Pro poker player talks business

A group of NYU students sat around playing poker last night, but it was no ordinary game of five-card stud. Sitting at the head of the table was Taylor Caby, a professional poker player, entrepreneur and millionaire.

Before the game, Caby and Andrew Woods, executive director of the Global Poker Strategic Thinking Society, offered tips on the game and discussed how poker can translate into a successful business.

"In poker, you are taking risks in order to win money, which is the same as in business where you are taking risks to make a profit," Caby said.

Caby explained that after he started making money from online poker during college, people started to ask him for winning poker strategies, which inspired him to start an online business called CardRunners.com.

"There was a demand for a poker service," Caby said. "People wanted to improve their poker game and I wanted to help."

In addition to the financial benefits of poker, the skills that are needed to become a successful player are valuable in everyday life, Woods said.

"It is useful to make high-pressure decisions without emotion and to be able to tell if people are lying," Woods said.

Caby added, "In the long run to win at poker, you need to be making logical decisions. In business, logic is used the same way."

Stern junior Joshua Blum came to the event because of his interest in poker.

"I like the thrill of gambling and competition," Blum said. "Winning is the most exciting part."

Caby advised students that it is necessary to be passionate about whatever business they want to start.

"Get involved in something you have a lot of interest in and something that you don't mind reading about for 18 hours a day," Caby said.

News Added: 02 April, 2008

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