College Dropout Earns $8.5 M in Poker Win

(CBS) Who says you have to have a college degree to make money?

Joe Cada doesn’t.

A college dropout, Cada's now a multimillionaire after winning $8.5 million Tuesday in Las Vegas. Cada, 21, is the youngest person ever to win the World Series of Poker.

Cada, surrounded by his millions, said on "The Early Show" from Las Vegas that the money is "pretty sweet."

How did he do it?

Cada won the tournament in a preflop.

"I raised it up to $3 million, he made it $8 million, and I moved in for like $60 some million, and he called," Cada said. "I was kind of too scared to look so I just had my back turned, hoping it would work out for the best."

Cada had two nines, trouncing his opponent who held just a jack and a queen of diamonds.

A first-time player in the World Series of Poker, Cada said he'd looked forward to turning 21 for years so he could participate. Cada said he got his start playing cards with his friends at a "young age."

"I was really excited to play," he said. "It's a really long shot because there's 6,500 people in the tournament. But I was still looking forward to playing in it."

However, Cada said playing for up to 12 hours straight some days was "pretty surreal."

"You kind of get in the zone after a while," he said. "The tournament lasted for about 10 days total. Once you start playing for a long time, it was just like you had to wake up and go and play another day."

During the tournament, Cada said he was up and down with his success. At the beginning of the tournament he had the most chips of any player, but on the eighth day he was getting low on chips.

"Fortunately everything worked out well," he said.

As for support, Cada's said his mother, Ann, was skeptical of his involvement in gaming and the tournament because she works as a blackjack dealer at a casino in Detroit.

"She'd always see people gambling and you know, lose money, so she was always kind of nervous about me playing poker for a living," he said. "It brought her to tears when I won the thing. She said she was really proud of me."

So does Cada plan to go back to college now that he can afford it?

He told "Early Show" co-anchor Maggie Rodriguez that isn't his plan, saying he isn't going back "any time soon."

Learn How to Play Battle Royale

Battle Royale is a card game, similar to the children's card game of War but played between one player and a dealer. A regular deck of 52 cards is used, with one card dealt face up to the player, and one card dealt face up to the dealer.

The game is very simple in that whoever has the higher card wins. When it comes to rank, aces are high and twos are low. The game carries on in this fashion until a tie occurs between the dealer and the player.

If this happens, the dealer will ask if the player would like to battle or surrender. If the player chooses to surrender, the dealer takes the bet and deals a new hand. If the player to battle, the original wager must be doubled, and cards are then dealt out one by one to the player and to the dealer. If the dealer wins, the doubled wager is lost, but if the player wins, only the original bet is returned. However, if a second tie occurs during the battle the player is payed out at a rate of 7:1.

Pro Poker Tips - Bluffing in full-ring limit Texas hold’em

Many players have argued that full-ring limit play is a game where bluffing is impossible. I think that this incorrect statement may be based on these particular players having played limit poker for a while and a few key instances may be sticking in their mind.

The fact of the matter is that you can bluff in full-ring limit play but the opportunities to do so are severely limited. But defining these bluffing opportunities and successfully executing them could be the one defining factor that turns your month from being a negative one into a positive one.

EXAMPLE:

Game : $2-$4 full-ring

Position: Big blind

Action: One player limps in early position and everyone folds to you including the small blind and you see a free flop. Your hand is the 5-3.

The flop comes Q-7-2 and the action is on you, what should your play be here? Well there is a total of $5 in the pot and you basically have nothing……or do you? Many players who claim that the big blind has nothing here are missing a trick. The big blind does have something, they have a good bluffing opportunity based on several factors.

Firstly they are in a heads up situation and in heads up situations then bluffing opportunities always crop up. Also his opponent did not raise pre-flop so his betting action to date indicates one of potential weakness. Thirdly the flop texture is ideal for a bluff attempt. There are no flush or straight draws out there and your opponent could have limped in with a hand like A-9s and simply give up here.

Finally we have the pot odds and there are $5 in this pot and a flop bet only costs you $2. So your bet only has to immediately work one time in three to show a profit. If you bet here and get called then you have the option of giving up on the turn or firing another barrel.

Many players will call a small flop bet but will release on the turn when the betting limit doubles and you are firing another barrel. If you bet the flop and get check-raised then you can simply release the hand.

But situations like these crop up frequently in limit play and you have to be on the ball to spot them. But do not let statements like “you cannot bluff at limit” deter you from looking for situations like these because not only do they exist but they also exist in ample quantity as well.

CARIBBEAN STUD POKER

Caribbean stud poker is a variation of regular five-card stud poker played on a standard blackjack-sized table. It is unique in that it is the first casino table game to offer a progressive jackpot. As its name implies, this poker game originated in the Caribbean islands, and it soon spread to casinos in America and Europe.

Game Play

This card game is played with one standard deck of cards. The game is initiated when the player places a wager called the ante. Next, the dealer will deal five cards face down to each player. The dealer's own five-card hand is dealt, four cards face down and the final card face up. Now it is the player's choice to either stay in the game or fold. If the player chooses to fold, the ante is forfeited. If the player decides to stay, the amount of the original ante must be doubled. The dealer's cards are then revealed. If the dealer does not have at least an ace/king combination, the player automatically wins even money on the ante and the wager is returned. If the dealer does have at least an ace/king combination, then a comparison is made between the dealer's and player's hand. If the player has the higher hand, the player wins even money on the ante and the original wager pays according to the payout table below:

Hand Payout
Royal Flush 100:1
Straight Flush 50:1
Four of a Kind 20:1
Full House 7:1
Flush 5:1
Straight 4:1
Three of a Kind 3:1
Two Pair 2:1
Pair 1:1
Ace/King 1:1

Playing Options

Players are also given the option of playing for the progressive jackpot. To be considered for the progressive, players must make an additional side bet of one dollar at the onset of the game. The player is wagering that they will receive a hand of cards that equates to a flush or better. Regardless of the outcome of the regular table game, if the player has a hand that qualifies for the progressive jackpot, that player will win the amount designated in the payout table. Players are usually rewarded with 100% of the pot for a royal flush, 10% of the pot for a straight flush, and a set monetary amount for a four of a kind, full house, or a flush. These amounts will vary from casino to casino.

Strategy

Basic Strategy dictates that you should at least do the following:

bet when you hold a pair or better
bet when you hold an ace/king if your hand contains the same card as the dealer's upcard.

Hint: do not bet the progressive wager.

Casino Gambling For Your Security

Know the casino gambling tips for your safe and secure

A casino vacation for fun and relaxation plus the 'profitable' possibilities can be ruined by not being watchful of your own security. Most people are safety and security conscious at home, therefore, vacation time should be no different.

A short list for casino players follows to ensure a 'safety shield' when casino hopping, particularly women who are gambling alone.

1) Women—don't bring your purses to the casino. Wear a waist purse or fanny pack when gambling; not only are your credit cards, personal identification and money safes, but your hands are free for games and machines.

When gambling alone, ask a security guard to escort you to your car when you leave, or use valet parking in the larger gambling areas. Two bucks for valet parking is a cheap price to pay for safety considering that most casino parking lots are not well lit or well patrolled. Insist on a room close to the elevator and use the hotel safe for valuables.

2) Don't take large payouts in cash, ask for a cashier's check to be issued by the casino.

Resist the temptation to brag about your huge win or count your bills at the cashier's cage, in an elevator or on the casino floor.

3) Be wary of people who suddenly become your friend after a big win, and check that you are not being followed around the casino or outside. Also beware of pickpockets, especially in Las Vegas.

4) Airports that serve nearby casinos require additional safety measures. Don't get distracted by strangers with unusual questions. The scam is set up by one person who gets your attention with inane questions or chatter, while the other grabs and disappears.

Be sure that your expensive luggage, VCR, laptop computer or camera is within your view or watched by someone at all times.

5) Check to see if there is a pass-through to the other side's bank of machines from where you are playing. Scam artists can reach through from the opposite side to the shelf beside your machine and grab your coin bucket you placed there.

I have noticed that more casinos, especially in Nevada and Atlantic City, now have partitions to stop this crime. However, if there are not petitions, it's best to hold your bucket of coins on your lap or between your legs as a precaution.

6) Watch for the "drop the coins in front of you" scam, where you are distracted, offer to help and find too often that your bucket of money is being removed.

7) Craps table rails make for easy snatches as the players are very involved and distracted in this fast-paced game. Hold your money in your hands, or pocket it for safety.

Although the casinos try to be helpful and don't like the nightmares that customers' stolen money can bring; nonetheless, those surveillance cameras are watching the casinos' money, not yours!