Are Poker Players a Good Fit for the Business World?

Perhaps focusing on a subject that many in the poker community would view as obvious, many news outlets have recently begun to discuss the skills of top poker players not only on the tables, but also in the business and financial worlds. They have also analyzed the pros of regulated internet gaming, reflecting that the added revenue could reduce strain on the budgets of state and federal governments.

One of the members of the 2009 World Series of Poker (WSOP) Main Event November Nine, Steven Begleiter, was a guest last week on Bloomberg Financial News. The sixth place finisher in the WSOP Main Event, who had a previous career on Wall Street as an employee at the now-defunct Bear Stearns stock firm, entertained questions from Bloomberg news hosts Mark Crumpton and Lori Rothman and stated that there were many players he met during his run who were qualified to work in the business field.

“I got to meet a lot of people in their 20s who were very good card players that, were we still at Bear Stearns, I would have tried to get them to come join the firm,” Begleiter opined. He especially pointed out that the overall skills of his coach, former World Poker Tour (WPT) Player of the Year Jonathan “FieryJustice” Little, would have made him an excellent businessman: “People like him would do very well here on Wall Street.”

In a November 25th article in the Newark Star Ledger, the discussion of poker players in the business world was discussed. In an interesting point, it was brought out that a number of hedge fund companies and brokerage houses were looking to the younger players in the poker world to be potential analysts. In the article, former poker pro Aaron Brown, who now works on Wall Street as a risk manager at AQR Capital Management, said, “Someone who has made a successful living as a poker player for a few years would more likely be a good trader than someone who hasn’t. They know to push when they have the edge and they know how not to bust, and that’s a tough combination to find.”

Meanwhile, another cable business program, CNBC’s “Closing Bell,” discussed what the world of poker could do for the country’s financial state. During a discussion last week on the Unlawful Internet Gambling Enforcement Act (UIGEA), two analysts, Andrew Parmentire of Height Analytics and David Katz, an Oppenheimer gaming analyst, agreed that the online poker world, if regulated and taxed by the government, would be a boon to the business world. The duo focused on tax benefits, stating that the extra revenue could be put towards several problematic issues and increase activity in the markets.

These thoughts are well-known by many in the poker community due to the number of players who have come from the business side and been successful in the world of poker. One of the top female players in the world, Kathy Liebert, graduated from college with a business and finance degree and worked with Dun & Bradstreet before embarking on a highly successful poker career. Phil Hellmuth and Howard Lederer are a couple of players who have been able to parlay their business acumen beyond poker.

Perhaps the success of not only the “Old Guard” of the poker world, but also its “Young Guns” is best explained by Brandon Adams, who teaches behavioral finance at Harvard University’s Department of Economics. In the article in the Ledger, Adams explains, “They’ve essentially been the survivors in the system, a very difficult system where 95 percent of people lose money. Anyone smart enough and disciplined enough to survive that system is probably going to do very well in the trading world.”

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Poker argot:

LITTLE SLICK - In Hold'em, hole cards of A-2, suited or not.
HIGH-LOW SPLIT - Forms of poker in which the pot is split between the best hand and best lowball hand.
SEAT POSITION - The actual seat a player has, normally numbered sequentially starting with 1 as the first seat to dealer's left. Not to be confused with POSITION in a particular pot. Typically unrelated to play of a hand but often important in peripheral aspects, e.g.: "Seats 1 and 10 are nonsmoking here", "Seat 5 has a good view of the table", "Seat 3 is in a high-traffic area".
MILES OF BAD ROAD - Three of a kind. Prefixed with a number, 3*<N>, to indicate 3 <N>s. Thus "24 miles of bad road" is 3 eights, etc. (This obviously doesn't work for face cards.)
OPEN-ENDED STRAIGHT - Four cards to a straight which can be completed by drawing a card at either end. E.g., 6-7-8-9 is an open-ended straight. Also: BOBTAIL STRAIGHT. Compare: INSIDE STRAIGHT.
STRAIGHT - A hand consisting of 5 cards in sequence but not in suit.

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