In poker, a nosebleed game is a cash game played for extremely high stakes, and the term is often used to describe the highest games around.
There is no firmly defined cutoff as to what describes nosebleeds. It is commonly accepted that all no-limit games with stakes above $100/$200 belong to the nosebleed category, but a game where players are buying in for six-figure amounts certainly fits the bill.
The term itself is used because it describes games where stakes are so high that losing a few pots can cause one’s nose to bleed.
You’ll come across nosebleeds action both online and in live poker rooms. However, the ultra-high stakes live action usually takes place in special sections of a casino and in private rooms that not many people have access to.
This is why there are so many stories surrounding nosebleeds, as there are countless rumors about seven and even eight-figure pots taking place behind closed doors, but very few of these stories are ever confirmed by reliable sources.