In poker, it’s not what you win, but what you don’t lose that makes you a good player.

Poker in the United States dates back to Mississippi riverboats and Wild West saloons, so why the boom now? A combination of factors: technology, television, the rise of a faster-moving style of play and the country’s changing demographics. As sports-minded baby boomers age, for example, they still want that thrill of head-to-head competition—without the risk of knee injuries. At the same time, a younger group of computer-conscious Generation Xers and Yers, drawn by the mathematical challenge of the game and by the ability to play it 24/7 online, have joined in. TV is pulling in another audience, with the widespread use of miniature cameras that show viewers the players’ hands and a long roster of movie stars like Ben Affleck, James Woods and Tobey Maguire eager to play for charity.

But the chief reason for the boom is simple: Poker is one sexy game, with a unique ratio of luck-to-skill that keeps things interesting. A casual chess player competing against a chess master will virtually always lose. But with a turn of a card, a poker novice can easily make some money against a professional—although over time, the pro, who understands such sophisticated factors as positional playing, pot odds and the common “tells” of bluffing, will always win out.

Nonetheless, rookies have swelled the ranks of poker players in the past five years, and many have come from the wealthiest strata in the U.S. More and more, poker, despite its longtime roguish reputation (or maybe because of it), is becoming a wealthy man’s sport. Entry into the World Series costs $10,000; the Bellagio Hotel and Casino’s Five Diamond tournament fee is a cool $25,000. (Players can also gain entry by winning minitournaments called satellites.)

The Rube Tube
At my poker school, I’m seeing that most new players have more money than sense. They’ve learned how to play by watching TV, and as a result, are making mistakes. The casual players do not realize, for example, that when a tournament is down to a few competitors, which is generally the only part shown on TV, those players are playing in a far more aggressive style than the financially conservative and patient one that actually got them to the final table.

The biggest error rookies make is that they play too many hands, and play them too long—and too strong. For example, when rookies bluff, it’s easy to spot the false bravado of someone who dares you to call him. Big talkers are usually hiding little hands. The guy who’s trying to look like he’s not interested or the one whose hand trembles slightly (it’s excitement, not fear) as he puts chips in the pot are really the ones to fear. Poker is less about the cards you hold than the people you play with.

It’s a game that women can play as equals—even, some pros argue, at an advantage. Many times male players will alter their style of play or behavior when a woman joins the table. Some become overly aggressive bettors, determined not to lose to a woman; others are uncharacteristically restrained, more eager to strike up a conversation than to win the hand. In both cases, they’re off their game, giving the female player an edge.

Overall, whether you are in Las Vegas or just at your weekly poker game, you should be folding most of your hands, calling rarely and raising fearlessly and frequently when you think you are in the lead. In poker, it’s not what you win, but what you don’t lose that makes you a good player.

Jay Colombo is CEO of New York’s Poker Institute, which offers poker lessons and runs charity benefits and corporate tournaments.