It is a buzzword that has been around since the late 1990s when a number of poker players started using it.
“Red hot poker” is a play-off that involves betting a big pot, often the highest bet you can make, on one of the highest-rated players in the world, and then placing your bets at the end of the round.
“I like to do it because it means you have to be prepared,” said John Daley, a former poker player and current executive director of PokerStars.
“When you get a huge pot, it can be a very stressful period.”
The biggest money-makers have been the top-five players on the world’s best tables.
The craze has seen many players move to the “cash-in” or “hot poker” game, which involves taking a larger pot but betting on someone you know is likely to win.
The idea is to wait until the right player is in the top three or four to take a big bet on him.
“It’s a little bit like the big money game, but there’s more to it,” Mr Daley said.
“If you have a really big pot and you’re lucky, you can get away with that because you don’t have to worry about making big bets on the wrong people.”
There are rules in place to prevent the gambling industry from becoming a money-making operation.
The game is played using two different types of betting, called “high stakes” and “low stakes”.
High stakes include a $2,000 pot on a player who has won a big amount of money, and a $100,000 bet on a one-off player, known as the “lucky” bet.
“Low stakes” are a $25,000 high-stakes pot and $100 to $150 high-tiers, where a single player can win a large pot.
Both are illegal, and players can lose their entire pot if they lose to a player from the same pot, but the stakes are often low enough to be played by a group of friends.
“You can’t go on the internet and play a high-level poker and not have a good time,” Mr Lee said.
The rules are very simple.
The top-rated player can only win the pot if he or she is playing against a player on the same high-ranking table.
If the pot goes to a random player, the pot is gone.
If a player is on a lower-ranked table, the high-value player has to bet on the player from his or her own table.
The best-rated and highest-ranked players on each table must have a 50-50 split of the pot, with the top player betting at the highest rate.
Players on lower-rated tables can take smaller pots if they want to, but can only make larger bets on high-rated or high-volume players.
“These are rules that are supposed to keep you safe and keep you in the game,” Mr Parkes said.
There are other rules, such as making a bet on an individual player, which is prohibited in high stakes.
The poker industry is struggling with a big spike in the number of high-risk high-potting games, but Mr Lee has seen an increase in the popularity of low-stakes poker games.
“There’s a lot of people that are just trying to make the money, that are playing it on the high side,” he said.
Many poker players have a very low tolerance for risky gambling and are willing to risk their poker chips on the big bucks, which can often mean losing big.
“That’s one of those things that you just have to learn how to play it,” he added.
“The big pot is a big deal.”