Not paying attention to your finances during a game of poker and acting on instinct instead of skill is a lethal combination that will get you in trouble pretty soon enough.
This is why experts recommend keeping a tight lid on your money and starting small before you go pro.
What’s Bankroll Management?
Bankroll management in poker is exactly what it sounds – organizing the money you have and dictating the stakes you play. However, putting it into practice is much harder than in theory. As there are many casino games, bankroll management can get pretty challenging for those who aren’t invested in one game only. With that being said, there’s still a way to manage your poker bankroll and get the most out of each round.
The objective of bankroll management in poker is to keep your losses at a minimum. Everyone loses sometimes. Even the best players can get stuck in a losing rut, and chasing those losses will only lead to losing money you might not have.
If you keep your bankroll tight, though, you’re less likely to play on instinct and possibly lose big amounts of money. Remember what’s important to you – if you love playing poker all the time, then losing money you simply don’t have means you’re not going to play it until you gather some funds again.
Just treat your bankroll with respect and like an investment, which it really is.
Keep Your Poker Bankroll for Poker Only
First things first – you need to set your overall bankroll. This means knowing how much casino money you have in your pocket. Let’s say you have $1,000 – that’s the whole amount of money you can afford to spend in a casino this week or month. This is your ceiling – a win or two might make you want to raise the bankroll, but that’s a mistake you don’t want to make. It will lead to inevitable losses and possibly losing all the casino money you’ve set for this month.
Next, dedicate a portion of that amount for poker only. If you’re an avid poker fan, you can set up 50% of it or more if you like. If you also enjoy spinning slots or playing blackjack, it’s a good idea to have a small bankroll for it.