Firstly, a word of warning: this article discusses a “haram” theme, specifically that of gambling. Do proceed with caution, ya?
Some people may consider all forms of gambling as games of chance. Between slot machines, blackjack, roulette, and baccarat, these popular games have a high degree of luck attached to them. No different than a lottery, the odds of winning are heavily stacked against the players.
One possible outlier, Texas holdem poker, gained popularity about 20 years ago at the World Series of Poker, and has grown even more so with the explosion of online gaming.
The most popular variation of poker offers players the unique ability to play the game based not solely on the cards they’re dealt, but including variables like:
- a player’s position (which changes every hand/round);
- the opportunity to see up to five more cards before deciding (which can cost them nothing or all their chips);
- how different players strategise (disciplined “tight” players vs spendthrift “loose” players);
- the number of chips a player has versus every other player at the table.
Although all games have an element of luck involved, it can be argued that poker is more a game of skill than one of chance. And you’d be surprised to know that some of the skills and strategies developed through this game are applicable to other aspects of life, too.
1. Statistics and probabilities
To excel at poker, one needs to understand basic statistics and the probabilities of different combinations of cards, both in play and those that might come into play.
With practice, a player’s overall math skills are improved over time, and a solid foundation for forming risk assessment is gained.
The ability to calculate, within seconds, the odds of an event occurring helps one in making better real-life decisions by comprehending the risks involved.
2. Memorisation and reading people
Remembering how each player has played their cards against other players, in different positions, and against different cards on the table offers a competitive advantage in predicting future moves by each opponent.
Recognising different verbal and non-verbal gestures of each player can also identify “tells” or patterns of behaviour in opponents.
In the same manner, the ability to recall past events accurately and know how someone acts or reacts in different situations can vastly improve a person’s people-management skills.
3. Making decisions without emotions
Winning and losing is part of any game, but success often favours those who can make rational decisions in scenarios that amplify emotions in every direction.
Successful players understand the value of patience, and that winning or losing small battles is part of the journey towards winning the war.
Likewise, profitable investments and other important commitments in life require one to remain calm under duress, and to make the best choices with clarity and sound judgement.
4. Risk management
Another poker strategy centres around how much of a player’s chip stack is wagered (bet size) to achieve “pot control” while calculating the return on investment of each bet.
Wagered amounts can suggest strength or weakness, with the goal of either inducing or discouraging another player to continue, as well as minimising the amount of loss if the cards presented are not favourable.
By the same token, making decisions about finances or ventures often requires managing cash flow or a portfolio of assets, and understanding the underlying risk/reward ratio in determining whether something is worth pursuing or not.
5. Dealing with success and failure
Both the adrenaline rush of victory and the crush of defeat are part of every poker player’s experience. The discipline to walk away with winnings and, even more importantly, the courage to walk away at a loss cannot be overstated.
The same can be said for the ability to cope and manage daily failures and successes, which are fundamental skills to possess in finances, relationships, and life in general.
Reg Ching is a walking quadriplegic (OKU), digital business consultant, medical cannabis advocate, and cryptocurrency enthusiast. Follow his journey at regching.com.