Tips for Poker Players to help Manage their Money
The rule of thumb states that a poker bankroll should be used as such but not utilised in catering for other expenses. In short, if you have 1000 GBP in your bankroll but need 500 GBP for utility bills, then you have a bankroll of 500 GBP. However, even professionals players suffer from poor poker bankroll management.
Many players fail to recognise that the amount of money in their poker bankroll should dictate the stakes they play. As a result, they make lots of buy-ins that overwhelm their bankrolls, leaving them broke after a few sessions in the game. It does not mean you should play incredibly low stakes as it reduces your chances of winning a decent amount of money. Good money management poker skills ensure you have enough money to play even when you lose. However, if losing means taking a few months to replenish your bankroll before playing poker, then you want to rethink your poker bankroll management. The article provides a few poker bankroll tips.
Factors that Money Management Poker
The amount of money you should have in a poker bankroll depends on several factors.
The Type of Game You are Playing
Games dictate the number of buy-ins you should make. Tournaments, for example, require larger bankrolls than cash games as you need to make more buy-ins. Your playing style and tolerance for swings also determine the number of buy-ins you make. As such, players with a small bankroll can play a short-handed no-limit cash game and not the pot-limit Omaha cash game because it has a wider swing. Experts recommend a bankroll that allows you to make 25-30 buy-ins for cash games and a maximum of 100. If participating in tournaments, you need to make 100-500 buy-ins hence, the need for a large bankroll.
Variance
Your bankroll should be large enough to withstand large variances and allow you to continue playing. It, however, depends on your level of comfort. You need to determine if you prefer a bankroll that can tolerate large swings or one that allows you to make smaller stakes when the bankroll reduces.
The Amount You Want to Risk
A smart money management tip when playing poker is to avoid using the whole bankroll. This is because it tempts players to continue playing even when they are losing. Experts recommend using 10% of the bankroll when playing a cash game. You also need to learn how to control yourself when losing; experts suggest that players should quit after losing three buy-ins. However, if you are playing your A-game and confident about winning, quit after losing five buy-ins.
Your Comfort Zone
Some players prefer having large bankroll when they don’t want to reduce their stakes while others play with small bankrolls in a bid to climb fast. Sadly, those who have smaller bankrolls have a higher risk of getting broke.
Money Management Tips
Avoid Investing all Your Monies in one Cash Game or Tournament
Consider the probability of losing when playing the game. For example, if a player gets a pre-flop with AA and the dealer calls with KK, he wins 80% in the long-run and loses 20%. However, if the player has invested his whole bankroll, he loses money every five times. To avoid making such loses, spend a small part of the bankroll in any one game.
Set a Target
If you are playing for fun, you don’t need a large bankroll, but if playing regularly or are a professional, you need to be a little conservative. Keep in mind that the bankroll is your working tool; if you lose it, you won’t play or earn more money.
Define Your Style
Your poker style depends on your situation at the poker table. If your counterparts are aggressive, you also need to apply the same strategy. The more aggressive you are, the larger the bankroll.
Make More Buy-ins if you are Multi-tabling
If you are planning to play multiple tables, you need a large bankroll. It does not mean you should invest all your monies, if you have a small bankroll, avoid multi-tabling.
Know Your Opponents
Study your opponent’s playing style and assess your ROI on the limit. If you are playing against weak opponents and have a high ROI, you need a small bankroll.
Identify Your Strengths
If you win large amounts of cash in one tournament, avoid making high stakes immediately. Make small steps while identifying your strengths because the size of your bankroll does not always define your skill level.