. It will help you as a technical ordinary players may also be achieved through the efforts of profit targets.
First, no bogeys gamblers psychological.
