Whether you’re into Pot-limit Omaha, no-limit Texas hold’em or Open-Face Chinese poker, bankroll management is a crucial part of your overall poker strategy.
For new players, the poker bankroll doesn’t have anything to do with how you play the game. It has to do with how you handle the money in your account and how you don’t end up losing all the funds in your bank account.
Today’s responsible online poker gaming series focuses on managing your bankroll effectively so that you are never in a fix. Most new players don’t manage their funds properly and even before they know it, they lose more money than they can afford to.
What is a Poker Bankroll?
When a player sets aside a specific amount of money for playing online or live poker, it is known as a poker bankroll. This amount should be money apart from what you need to pay your bills and monthly installments. You should also avoid adding recreational or discretionary funds to your bankroll.
Effective bankroll management means that if in case you lose all the money in your bankroll, you would still be able to pay rent, manage bills, and sustain yourself.
How to track results for better bankroll management?
To efficiently utilize your bankroll, you must track certain poker results. The vital aspects that you must keep an eye on include:
- Venue: Are you playing online or are you playing a game live? Is the game being played at a casino or somewhere else?
- Type of game: The game type can also have an impact on the size of your bankroll. This includes types like a cash game, tournament, single-table tournament, multi-table tournament.
- Hours: With database software, you can track your hourly rate and overall win rate. This is specifically true for poker games online. Keeping a track of your hourly rate helps to know how much money you need to set aside and how much you are investing in the game.
Tips for better poker bankroll management
1. Your Poker Bankroll is ONLY for Poker
Pros treat the game as a business. Just like you won’t use your personal account for clearing business expenses or vice versa, remember to keep your expenses and poker funds separate. As a golden rule, use money that you can afford to lose to build your poker bankroll.
For instance, if you need ₹10,000 for your EMI and ₹2,000 to pay a bill next month, you should let this money remain separately and only use the remaining as your bankroll.
It is crucial to understand that you must not need your bankroll for paying for anything else. Your situation should be such that you struggle to stay in the game and not struggle to pay the bills.
2. Change the stakes when you need to
If you are receiving poor results playing higher stakes, don’t worry about moving back down. Even the poker pros repeat this process several times before they are ready to stay up permanently.
3. Choose the game as per your bankroll
Your bankroll affects the type of game you can play. The game format, your playing style, and your tolerance of swings are all dependent on the size of your bankroll. For example, if you have a smaller bankroll, you can use it to play no-limit hold’em cash games but not for pot-limit Omaha. This is because the swings in PLO are wider. Similarly, in case you plan to play multi-table tournaments, you need a larger bankroll.
4. Refrain from making unnecessary expenses
Online poker tables offer a lot of in-game purchases. Additionally, sometimes you see ads around the home screen. If you are worried about your bankroll, avoid making irrelevant purchases as they are just a means to reduce your bankroll.
A few players like to start playing with a large bankroll since it allows them to play higher stake games. They are also not scared while betting. However, other players want to keep a smaller bankroll and climb the stakes step by step.
Poker bankroll is a personal preference depending on your pocket. But if you want to play responsibly and effectively manage your bankroll, you must only use the amount you have set aside for playing. You must be aware of how soon you can replenish the used funds and ensure that it does not have any negative impact on your financial stability.
Remember you can truly enjoy the game only if you play responsibly!