It’s essential you play your poker games responsibly, and one of the ways you can do that is to have a proper bankroll management strategy.
Apart from lacking skill, poor bankroll management is the biggest reason poker players lose their money. Managing your bankroll in the right way can make all the difference. When you think of it, it’s just like budgeting in everyday life. If you continue to spend more money than you can afford, bills will eventually come crashing down on you.
And that’s why you have to pay special attention to bankroll management.
What is a Bankroll?
If you’re an experienced poker player, then you’re surely aware of what a bankroll is. It doesn’t matter if you’re just making your first steps in the exciting world of poker, as reading this article may be helpful in both cases.
Your bankroll represents the money you can spend while playing poker. But pay close attention: it’s made up solely of disposable income, meaning it’s money you can afford to lose and won’t affect any aspect of your life.
Never (and we can’t stress this enough) should you use any funds that are meant to be used elsewhere. It can be tempting to go all in, with every cent you have, but you should avoid doing so.
Bankroll will also determine the size of the stakes you should place.
Benefits of Proper Bankroll Management
There are many reasons why bankroll management is crucial for a successful poker experience.
First of all, it can help you reduced the risk of losing all your money. Going broke is every player’s nightmare, as it momentarily ends his poker game.
Secondly, having a good bankroll management strategy allows you to keep the size of your stakes unchanged even in a losing streak. These things happen, and when they do, your bankroll can offset the losses before Lady Luck once again smiles on you.
Practising good bankroll will stop you from increasing your bets too fast. Knowing when to move up or down when it comes to stakes can make all the difference during a game, and it’s just as equally important.
Choosing the Size of Your Bankroll
Before making this important decision, you have to ask yourself a couple of easy questions:
- Are you ready to lower your stakes if you get into a losing streak?
- Would you be prepared to risk by quickly increasing the size of your wager?
- Can you afford to reload your bankroll if you lose all your money?
- Is your favourite type of game highly volatile?
- What’s your preferred playing style?
No poker player is the same, and that’s why the game is so exciting. People use different approaches different bankroll management strategies. It’s best to adopt a system that produces the most favourable results.
The five questions above should help you choose the size of your bankroll. If you’re not ready to lower your stakes in the losing streak, you’ll definitely need a bigger one.
Probably the most critical question you should ask yourself is whether you can replenish your bankroll if you lose all your money. Also, bear in mind that some poker variants tend to have more swings.