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GREG DINKIN

Playing in proffesional poker rooms led me to be immersed in the world of EV. I had gone so far as to not only begrudge someone a little spare change, but also lecture a friend on the merits of not doing so. Shortly after the Cubs game, I went on a blind date, and the subject of poker came up. After about a half-hour, the woman asked me, “So, what came first, the poker or the poker face?” Here I was away from the poker table, yet I was so guarded about giving off a tell that I couldn’t begin to let a beautiful woman get to know me.

The Virtues of Poker

Five years later, it seems like every day that my brother Andy quotes Wayne Dyer, when he says: “The more you change the way you look at things, the more the things you look at change.” For years, I have extolled the virtues of poker, poker rooms and how it is a fantastic metaphor for business. Along the way, I’ve forgotten that it can also be an awful metaphor for life. Keeping your cards close to the vest is a great strategy in business; it’s also a lousy one for dealing with someone you love. Never showing emotion is a great way to sell a bluff; it’s also a lousy way to be around your family. Being mindful of every little expense is a great way to build your 401K; it’s also a lousy way to treat people in the service industry.

Daniel Negreanu Poker Room

Last year around Christmas, I watched Daniel Negreanu walk through the poker room at Bellagio with a rack of $25 chips and $100 chips and pass them out to the dealers and staff.
He had a big smile on his face as he wished everyone a Merry Christmas.
If I think only about EV, I can come up with arguments both ways as to whether or not this was a smart move. But when I think about life, my only conclusion is that the EV to Daniel’s life is so great that it can’t be quantified.

If you want to be a professional risk-taker, you must explore small edges, control costs, and look at every bet as a value proposition. But if you can’t turn that off when you’re living your life, it will be tough to find any joy from the money you accumulate. How many wealthy, miserable gamblers do you know?
Clifton rarely buys in for more than $100. If he goes broke, he reasons that he still would have spent more money in a bar that evening. He saves his liver, makes some friends, receives positive energy, and, on his good nights, goes home with a few bucks from the poker room.
Sure, tipping well is a cost, but being able to talk through a hand with a dealer when he’s grabbing a smoke or simply being welcomed with a warm smile is also a benefit. But benefits and EV aside, he tips what he tips because it makes him feel good — and that’s reason enough.
Greg Dinkin is available for keynote speeches. He is also the cofounder of Venture Literary.