How Poker Pros Can Lose Money During the WSOP

This article was originally published in June 2023 during the 2023 World Series of Poker.

The World Series of Poker (WSOP) remains the biggest and most prestigious poker festival on the planet. Every summer, tens of thousands of players descend on Las Vegas chasing WSOP gold, life-changing prize money, and a place in poker history.

From first-time recreational players to high-stakes professionals, everyone arrives with the same goal: turn a profit while competing for a bracelet.

Yet making money at the WSOP is far harder than many fans realize.

A player can win a bracelet, make multiple final tables, or cash dozens of times during the series and still finish the summer in the red. The combination of massive fields, relentless variance, expensive buy-ins, and the cost of spending nearly two months in Las Vegas means even the world’s best poker players can struggle to show a profit.

So why do winning poker players sometimes lose money at the WSOP? Here are five reasons it happens every summer.

Variance

Variance is a term used in poker to describe the random fluctuations in the game due to luck. Even the best players in the world can experience a run of bad luck that can cost them a lot of money. At the WSOP, the stakes are high, and the competition is fierce. With so many players participating, the variance is even greater, making it more likely for skilled players to experience losing streaks.

The WSOP attracts recreational players who may not be as skilled as the professionals. These players can often win big pots with weak hands, which can be frustrating for more experienced players. The unpredictability of these players can also increase the variance, making it more challenging for even winning players to make a profit.

Tilt

Tilt is the emotional state of a player who has lost control of their game due to a bad beat or other negative events. Tilt can cause players to make irrational decisions, leading to more significant losses. At the WSOP, the pressure to perform can be intense, which can increase the likelihood of players tilting.

Moreover, the WSOP features long and grueling tournaments, like the Main Event, that require players to play for long hours and consecutive days. This can be physically and mentally exhausting, making players more susceptible to tilt. Even the best players in the world can succumb to tilt at the WSOP, which can cause them to lose money.

Exhaustion

The WSOP is a marathon, not a sprint. As mentioned, some events take multiple days to play out, and a deep run in one of the tournaments could mean a player spends over 50 hours at the tables in just a few days. This can take a toll on their physical and mental health, which can affect their performance at the table. Exhaustion can lead to poor decision-making and a lack of focus.

Players may not have enough time to rest and recover between games, which can further exacerbate the problem. Even winning players can suffer from exhaustion at the WSOP, making it difficult for them to perform at their best.

Competition

The WSOP attracts some of the best players in the world. Winning at the WSOP requires playing at a very high level and competing against skilled players who are also playing their best game. Professional poker players and even the best recreational players can spend multiple weeks and months prepping for the occasion. So even the best players can find themselves outmatched in certain spots, leading to a loss of money.

Tournament poker requires players to adapt to new and challenging situations. The tournament structure, the number of players, and the skill level of the competition can vary from game to game. Winning players may be unable to adjust their game strategy to these new situations, leading to costly mistakes and a loss of money.

Bad Strategy

Even the biggest winning players can make mistakes in their poker strategy. At the WSOP, players may require a different approach than they are used to.

The ability to adapt to new situations and opponents is essential for maintaining a winning edge at the WSOP. Players must be willing to analyze their game, identify weaknesses, and change their strategy when necessary.

Final Thoughts

Winning at the WSOP is a significant achievement requiring skill, strategy, and luck. However, even winning players can find themselves losing money at the WSOP due to factors such as variance, tilt, exhaustion, competition, and bad strategy.

Understanding these factors and taking steps to manage them is crucial for making a profit at the WSOP. Whether you’re a seasoned pro or a newcomer, the WSOP is a unique and challenging experience.

Calum has been a part of the PokerNews team since September 2021 after working in the UK energy sector. He played his first hand of poker in 2017 and immediately fell in love with the game.

Calum has written for various poker outlets but found his home at PokerNews, where he has contributed to various articles and live updates, providing insights and reporting on major poker events, including the World Series of Poker (WSOP).

Connor Richards is a Senior Editor U.S. for PokerNews and host of the Life Outside Poker podcast. Connor has been nominated for three Global Poker Awards for his writing.

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