How make millions playing poker

I would have found out, except I didn't register to read the article. Anyways, it's relevant to class in thinking about the use of game theory and predicting what other people will do using optimal strategy. This guy has made $7 million dollars this way (!!!) and founded a site called FullTiltPoker.com that is not considered illegal because it's based out of an Indian reservation (how swift). I would delve into the subject more, but I don't actually know how to play poker (I think now I'll learn and put my game theory skills to the test).


http://www.businessinsider.com/henry-blodget-how-to-make-millions-playing-poker-and-running-online-poker-sites-2009-4

That's really interesting. Because poker relies so much on the cards you are dealt (obviously) the general idea is that the "skill" involved is the ability to read your opponents, and know when to bet or quit. Ferguson's "skill" is much different.

I'm sure much of what went into creating his strategy was a (very in depth) analysis of the ideas of expected value. The question like Jason asked: How much would you pay to play this game?

Surely Ferguson did his research and has developed a sort of "go to" plan for certain categories of hands. The idea of expected value is based on long run patterns in random occurrences, which means Ferguson may find himself losing at points, but he knows that sticking with his strategy will IN THE LONG RUN put him on top.


Another interesting thing to think about would be, if there are certain people that play with him often, they could catch on to his strategy. Does he have plans to combat this?