The Money Report May 2014

Where the Card Sharks Feed

In 2011, the Justice Department targeted online-poker operators for violating the Unlawful Internet Gambling Enforcement Act. Since then, many guileless amateurs, known to poker pros as “fish,” have been moving back to casinos. 
Dan Saelinger

Fish all start out the same. They are bad at poker yet continue to play. By the time they reach the limits of their endurance, emotional or financial, they are poorer but seldom wiser. Those who do learn from their mistakes may climb a rung or two on the evolutionary ladder. Some even evolve into sharks.

Fish abound at Maryland Live, home to the hottest new poker room on the East Coast. Maryland Live is a casino-and-entertainment complex in Hanover, Maryland, adjacent to the Arundel Mills mall. Open 24 hours a day, seven days a week, it offers thousands of slot machines and 177 table games, including blackjack, roulette, craps, and mini baccarat. The poker room, which opened on August 28, 2013, has 52 tables, making it one of the biggest rooms outside of Las Vegas. According to Bravo Poker—an app that tells you how many tables are open for business at any time of day or night in nearly every room in every casino in every state in America—there are usually more high-stakes games running at Maryland Live than at the world-famous Borgata, in Atlantic City. Even pros from Florida, who like to boast of their state’s sunny weather, low taxes, partying tourists, and self-renewing population of old white guys, now come to Maryland Live in the dead of winter. The fishing is that good there.

Like any complex ecosystem, a poker room offers much more than a binary relationship between predators and prey. John Calvin (not his real name) swims somewhere in the middle. He is a grinder, a cautious type who doesn’t bluff that often or do anything hair-raisingly spectacular in tight situations, and who makes his living by doggedly adhering to the odds against lesser players. He got his start making a few dollars a hand on the Web site PartyPoker, then graduated to long weekends of live play at the Borgata before taking up residence at a casino poker room in Charles Town, West Virginia. These days, he commutes from his home, in Washington, D.C., to Maryland Live, where he feeds on fish who are happy to lose a few hundred dollars an hour playing No Limit Texas Hold ’Em—the poker player’s game of choice since 2003, when the great American online-poker boom of the aughts took off.

In January, just after the start of the new year, I visited Maryland Live with Calvin. In a gray sweatshirt and jeans, bald and wearing thin-rimmed black glasses, he looked like a leisure-time version of the corporate strategist he had been in a former life, before he ditched the full-time number-crunching gig and took up poker. As we entered, he rubbed his head, as if for luck, and peered through his glasses at the biggest kettle of fish in North America—which on any given day might include local small-business owners, bored retirees, college kids, and the occasional big-name donator, or “whale.” Among the whales we spotted that afternoon were a red-faced, choleric guy who runs a local charter-boat business, and a shaky-looking Asian guy in an Orioles cap who I was told had donated well over $100,000 during the past few months. Explaining the presence of the Asian guy, Calvin gestured over to a sweet-looking kid in a gray hoodie at the next table and said, “Merson must have got him here.”

Gregory Merson, 26, the winner of the 2012 World Series of Poker, was the biggest shark in the room. He fiddled with an uneven stack of chips and unzipped his hoodie to reveal a black T‑shirt with a hand grenade emblazoned across the front. Every kid in every poker room across America who dreams of playing live on ESPN at the World Series of Poker instead of working some soul-crushing cubicle job would love to have even one day of Greg Merson’s life—playing $10/$25 or $25/$50 No Limit for $300 or $400 an hour, and jetting off to big-money tournaments in the Bahamas and other foreign but civilized places where you can plunk down your credit card and play online poker. (Without getting too technical, $10/$25 refers to the bets that the first two players are required to make before even seeing their cards.)

Merson is a volatility hawk, which means he enjoys levels of risk that make grinders like Calvin fold. His loose style of play is enabled by a scary ability to read other people’s hands based on the way they portray them through their bets, on other patterns in their play, and sometimes on physical responses, known as “tells,” like rubbing their eyes or looking away. Now that he’s a star, his fat bankroll allows him to drop $20,000 on a single hand without blinking. When Maryland Live first opened, Merson’s table was hosting $100/$200 No Limit games that required a minimum $20,000 buy-in. The table was drawing whales from up and down the East Coast, and pros from all around the country. A quality pro with a nice bankroll could make an average of $1,600 an hour by sitting at the table, and a few of the more serious actors have made upwards of $100,000 in a single day. Merson was the most famous poker star at Maryland Live when I was there, and the most fun to watch, but trying to emulate his game would be like trying to shoot three-pointers with Manu Ginobili.

We found a table Calvin liked. “There are no good pros here,” he said. It was easy to identify the other players at table 24 as fish—the older white guy with gray hair and horn-rimmed accountant glasses was one, and the clean-cut young black guy pushing seven Ben Franklins out of a bank envelope was another. Calvin licked his chops. One of the basic rules of thumb in live poker is that clean-cut young black guys play like older white guys, meaning they are cautious and rarely bluff, which in turn means their hands are incredibly easy to read. According to a handy app on his iPhone called Poker Journal, Calvin has been earning an average of $120 an hour at Maryland Live since the poker room opened. Leaning back in a red-leather-padded chair, he began to figure out whom at the table he should spend his afternoon angling for. “Today I’m going to make my money from those two guys,” he said, nodding first at the black guy, in seat 4, and then at the charter-boat guy, who was in seat 9.

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David Samuels is a regular contributor to The Atlantic.

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