Discounting a lack of skill, the number one reason a poker player goes broke is due to poor poker bankroll management. Ask any of the professional poker players for one tip about how to win at poker and almost all will advise you to practice bankroll management.
That is fine, but what exactly is “bankroll management”? Don’t worry, PokerNews has you covered to provide you with all you need.
We’ll make sure you’re up to speed with the right poker bankroll management strategy to implement this year, what you need for live poker cash games, at lower stakes, how to increase your win rate, and become a winning player!
We’re confident to say this is the best series on poker bankroll management you will find on the web and a helpful guide if you want to play poker for real money at the best and most reputable online poker sites recommended by PokerNews.
Before we dive in-depth into the matter, let’s make sure that the basics of bankroll management are properly covered.
Poker Bankroll Management Strategy: The Basics
Practicing sound poker bankroll management involves recognizing that the amount of money you have in your poker bankroll should always be dictating the stakes for which you play. That’s easy enough to understand in theory, but for some, being able to put that idea into practice can be easier said than done.
In this article, we’ll be sharing tips regarding how to think about and manage your poker bankroll, including offering some specific strategies to help you with decisions about game selection, moving up in stakes, and cashing out.
We’ll teach you about luck, when you need to be aggressive with your shots, and why the so-called “variance” in poker can clean out any ill-prepared wallet in no time!
Need a refresher before we get underway? Visit the poker rules section to learn all about the basics of poker.
What is Poker Bankroll Management?
Put simply, poker bankroll management is the practice of controlling your bankroll so that you never risk more money than you can afford to lose. That means understanding and accepting the fact that variance (or luck) is a part of poker and making sure that the amount of money you’ve set aside for poker can handle the swings that come with playing a high-variance game.
Therefore, proper bankroll management demands a level of discipline and restraint when it comes to how much money you put into any given poker game.
It is also important to remember that bankroll management is not just about preserving your funds; it’s also about making sure that you are playing at the right stakes for your current poker skill level.
In short: you need the right poker bankroll management strategy to win, whether it’s on the green felt in card rooms around the world or at any of the many poker apps nd online poker sites out there.
Why is Poker Bankroll Management So Important?
Variance is a natural and inevitable component of poker. The amount of money you can win or lose in any given poker game – or over the course of many poker games – will always be affected by variance. Simply put, variance is the element of poker that makes it a game of skill and chance.
There is no way to completely avoid variance when playing poker, but you can certainly minimize its effects by practicing proper money management. This means making sure that the size of your poker bankroll is in line with the stakes you are playing at.
If your bankroll is too small to handle the swings that come with playing poker, then you are putting yourself at a significant disadvantage. On the other hand, if your bankroll is too big for the stakes you are playing at, then you are not making the most of your money.
By managing your bankroll effectively, you can ensure that the amount of money in your poker bankroll is always working for you – rather than against you.
What are the Basic Rules for Poker Bankroll Management?
There are three basic tenets of poker bankroll management that all poker players should adhere to:
- Only risk money you can afford to lose
- Only play at stakes that are in line with your poker skill level
- Be disciplined and patient when it comes to bankroll growth
These three rules form the foundation of poker bankroll management and should be followed by all poker players, regardless of their experience or proficiency. That means even the full-time poker grinder looking to be an online poker pro should follow these concepts!
Always Remember: Your POKER Bankroll is For POKER Only!
Let’s get one thing straight: only use money for poker games that you can afford to lose in to make up your bankroll! That is one of the golden rules you need to know when playing no-limit Texas Hold’em, or any other poker game. This means that the money set aside for your poker bankroll is not needed to fund anything other than poker!
If you think you have a $2,000 bankroll, but will need to use $1,500 from it this month or next to pay an important bill, then you not have a $2,000 bankroll — you have a $500 one.
It is crucial that not a single cent of your poker bankroll is required elsewhere because as soon as it is, you are gambling with money you cannot afford to lose. This is a cardinal sin in all forms of gambling, including online poker. Make sure you always keep the money for poker separate to minimize any significant risks to your living expenses!
Bankroll Management Keeps You in Profitable Games
There is more to managing your poker bankroll than simply depositing a lump sum into your online poker account and playing poker with it. The size of your bankroll dictates the games you can afford to play.
Every poker player dreams of moving up stakes where there is more money to be won, but very few, if any, make plans for dropping down to the next lowest stakes. Being honest with yourself and moving down, as it’s called, by lowering your average buy-in is crucial to enjoying longevity in the poker world.
Using your bankroll to determine the level you play at ensures you remain in games where you are profitable. Using bankroll management as a guide means you will have to move down in stakes if you go on a losing stretch. Start winning again and you may rebuild your bankroll to such levels that allow you to return to your previous level, or even move up to the next highest limits.
You will find you eventually settle in games where you are profitable and no longer need to drop down in stakes as frequently.