News: What's it like playing with EV Insurance?

We chat to SpinLegends member 'simon6184' about what it has been like playing 'no bad beat' poker with us, using our EV Insurance offer.

Since we spoke to you last year, you have signed up for our EV Insurance offer. What made you choose EV Insurance?

simon6184: As a professional poker player, you always like to reduce the variance and prefer a steadier monthly income. In the past six six months before the EV Insurance started I ran massively under EV, so I was really looking for an opportunity to get paid by the performance at the poker table than by the results of the spinning wheel.

What mental game issues did you struggle with and how has it impacted them?

simon6184: I think in the past I have reduced my level of tilt more and more, even before the EV insurance started. Now having an insurance against “bad beats” in all-in situations reduces the level of stress even more. Despite all that, when you are running good and your self confidence is high you might still make some better decisions here and there.

How is poker different since EV insurance?

simon6184: Poker itself isn´t all that much different, the way the fees for the insurance are set up, it is still more profitable for you to win an all-in or to hit a higher multiplier (and not 100% neutral), but as I said, the level of stress might be a bit lower as these events do not impact your results as much as they did before. Outside of the poker table it is of course nice to have more financial security due to the EV insurance.

"I stopped checking my results"

poker SpinLegends — The bigger jackpots are unaffected by EV Insurance

Have your results been better since (or at least your ChipEV results)?

simon6184: All in all my ChipEV results have not been so much different than before, but there are so many other factors influencing my ChipEV; I play more tables now than I did last winter, during the summer time games seem to be not that good as during the winter month, more and more regulars join the higher stakes and of course the variance is still a big factor in monthly ChipEV results. So it is really hard to figure out, how much the factor “EV insurance” influences the ChipEV.

Do you find yourself doing things like checking your bankroll less as a result?

simon6184: In the beginning I was still checking my dollar and EV results very often, but two month ago I finally managed to change my habit to check my results only once at the end of the month. I think this is also a big mindset advantage, as your brain reacts more strongly on negative, than on positive results.

Have you been on any big downswings since EV insurance, how are they different?

simon6184: In September I lost more than $10k in a few weeks and it still feels very bad to lose “almost every hand”. But knowing that your own loss is limited, probably reduces the fear of larger financial consequences, which might lead to tilt in the next step. So being able to stay at my limit with a more clam mind, will probably have increased my overall results during and after that downswing.

Are there any downsides to EV insurance? Should losing hurt sometimes?

simon6184: I think there are no real downsides, neither to me, nor to SpinLegends, both sides profit once I am more able to focus more on the only variable I can influence; playing good poker. “Should losing hurt sometimes?” Yes, it defiantly should. At the moment I am reading the book “Skin in the Game” by Nassim Taleb, where he is talking about that risk takers should always be personally responsible for downside risks (not only for the profits), so that they can not abuse systems and shift the costs for the risk to others to maximise their profits. But the way the EV insurance is setup, you still lose when you play bad and win if you play good, so you have no principal-agency problems. You also still the have the risk of running bad in terms of ChipEV, so you still have enough “Skin in the Game” and you just get rid of some parts of the variance which come along with the nature of the Spin and go format.

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"I stopped checking my results"

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