Word: paik
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...When Paik started out, he gambled with $25 buy-in games on partypoker.com, his site of choice, playing four hands at once. By the height of his playing, however, Paik was playing the same four hands but with buy-ins of between $200 and $400—he even “dabbled” in $600 to $800 buy-ins. The need to increase the size of wagers can be a sign of a pathological gambling problem, according to researchers...
...Paik is somewhat exceptional as an online poker player at Harvard, first because he was able to quit and second because he never sunk into the red during his online poker years. Other students have not been as lucky, and College administrators are starting to worry that online poker’s increasing popularity might have a detrimental effect on both the students who play and on those around them...
...Like Paik, Goodkin knew he could make “like $30 to $40 per hour with little chance of losing” in low stakes games. But Goodkin became drawn to the higher buy-in games, where there was simultaneously the challenge of playing better competitors and “the chance to make serious money...
...terms of propensity to consume, it would be far less if I had a job,” says Paik. “When you win at poker it’s such a windfall that you’re more driven to spend...
...With his winnings, Paik bought new clothes, new shoes, an iPod, a 27-inch TV, a DVD player and a snowboard—“all these things I kind of wanted with this type of cash falling into...