Freerolls in Poker

Freeroll tournaments in online poker sites are nothing out of the norm. The funny part, however, is that even though they are called “free” rolls they typically aren’t free at all. Most freeroll tournaments require a certain amount of points in order to play. These points can only be obtained by playing real money hands, which means it requires you to pay. These point accumulations are essentially payment for the tournament and therefore take the whole meaning out of using the term free at all. There are, however, some online sites that allow people to play freerolls without having to pay anything and give them the chance to win real money like everyone else, although these sites are not typical.

There is also another form of freeroll, although it is debatable whether or not it can be considered a freeroll or not, and that is the free entry to another tournament after having paid and played in a feeder tournament first. However debatable such freeroll tournament is, it is a very typical form of freeroll tournaments in brick and mortar casinos as well as online.

If you are someone who finds a particular interest in these types of freeroll tournament games, then the following information will be useful to you. You can try the information out and with enough luck you might even be able to earn yourself a decent bankroll from zero by playing at these freeroll tournaments at a relevant poker room!

Looking at the Long-Term

Tournament poker can be a very tough business. No matter how good you are, you're bound to encounter long periods where things don't go well. On the tournament circuit, even the best players can go several months - or even a couple of years - between significant cashes. These dry spells can be tough to deal with if you don't develop a solid mental approach to the game.

I think the down times are particularly difficult for younger players who have some success early in their careers. They come to expect great results and can become overwhelmed when things go badly in a long string of tournaments. They may grow frustrated and are apt to assume they're making mistakes. They make changes in their games that aren't well thought out, and they suffer because of it.

To endure the long, tough stretches, serious players need to understand that bad runs are inevitable. They're part of this business. And while there's something to be said for going into every tournament with a positive attitude, it's also important to be realistic. If you expect to win every tournament you enter, the disappointment that accompanies repeated bust outs could be very damaging to your psyche. I know that early in my career, my confidence suffered when I went through a rough stretch.

Over time, however, I learned to focus my attention in productive ways. Now, when I'm playing in a tournament, I concentrate on making the best decisions I can. I try to approach every hand in a thorough and effective manner. If my focus is good at the table, I can be honest with myself as I assess what I'm doing well and where I need improvement. I'm not likely to fall into the traps that ensnare other players. Many refuse to admit mistakes and insist that a bad run is due to bad luck alone. Others believe they're playing well when their results are good, even though they're playing poorly and are benefiting from a great run of cards.

After a tournament is over, I'm quick to remember that tournament poker requires the temperament of a marathoner, not a sprinter. If I play well and consistently make good decisions, I'll be rewarded, though it may be a long time before I see the results I'm looking for.

What Poker Can Teach You About Investing

David Nelson
Senior Vice President, Legg Mason Funds Management

The very quick précis of my talk is in Bill's portfolio management comments from the annual report of 2003 which is in your packets, specifically the quotation from Walter Pierson who is a personal hero of both Bill's and mine. He says, "ain't only three things to gamblin': knowing the 60/40 end of a proposition, money management, and knowing yourself." Pretty much the same thing applies to investing.The very quick prcis of my talk is in Bill's portfolio management

Why talk about poker? Well, we're in Las Vegas, so what better thing to talk about than gambling? Also, you can learn the basics of poker and investing in about five minutes and then spend the whole rest of your life trying to understand the nuances. I've been an investor for over thirty years and I learn things every day. Also by the end of our session together, you'll find that the skill sets for poker and for investing are surprisingly similar. A lot of the talks that you have heard today tie together. You'll see things in my talk that relate to some things that Lisa mentioned-the process of playing poker and the process of investing are more about how you make decisions. Terry talked about behavioral finance and poker is enormously influenced by the way people think. People make decisions in very quirky ways, as he pointed out.

Poker and investing are about good decision making. Let's take a little test here together. In decision number one, you have (A) the opportunity for a sure gain of $240 or (B) a 25% chance to gain $1,000. Which would you rather have? In decision number two, you have (C) a sure loss of $750 or (D) a 75% chance to lose $1,000. Which one of those two most appeals to you?

Amos Tversky and his partner Daniel Kahneman (who recently won the Nobel Prize) did a series of studies, and given a choice between the $240 and the 25% chance to gain $1,000, 84% of the people choose the sure gain (A). Given the choice between the sure loss of $750 or the 75% chance to lose $1,000, 87% of the people select the 75% chance (D). Overall, 73% wanted the sure gain and the 75% chance of a loss (A and D together) and only 3% selected the 25% chance of gain and the sure loss of $750 (B and C together).

Let's aggregate the outcomes of these two decisions and see where we come out. If you choose both A and D, then 25% of the time you gain $240 and 75% of the time you lose $760. If you choose C and D in aggregate, you have a 25% chance of gaining $250 and a 75% chance of losing $750. In the B and C aggregate, you make more when you win and lose less when you lose, so this combination is the most valuable. Yet, only a very small percentage of people actually choose this. Why? Because people are risk averse in the domain of gains (they would love to have a bird in the hand or a sure thing), but in the game of losses, they are risk seekers (people do not want to take a loss and they will do almost anything to avoid it). One of the things people do to avoid a loss is take a risk at losing even more in the hopes that luck will favor them. People, therefore, make sub-optimal decisions.

Poker is all about decisions. Warren Buffett wrote, "As they say in poker, 'if you've been in the game 30 minutes and you don't know who the patsy is, you're the patsy!'"

I'd like to clear up a misconception that has been perpetrated by my boss, Bill Miller. I did not spend five hours at the poker table on Wednesday: I spent about an hour-and-a-half. [laughter] I did not have chips worth $200,000. I had a large stack of low denomination chips. Now, it was considerably more than $100 as well. So somewhere in that range of $100-$200,000 is correct. [more laughter] I'm not going to narrow my estimate any more than that. I will say that I made money, which I am pleased about.

I'm going to talk to you about low limit poker, which is a much different thing than high stakes poker like they play at the World Series of Poker, or no limit games. Those kinds of games are way out of my league and a different skill set obtains. There are distinct personality types for the different types of poker. I play in a monthly game with seven or eight guys. Some people consistently lose money and some consistently make money. The guys that make money don't seem to mind that much. They enjoy the conviviality and the experience. The guys that make money normally keep their mouths shut and don't rub it in too much. Imagine a matrix of personality types. There are people who are aggressive players and those who are passive players. There are also people who are loose players and people who are tight players. When you say a person plays tight, you mean that they don't play a lot of hands. Someone who plays loose plays lots of hands. Someone who is passive generally tends to be in a lot of hands but is never very aggressive and doesn't raise a lot. Someone who is aggressive tends to press the bet when he has the advantage. The kind of person you want to play against is someone who is a wild man-very aggressive, and plays very loose. The kind of person you don't want to play against is someone who plays very few hands and plays aggressively when he has the advantage-the 60/40 end of the proposition.

Now the key to winning in low stakes poker is folding. If you're playing an eight-handed game and the luck of the draw is evenly distributed, you're going to have the best hand about one in eight times. So seven out of eight times, if you're playing only your good hands, you should be sitting on the sidelines. People don't do that. When you play once a month or every couple of weeks, people want to mix it up. They want to be in the hands and get the action and see what the next card will bring. So they will not fold to the extent that you need to because it's no fun and it requires discipline and patience. You can see where I'm starting to head in comparing investing with poker. Successful investing is boring. It takes place over years of time and involves accumulations of wealth in periods of years and decades as opposed to minutes, hours and weeks. If you're at the country club and you're talking about the latest stock you bought, most people want to talk about the thing that went up $10 the last week. They don't want to say, "I'm in a mutual fund and I think I'll make 7%-8% annually until I retire and at that rate I'll be able to achieve my financial goals." But that's the way you really should be thinking about investing-over a lifetime.

This is something that Ken Warren said about Texas Hold-em: "More money is lost by players who know what the right thing to do is, but don't do it, than for any other reason. Having a strategy, a game plan and the discipline to stick to it are, along with a sufficient bankroll, the four most important things that a player needs to be a winner." You could say the same thing about investing. Game plan, strategy, discipline and obviously, bankroll.

There are a number of similarities between poker and investing. You have to be patient to do both well. Both are games of incomplete information. The tough thing about investing is the amount of information that you don't know and don't control. Lisa talked about scenario analysis and probability analysis. You don't know what's going to happen a lot of the time, but you do enough analysis so that the probabilities are in your favor when you make a particular investment. In poker, you weigh the odds in your favor by only playing those hands where you either have the best hand or have the best draw.

Understanding human nature is the biggest similarity between these two activities. People make very bad judgments. People underperform their own investments. The market goes up 12% and the typical mutual fund goes up 10%-11%. The average investor in those mutual funds makes 2%-4%. They do substantially worse than their own investments because they tend to buy when the market is up and they feel good, and they tend to get frightened and sell out when things are bad. People make all kinds of bad decisions at the poker table. They get too greedy and they get frightened. They don't analyze things on a probability basis and they don't know how to control their own emotions.

Here's an example of the use of probability from the poker realm. In a five card draw game, with a four flush (four cards to a flush plus one other card) or a four-card open-ended straight draw (let's say a 6,7,8 and 9) is it correct to call a $10 bet with $50 in the pot? You need to go through a mental process in considering this problem. If you have five cards in a draw game, there are 47 cards that you have not seen. If you are drawing to a flush, there are nine cards out of the thirteen in the suit that can help you and there are 38 cards that are of no help to you at all. Therefore the odds are 4.22:1 against making that flush. In the case of the straight, the four fives and the four tens help you, so there are eight cards out of the 47, and the odds are 4.88:1 against making the straight. The answer is that you are advised to make the call because the odds of making the flush or the straight are less than the pot odds (your $10 in a $50 pot).

You've seen this line in the Pogo cartoon: "we have met the enemy...and he is us." Nothing could be more true in investing. With nearly 30 years of investing experience, I have a hard time making decisions all the time on a rational basis as opposed to an emotional basis. The hardest thing for brokers or money managers in our business is to lengthen our time horizon. We look at our funds and get quotes every ten minutes or so. So three or four hours seems like a long time and a week seems like forever. A month or a year is infinity. When I was with Investment Counselors of Maryland I found that the clients that I talked to and met with once a year tended to do much better than the clients I met with once a quarter. The clients that called me up all the time to ask me about stocks or the economy tended to do the worst of all. The farther you can lengthen your time horizon in the investment process, the better off you will be.

Earlier today, Terry talked about a number of behavioral issues: cognitive illusion, attitudes towards risk, mental accounting, over-confidence. All of these are quirky ways in which people make decisions that causes them to be bad poker players and poor investors. In poker and in investing, "hope" can be a very expensive word. "I hope that the company willā€¦" When you're in a poker game and you start out with a three good cards in seven card stud and then the next two cards are nothing, you should be out of that hand. You shouldn't be hoping that the sixth card or the last card will save you. That kind of decision process will cost you money. That's true in the investment process as well.

The same kind of maxims that will save you money at the poker table will save you money in the investment process. In poker, they say, "have the best hand, the best draw, or get out." In other words, know when you have the 60/40 end of the proposition. Know when the odds are in your favor and bet, or know when the odds are not in your favor and get out of the way. "Raise or fold," is another maxim used in poker. If you have a hand that's worth being in, then the hand is worth raising. If it's not worth raising, then it's probably not worth being in. You can save a lot of money in poker and in investing if you know when to say adios. But the thing that works against us is that people want to hope and they hate taking losses. They are willing to seek risk to avoid losses. They will not sell their losers. When people are thinking about money or gains or losses, they're not making decisions on a rational basis. And obviously, "cut your losses and let your profits run," is the standard maxim in investing.

Control your emotions. Losing your cool in poker-regret, anger, self-pity-is called "going on tilt." If you get angry and you start feeling sorry for yourself, you better get up and walk away because you're getting ready to give somebody a lot of money. The most important decision in poker and in investing is always "what is the right thing to do next?"

There are other similarities between poker and investing. The purpose of both is to make money. Game selection is critical to success. You want to play with as unprofessional people as you can find if you play poker. You need to be conscious of the "rake." Every gambling game is going to have a certain house rake. Every investment process will have some kind of fee or commission associated with it. Finally, you can learn a lot by analyzing your mistakes.

There are two main differences between poker and investing. Investing is not a zero-sum game, but poker is. Deception is not a part of the investment process, but it is critically important in poker. In fact people didn't even want me to put the word "deception" in this presentation because of the current environment.

In poker and investing, you have to have a game plan and the patience and discipline to stick to it. You have to minimize your losses and maximize your gains. You must understand the math of the game-the probabilities. You must understand human nature, especially your own. And you must be able to control your own emotions.

Q: In poker, probabilities can be calculated explicitly. In investing, probabilities are harder to determine. How do you assess probabilities in investing?

A: That gets back to the investment process that Lisa was talking about. The more ways you can come at an investment idea and the more methods you can use to analyze it, the better off you are. If a Central Tendency of Value is a relatively narrow range of values vs. a broad range of values, the probabilities of success are much higher.

Q: Can you give an example of when you folded and what the results were? Or when you wish you folded?

A: Rather than any specific example, I and most other people I know would be better off figuring out we were wrong sooner, and then getting out of the way quicker. As they say in the business, "there's no sin in being wrong; the sin is in staying wrong."

Investing or poker: Which takes more skill?

John Kay has an excellent piece in the Feb. 6 Financial Times where he discusses the similarities between investing and gambling. He points out that the great majority of fund managers have inconsistent results from year to year. He concludes in the last paragraph of the article, "If the measure of skill is how often good performance repeats itself, poker is a more skillful activity than investment management."

Most of the article concerns the history of London's Gutshot Club, but Kay suggests the London Stock Exchange should take note of some lessons from the gambling world. "In life as in poker, the occasional coup does not necessarily demonstrate skill and superlative performance is not the ability to eliminate chance," Kay observes. "That is how we know Warren Buffett is a skilled investor and Johnny Chan a skilled poker player."

To learn more about the similarities between poker and investing, and the psychology of money, I have a couple book recommendations:

Poker Face of Wall Street: This is written by Aaron Brown, a professional trader and professional poker player. He uses gambling to teach investors how to analyze and embrace financial risk. It's an entertaining read.

Why Smart People Make Big Money Mistakes: This is the classic book on the field of behavioral finance. Authors Gary Belsky and Thomas Gilovich hope to help readers make more money by showing them the psychological reasons why so many people make the same financial blunders. Every investor needs to read this book.

Playing serious Poker? How much should you invest?

Playing serious Poker? How much should you invest?

Why poker professionally?
Most people play poker just for the sake of fun and the sheer excitement it brings. They may invest huge amounts and if they win it’s great, but even if they lose they can look at it as money well spent on entertainment. Even if someone doesn’t have a lot of money to invest they can still enjoy the thrill of poker games just by using play money.
However there are also those who treat playing poker as their profession and in fact their livelihood depends on the bets they win and the money they make on the poker table. Now if you are one of them then you need to know how much money you need to have in hand to be a serious poker professional.
A word of caution
We start off with a word of caution. If you are new to the game or if you have not yet mastered the skills that are generally considered a must for professional poker players, it is better that you restrict yourself to a small amount. It is always better that you start off with something to the tune of $50 to $100 and place your money in micro bets. This way you wont lose a lot of money even if you lose a few games in succession. And although if you win the returns wouldn’t be great, you still will learn a lot about the game. So you may consider this initial investment as money spent on a poker-learning course. It is only after you have mastered the basic skills and are relatively confident about your playing that you should move on t more serious gaming.
What should be your approach?
If you are decided that you want to play poker professionally, then you must consider it as your business venture. it is a business which is run by the capital you invest and being the only shareholder you deserve some returns on your investment. Once you approach the whole thing as a business venture it is always easier for you to manage your money wisely. You would need a lot of self-discipline as there would be no one to motivate you here and playing poker as a professional is not just about playing, it is your profession. You should also know how to save the money you earn because if you end up spending all that you have earned after a string of wins it can be hard for you when things are not going exactly as they were planned.
How much should you invest?
This depends largely on how much you can invest and how much you want to invest. If you have been playing poker for a while and if you are seriously considering turning pro then it is expected you would know how much you need.

But as a thumb rule you can do with 200 times the amount of the biggest bet you want to play. So if you plan to play bets of $10-$20 you need to have $4000 ready.

Poker indeed depends a lot on your skill but the luck factor also has a key role. So it can happen that after all your efforts and even with a very good hand you manage to lose. It is better to have the flexibility to lose a few games and still survive so that when it’s your time you can be around; if you are running short on cash you may miss that opportunity. So poker does require a fairly good bankroll, as we all know to money makes money.

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POKER HAND RANKINGS

ROYAL FLUSH The best possible hand. To achieve this you need an Ace, King, Queen, Jack, and 10 of the same suit.
STRAIGHT FLUSH Five cards of the same suit in sequential order.
FOUR OF A KIND Four cards of the same value.
FULL HOUSE Three of a kind and a pair. The player with the higher value three of a kind, wins in the event of a tie. If both player have the same three of a kind then the player with the highest pair wins.
FLUSH A hand containing five cards of the same suit. If two players have the same hand the winner is the player holding the highest valued cards.
STRAIGHT Five cards of any suit in ascending order. The ace can be either high or low and the high straight wins the tie.
THREE OF A KIND Three of a kind is simply three cards of the same rank.
TWO PAIR Two sets of pairs. The player holding the highest pair takes the pot in the event that more than one player is holding two pairs. If two players are both holding the same two pair then the player with the highest fifth card (i.e. the kicker) takes the pot.
ONE PAIR Two cards or the same rank.
HIGH CARD Highest card takes all in the event there is a complete absence of the above hands.

Poker Tips Top-10

We found a fantastic source to help us compile the most important poker tips from some of the top players in the world. It is available at www.paradisepoker.com/champions. Each Paradise Champion has their own site with very interesting information.

Based on what we read and what we know, here’s what we feel are the Top 10 Poker Tips:

Playing too many hands

Most beginners play way too many starting hands, in fact top players typically play between 20-30% of their starting hands. Concentrate on higher value starting hands and help remove the luck element of the game.

Know when to hold’em, and know when to fold’em

Learn how to fold a hand, and don’t be a calling machine. Many beginners keep betting regardless of the board or what their opponent’s actions are suggesting. Top players frequently say it’s the hands you can lay down that are often the key to profitable play.

Choose less skillful opponents

...if you want to win money. Sounds fairly obvious, but you should play at betting limits where you can beat the majority of players. Move down in limits if you are having difficulties winning money. In poker, always leave your ego at the door.

Watch your opponents habits

Especially when you aren’t in a hand. The best time to study is when you aren’t emotionally invested in the hand, and you can make more prudent observations. Watch how opponents bet, and how much they bet, in what position are they betting. Learning how your opponents play is key.

Betting to gain knowledge

Betting is not always because you have the best hand. Top players use various betting techniques to try to gain information. For example, a defensive bet is one that you can use early on to avoid calling a bigger future bet. A re-raise may be used to probe the credibility of your opponent’s hand.

Learn to put your opponents on a hand

Once you have mastered Tips #4 &5, it is time to put your knowledge to work. Try putting yourself in your opponents shoes, and learn to put them on a hand. Ask questions like “Why did he re-raise me that amount?”, and “Why did he only call in the previous betting round?”, “Maybe because he only called me, he has a kicker problem?”

Learn how to bluff and semi-bluff

...at the right times against the right players, and at the right frequency. Bluffing is often a misunderstood concept, and much to many beginner’s dismay most pros use bluffs quite sparingly. A bluff can be very effective when used rarely, and where there is a seemingly low risk of being called by your opponent.

Changing Gears

Unpredictability can be good. Most pros can figure out a really loose player by waiting for the nuts and being patient. However, an even easier opponent is a tight player or “rock”, who plays only the Group 1 type hands. You need to change your game up, and let them see that you can run bluffs, and can play some lower value starting hands. These changes should be subtle and shouldn’t dramatically affect the flop rate we mentioned in Tip #1

Understand player position

...and how it is critical. Not only is it important to play strong hands, it is even more important in what position you play them. For example, the ideal position is the Button (the Dealer), as you are last to act, and have the advantage of watching all of the betting action before you need to make a decision. eg. If the action before you consists of a bet, a raise, and a re-raise, and you hold a pair of Tens, you might think that folding is the right decision.

Read books and take notes

Players can always learn more if they want to be a better poker player. Keep notes on what works and doesn’t work for you, and eventually you will come up with a style of play that works uniquely for you and improves your game. Please see our list of Top Poker Books if you want to see some good selections.

Poker Tutorial

• Tournament Color-Coding - We use different colors to highlight key tournaments. The grid below will guide you to the tournaments you want to play:
  • Black - Cash tournaments
  • Green - Winner's Choice tournaments and other events where you can win seats at live tournaments such as WPT and WSOP events
  • Orange - Satellites for Aussie Millions or the WSOP (alternating throughout the year)
  • Pink - Guarantee tournaments

Tournament Satellites - Many of our tournaments offer satellites. When you open the lobby for an event before it starts, you will see a list of all of the satellite events that can earn you a seat in the main tournament you selected. the image below highlights the satellite window.

Auto Center

At Full Tilt Poker, you can place yourself at any seat you like at any table you are playing. By default, our software will automatically place you in the bottom center seat. If you would like to select another seat at the table, just right-click on the pod where you want to sit and then click "Place Me Here." To disable the software from automatically seating you in the bottom center seat, click on "Auto Center" in the Option pull-down menu in the main lobby.

Turn Off Avatars

Full Tilt Poker provides players with the option to select a personal avatar to represent them at the table. If you prefer not to see these avatars while you play, you may disable them by clicking on the Avatars option in the Options pull-down menu in the main lobby. You may also turn avatars on and off while seated at a table by checking the Avatars box in the Options tab at the top right of the screen.

Hot Winning Tips, Strategies and

Most people think that in order to play poker professionally, you just need to be a great player. After you read this book and put into practice it's principles, you'll find yourself winning consistently at poker. You'll learn the art of bluffing, money systems, opening, betting.

Here under one cover are listed the habits of clear and logical reasoning and a unique ability to always make the right decisions. All sorts of poker variations are discussed along with strategies and rules for assessing your opponents.

Poker is a complex game and it is a people game, and you will encounter a lot of unique situations that cannot be covered by a simple chart. We are sure you'll enjoy discovering the secrets of how to play a winning game of poker! Great book for both veteran and novice players.

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Section 3. Choosing the Right Set

How many chips do you need? A good question that can be answered with a couple of simple questions. How much can you afford to pay for your chipset and how many players will be using the chips in a game. As with most things you pay for quality and the best advice is to buy the highest quality you can afford. It is rare to be sorry that you opted for a higher line of goods so buy the best your budget allows. How many will you need? A good rule of thumb for quantity follows:
3-4 Players 300 chipset is usually enough
4-6 Players 400-500 chipset will suffice
6-8 Players 500-650 chipset is required
8-10+ Players 1000+ chips depending on numbers
The above guide is a suggested number only. Remember that you cannot really have too many chips, only too few so buy all you can afford. Many chip sellers maintain an open stock of chips so you can purchase more as you need them. Add a good lockable case to protect the chips and you are ready to enjoy Americas favorite past time, Poker.

Section 2. Poker Chip Cases

A case to protect and secure your chips, cards and dealer button is imperative to protect your investment and provide the necessary security for your chips. The chips will remain safe under lock and key during play leaving you to concentrate on your play. You can quickly determine if any chips are missing after a playing session when you rack them into the case. Lost or missing chips can cost you if they are removed from the set during the penny-ante game on Tuesday and reintroduced into the high stakes game on Friday. Poker chip cases come in a wide variety of styles, materials and price ranges. Choose the one that fits your needs and budget. Most chip sellers offer complete sets with an included case. Inexpensive, readily available plastic chips need not be protected so the case may be as simple as a shoebox but once you move into midrange and better casino style chips you should definitely consider a quality lockable case.

1. Plastic Case

Entry level carrying case for your chips that usually is not lockable and provides a simple method of storing and carrying you gaming chips. Lowest cost and shortest life of the specialized chip cases. Lack of security requires constant vigilance of your chips during the game.

2. Vinyl Case

The vinyl case is a step above the plastic listed above and provides greater protection for your poker chipset. The case is usually constructed from woos or plastic covered with a vinyl material. The case may be lockable but don’t assume it to be since many are not. Ask the seller if in doubt. Our experience with vinyl cases has not always been positive. The weight of a 500 chipset of 11.5 gram poker chips is close to twenty pounds and places considerable stress on the carrying case and handle. The failure mode for most vinyl cases is separation of the handle from the case due to the weight. We have had vinyl cases that are well constructed from heavy materials with keyed locks, quality metal hinges and gusseting for years of use but they are rare and may cost more than a metal case.

3. Metal Case

The most common and popular poker chip carrying case. Most metal cases are constructed from structural aluminum in a wide range of styles and price ranges. The quality of metal cases varies considerably so keep in mind that metal is not synonymous with desirability. Some metal cases are not all metal and may have plastic panels and parts in their construction so if in doubt ask the seller. Some are not lockable. Others have sharp corners. Exceptionally lightweight metal sheets will not last long. The features we look for in a quality case is medium weight all metal (aluminum preferred) construction with added reinforcement in the critical stress areas. Keyed locks to keep our chips secure. The style we prefer is beveled construction with round corners and edges. The carrying handle (most likely failure point) should be heavy and double riveted directly to the frame. The overall appearance of the case should be well fitted grooved lid, uniform seams and finish. No sharp edges or ill-fitting parts. The interior of the case should be flocked trays that fit the chips in a snug fashion and have card and accessory trays. When closed the chips should be held firmly in place. The finest all metal case we have seen was constructed from aircraft quality aluminum with removable flocked chip trays, high security barrel locks, machined from solid stock handle fittings and hinges. The entire case was anodized in a high gloss black finish. Not only did this case represent the top-of-the-line in metal cases it also represented the top price in chip cases.

4. Wood Case

Our favorite poker chip case is the quality wood case with custom brass fittings. Wood cases are available in many styles and price ranges form the low end pine models to the “you can’t afford it” carved exotic wood with inlayed precious metals handmade by a master cabinet maker. Most affordable wood cases are constructed from pine, mahogany, oak and other hard woods. Look for the same features we listed in the metal case description. Quality construction and finish, heavy duty handles and hinges, keyed locks and well fitting removable chip trays. In general, you should expect to pay more for a good quality wood case but you can expect to receive years of use. Remember that all wood cases are not of an acceptable quality so, as always, ask the seller. If you cannot locate a wood case to fill your needs and price is not a major consideration then you should check with your local cabinet makers for a custom made premium case but expect to pay a premium price.

Section 1 - The Individual Chips

Gaming chips or tokens have been made from a wide range of materials in an almost infinite variety of styles since man discovered gambling and needed a simple method of keeping track of winnings. We are limiting this work to the three most common material types used today in the manufacture of modern poker chips. Plastic, clay composite, and acrylic composite are currently available for sale.

1. The "Clay" Chip and a Little Chip History -

In modern reality there is no such creature as a clay chip, what is commonly referred to as a clay chip is a composite with some clay (some descriptions list kaolin instead of clay, same thing) filler mixed into a durable high impact polymer matrix. Examples of modern “clay” chips are the popular "James Bond" style chips. The clay composite chips are quite pricey and generally in short supply due to their popularity. These chips usually are in weight ranges between 8 grams and 11.5 grams and are casino standard 39 mm diameter.
Actual clay chips were used in the United States during the late 1800's; however, these easily broken chips were quickly replaced by clay filled composites that provided much greater durability and security. In the early part of the 1900’s chips were commonly molded from Plaskon, an ureaformaldehyde molding compound. In the 1930’s die cut metal foil was applied to the chips to give unique identity and added security. Bugsy Siegel opened the Flamingo Casino with these chips. In the 40’s printed centers appeared and edge spots were added for even greater security. The 1950’s saw most casinos using the newest chips with house designs, logos or both molded into the rim and top of chip. Today the style and materials utilized in the manufacture of gaming chips are unique to the particular casino. Some have metal “coin” centers with structural plastic outer rims. Cloth fiber reinforced polymer molded chips and a just introduced all metal alloy poker chip that is anodized in different brilliant colors

2. Composite Metal Core Chips (e.g. Dice and Suited)

The standard fare of most serious home game players. Heavy (8g or 11.5g), very durable chips are readily available and can usually be customized through a hot stamping or decaling process for added security. These chips are injection molded from a particulate filled thermoset (does not soften when heated) plastic around an internal metal slug for that exact “Casino” look and feel. Almost all metal core chips are manufactured in either Taiwan or China. Our experience with the same styles of chip indicates a major difference in product quality between the two countries of origin. Chips from China are, on the whole, of a lesser quality, probably owing to the lack of quality control including less precision in composite mixing, and imperfect dyes used in manufacturing. We have examined Poker Chips from China that are warped, have noticeable size variations, same lot includes several different shades of same color and a lack of material uniformity across the surface of the chip. Chips manufactured in Taiwan are usually of a higher overall quality that becomes quite evident in the general appearance and feel. There does not appear to be any price differential between the two. A final note, good quality chips are available from China and “made in Taiwan” is not always a guarantee of acceptable quality so you may want to request a sample from the lot the seller is offering for purchase.

3. Casino Chips, the Gold Standard

These are, of course, the very best, especially when it comes to security. Casino chips are produced by an extremely limited number of bonded companies all located within the US. Each casino has a unique secret blend composition used to mold their chips; this is one of the primary defenses to prevent counterfeiting. The chips are injection molded with copyrighted designs in manufacturing facilities that have security that rivals the US mint. Most modern casino chips are a synthetic polymer acrylic composite with a laminated center. The closest thing I've seen to a casino chip in quality, design and feel are the "Fan of Cards" chips which are a metal core composite with a laminated center. The only avenue available to acquire real casino chips is to buy them from the casino at face value or from a reseller that will usually include a hefty mark-up. Casino chips vary slightly in weight, however most weight in around 10g.

4. Plastic Chips

The entry level economical gaming chip that may be purchased almost everywhere. Plastic chip quality range from the extremely cheap chips sold at supermarkets in the toy aisle to heavy solid plastic chips that can weight as much as 7g. Plastic chips do not offer much in the way of security and are easily damaged. They lack the look and heft of composite chips and tend to tinkle when splashing the pot.
If you are new to poker (or other games that use markers) or have a very limited budget then consider purchasing some economical plastic chips. Use these for your games and when you decide that you are serious about your weekly home game and it is going to become a permanent event then invest in a set of quality clay composite or composite metal core chips (e.g. James Bond, dice, suited). Remember to request samples of the chips you are considering. Most reputable vendors will send a chip sample if you send a self addressed stamped envelope. For all but the most discriminating person, metal core composite chips are the best all around value with a good balance between "casino" feel and cost. The chip snob will move into the clay composites such as “James Bond” style chips. If you are considering the high-end poker chips then you should explore purchasing actual casino chips (you may acquire different colors if you purchase $1 chips from different casinos). The one dollar cast per casino chip will be very close to stamped high-end composites and the casino chips will have another major advantage; you can always get a full refund by cashing the chips at the issuing casino. Buy them, use them and still get a full refund makes casino chips quite attractive. If you choose to go the casino chip route remember to protect them the same as cash and continue reading the next section on cases for your chips.