Miner's Earnings: Perceived Income of Miners Found to Be Deceptive, According to Poker Player Daniel Negreanu
Unfiltered Insights on High-Stakes Poker:
High-stakes poker ain't all about those flashy cashes and glamorous titles. You gotta dig a little deeper to truly grasp the finances. Sure, players like Daniel Negreanu may be Casanova of the card world with $55.5 million in career earnings (7th all-time), but the real story resides in the shadows of expenses, re-buys, stake sales, and swaps.
In the 90s, a full-time high-stakes poker agenda set you back around a quarter-million bucks annually. By 2013, that number skyrocketed to over a million, and today, it costs more than a hair-raising twelve mill' just to get a seat at the big leagues. Yep, you read that right – twelve million dollars.
Negreanu's turf is Vegas, with a focus on WSOP and PokerGO events, but he misses out on some tours like Triton and EPT. Despite his limited schedule, he still hangs with the high-stakes crowd, thanks to selling action or swaps. If he wins big but sells at a markup, he can still rake in the cash, even if he bombs on the table.
But, do all players agree with Negreanu's assessments? Not quite. Spanish Adrian Mateos – one of the world's most successful MTT players – disagreed with the Seven-time World Series of Poker champ's analysis. Mateos argued that only a handful of players actually sink over ten million annually in buy-ins. In 2024, Mateos topped the Hendon Mob ranking with a massive thirteen million in cashes, and has over fifty-two million in total earnings, with four WSOP bracelets under his belt.
Several other pros, like Sam Greenwood, Sean Winter, and Matt Berkey, voiced their disagreeing opinions on the thread. Greenwood, Winter, and Berkey all had their concerns about the Hendon Mob serving as a valid indicator of a player's skill, and warned against relying on such data.
Now, let's dive into some truths about the high-stakes poker world. First off, expenses and rake can erode profits over time, with rake being the commission taken by poker rooms on each pot or tournament entry, and various other expenses like traveling and accommodations. High-stakes players often re-buy into tournaments, which increases their chances of winning but also amplifies their investments.
Stake sales and swaps are also common practices among the big leagues. Players sell a portion of their action to backers or friends, which allows them to participate in higher stakes but shares the winnings. Swaps help players manage risks by exchanging shares of each other's action across multiple tournaments.
Proper bankroll management is an essential skill for high-stakes players, as it allows them to maintain long-term success by weathering downswings and ensuring continuous play at higher stakes. Lastly, career earnings may not reflect a player's net worth, as their wealth can be affected by endorsements, business investments, or cash games.
Tournament poker can be a mirage, so if anyone ever tries to sell you on a player's skill based solely on their Hendon Mob ranking, just show 'em this thread. The financial reality for high-stakes poker players is complex, and success requires adaptability in managing variance and proper bankroll management.
- What? You're questioning Negreanu's analysis, but many high-stakes poker players, such as Adrian Mateos, Sam Greenwood, Sean Winter, and Matt Berkey, disagree with the idea that a lot of players sink over ten million annually in buy-ins.
- When it comes to poker, Daniel Negreanu isn't just a successful player with $55.5 million in career earnings but also a man with hefty expenses. He spends millions on annual expenses, re-buys, and stake sales just to compete in the big leagues.
- Poker expenses include rake, traveling, and accommodations, which can erode profits over time. High-stakes players often re-buy into tournaments to increase their chances of winning, but this amplifies their investments as well.
- Players like Negreanu sell a portion of their action to backers or friends to participate in higher stakes and share winnings, or engage in swaps to manage risks by exchanging shares of each other's action across multiple tournaments.
- When evaluating a high-stakes poker player, career earnings may not provide a clear picture of their net worth because their wealth can also come from endorsements, business investments, or cash games.
