Barry Carter back at it again with strategy advice.

Tax law changes: poker pros might be drawing dead.

Lee Jones warns tournament grinders on PokerOrg that the 2026 US tax law could be a real game-changer. The short version: starting in 2026, players have to report all their winnings, but can only claim 90 percent of their losses. That means even if you break even at the felt, the IRS still expects a cut.

But for mid-stakes and high-roller events, the impact could be severe. Pros who live off the tournament circuit will have to take a hard look at whether the grind is still worth it.

Learn from the best, with Phil Galfond’s Beyond the Game.

Taking lessons he has learned throughout his life, Galfond has incorporated all he has learned into 'Beyond the Game’, a one-year poker training program.

I started Beyond the Game because I realized so many of the lessons I’ve learned from outside of poker are ones I desperately needed during the early and middle parts of my career. And nobody was teaching most of them—at least with the infrastructure I wanted to create.

The great thing about the program is also that it is done remotely, so it is accessible no matter where you live.

BTG is a one-year program, centered around weekly 90-minute calls led by me, and a Discord community. We’ve added another couple of calls a week, on average, with guest experts and poker study leaders.

Did you know that Phil Galfond dropped a great newsletter yesterday? No? Unlucky, you can’t read it.

PG doesn’t send emails to his newsletter subscribers often, but when he does, they’re always worth your time. Yesterday’s drop, “Making the GTO Decision: What Your Ego is Charging You,” was no exception.

I’m sharing this in full knowledge that I’m not sure if there’s any way you can read it if you didn’t get it. As far as I can tell, the only way to read the text is to have subscribed and received it in your inbox. There’s no online edition. It’s not a Substack. The emails come from PhilGalfond.com, but the emails are not published in the articles section.

So consider the quote below a teaser to get subscribed (it’s on the homepage) so you don’t miss out on the next one. He doesn’t email often, and while he’s usually promoting his next class, it’s not spammy, and he always brings an interesting lesson to your inbox.

Also, it is not called PG Tips, which is a huge missed (though probably British-only) opportunity.

Bill bought Tesla stock many years ago.
He’s done well — congrats to Bill — but he’s also facing a challenge: when does he sell?
A few times a year, he thinks about selling. He knows the position is terrible bankroll management — he’s now way too concentrated. But selling and then having the price skyrocket… that would be painful.
If the price drops — sure, that sucks, but he doesn’t feel as bad. “I’m still ahead,” he tells himself.
The loss is easier to stomach because holding doesn’t feel like an action. And if it’s not an action, it can’t be a big mistake.
But holding is an action. Or at least, it’s a decision — a bet.
Every day Bill wakes up and doesn’t sell, he’s making a decision. He’s looking at the current price and choosing to have that much Tesla stock at that price. If he had $90,000 in cash and you asked Bill, “Would you buy $90,000 of Tesla stock right now?” he’d almost definitely say no. Too concentrated — way too risky.
And yet (ignoring tax implications, which isn’t the real reason people make this mistake), that’s exactly what he’s doing every single day.
Keeping feels different from buying. But it’s the same bet. It’s an emotional bias — a logical fallacy — that prevents people from seeing things clearly and making the best decision for themselves.

Phil Galfond pens article on 'The Poker Player’s Delusion’.

Galfond is not mincing his words. Well worth a read.

Most of you are delusional about your poker game. You have no idea where you stand. You have no idea what it takes to improve. And you pay for that ignorance every time you sit at the table.

Watch Jungleman’s free training video.

PokerNews takes a microscope to a 2015 WSOP Main Event hand between Daniel Negreanu and Omri Moga, asking if Negreanu was really playing GTO before it became the standard.