The Poker Boom

As someone very young during the online poker boom of the mid-2000s, I knew it existed but wasn’t anywhere near aware of how insane it got. Looking back and doing research, I can say that for about three years, robbery became legal, as long as you were a good poker player. The excesses of it were sometimes just big, like how pros “multi-table” at several sessions at once, playing thousands upon thousands of hands a day, all while staring at the computer for many hours.

But the most interesting part is the zero-sum nature of poker and how that doomed the bubble to pop as much as anything the government did (after all, laws and court cases didn’t stop offshore sports betting at all). The boom featured sharp sharks dropping the equivalent of nuclear depth charges on poor square fish who’d seen Rounders and Chris Moneymaker living up to his namesake and thought “why not me?”

The problem came when liquidity dried up. Without a stream of new fish to get skewered, many former pros learned that they became the lower ones on the food chain. Many moved on to the similarly zero-sum daily fantasy sports, which popped just in time for sports betting to get legalized and crypto speculation to take off. And if the people complaining about restrictions because they tried to arbitrage off of William Hill got their wish and forced the sportsbooks to sharpen, the same feeding frenzy/market bubble that benefited only a few ultra-sharps would happen. In fact, I’m half-convinced it’s happening already, sportsbook restrictions or not.

The reason being that neither sports betting nor poker are actually that profitable for the house, especially after promotions, but that’s another story for another time. As is the story of poker-the book takes place roughly at the same time as the historical poker boom and one of my Sure Bet King ideas envisioned main character Eddie Ross being a moderately skilled poker who crushed weaker ones during the boom (with obvious effects on his ego), but a combination of the path the novel took and me thinking I didn’t know enough about poker nixed it.

While I don’t regret it, I think the right terms to use is that there was an opportunity that I did not follow. After all, the climax of The Sure Bet King is of a-based-on-a-true-story boxing event where sharps took advantage of squares in massive force. The poker boom was like that, only for years instead of one day.

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