How to manage Poker Bankroll?
Table of content:
- What is poker bankroll management?
- Importance of bonuses in bankroll poker
- How much risk should you take with your bankroll poker?
- Poker Bankroll Management for Cash Games
- Poker Bankroll Management for Multi-table Tournaments
- Factors that determine the growth of your bankroll poker
- Top 5 Poker Bankroll Management Tips
Ever since the advent of online poker games, budding players think that it is very easy to earn big money in such platforms. However, this is far from the truth as you need to have a lot of strategies and practice to actually make a successful hand in the end. While you put in efforts to build strategies, poker bankroll management is something that you must definitely not forget.The sad part is that a lot of players do not even know what this is, let alone its importance. To start with, bankroll management has got nothing to do with the way your strategies in the game. It is about how you manage your finances. So, if you are planning to play online poker games on a regular basis and make revenue out of them, then it is absolutely necessary to understand how poker bankroll management works.
To explain this in the simplest of ways, poker bankroll is the amount of money you have set aside to play poker. It is like a fund, out of which the money will mostly be used to play poker. Mind you, this does not include any money that you are expected to get in future or the money out of which you need to pay your mortgage or bills. Therefore, it is very important to decide the amount of money you want to devote to playing poker. This also depends on the risk you are ready to take. For some players, it could be INR 1,000 but for some, it could be INR 10,000 or even more.
One thing to note in bankroll management is that, it is the total amount you are ready to put in that is vital and not the money you are using to play the games. For example, you have put a limit of INR 10,000 on your bankroll and you are using only INR 5,000 to play the games, so that there is a buffer that can be used to save you in losing situations. It is the INR 10,000 that will be considered as the total bankroll and not the amount you are actually using.
One of the major ways to engage in poker bankroll management is by using the bonuses in the right manner. When you enter different online poker games, you will get different amounts of bonuses. When you make your first deposit, you get a sizable bonus, which is at times two or three times that of your deposit. Now, you may not be able to withdraw this bonus initially, but you surely can use it in games and multiply it. Once you have played several games, you will be allowed to withdraw the money. Therefore, the bonuses you get become a vital part of your bankroll poker and bankroll management strategies.
To start with, there is no ideal starting bankroll that you should have. It can vary from person to person, based on the capital and the risk appetite. You should never put in more money than you can afford to lose. Even though poker is a game of skill, you can have bad days as well, due to the variance not favouring you. This is where you should always think about good poker bankroll management and play games accordingly.
For players playing cash games, the best idea would be to follow a basic thumb rule that asks you to have a minimum of 20 buy-ins. Well, you can certainly go for 40-50 buy-ins as well, depending on the size of your bankroll. While playing a 0.05/0.10 NL that has a minimum buy-in of INR100, then you should have a bankroll of INR 2000. However, if you are ready to go for the maximum buy-in of INR 1,000, then you should have a bankroll of INR 20,000, and this is what can be considered as the ideal bankroll management.Here, one thing you need to keep in mind is that you should set a daily limit as well. You should not spend a lot of money on games, just because you are on a roll for 4-5 games. The variance can and will change, which will end up harming your profits. You have to have a good bankroll management strategy here.
For bankroll management poker tournaments, you need a different strategy. The ideal way to do bankroll management in such a situation would be to set a limit of 2% of your total bankroll, for every buy-in. For example, if you have a total of INR 20,000, then you should not use more than INR 400 for a single buy-in. Note that it will be a good idea to stay away from games that involve re-buys or add-ons because they affect your bankroll negatively in the long run.
Bankroll management is not just about the initial amount you are ready to put in but also about building it to a sizable amount so that you can take bigger risks to earn more money. Here are the four factors that can determine how safely you can build your bankroll poker.
· Stakes – If you want to play for higher stakes, you obviously need to increase your bankroll as well. Grinding in the 50NL will not be the same when you play 200NL. You may very well have to build your bankroll by four times to play such high-reward games.
· Game Type – The type of game you wish to play will have a huge role in the size of your bankroll. If you are playing tournaments, then you need to perform poker bankroll management in a way that makes your bankroll a big one. While playing game formats with extremely high variance, the bigger bankroll helps you make the higher number of buy-ins that are required in such games. If you are interested in playing low-risk cash games with manageable variance, then you need not build the bankroll aggressively.
· Winning rate – The number of times you win, over a large sample of hands, can give you an idea about your winning rate. While playing tournaments, it is the ROI that you can expect to get at the end of the tournament. For cash games, it is the win rate in big blinds for every 100 hands a player has played. Note that, knowing this winning rate will significantly help you with bankroll management. If you do not know your winning rate or are still new at poker, it is advisable that you tread the path cautiously, until you get a hang of the game.
· Comfort level – Now, this is a factor that can drastically vary from person to person. While some players are more comfortable in making the right decisions, knowing that they have a big bankroll, for some, it can lead to careless mistakes. The longevity and size of the bankroll is dependent on the player’s composure to a certain extent, and hence plays a key role in poker bankroll management. If you are confident about making the right move, knowing that you have a sizable bankroll in poker, then it pretty much becomes the major factor that will help you grow your bankroll.
Here are a few bankroll management tips that you must use to ensure that you maintain a healthy bankroll over a long period of time and eventually build it.
1. Keep your poker bankroll separate from your regular cash – Now, this might sound too straight-forward or not that crucial but it is important to ensure that you keep your bankroll separate from everything. Keeping a certain amount of money dedicated just for playing poker is a major bankroll strategy when it comes to poker bankroll management.
2. Do not bite into your poker bankroll – As a continuation of the above point, you should not bite into your bankroll account. Yes, you may do this if there is a financial emergency but try to keep your other expenses separate. This will ensure a much better growth of your bankroll. You will be able to raise your stakes, knowing that you do not have to use the fund for something else as well. A free mind always lets you make better moves in poker.
3. Come up with the right approach – The willingness to take risks plays a huge factor in bankroll management, and is a big bankroll strategy that you should possess. You can either take the high road and go for bigger stakes while having an aggressive gameplan or take it slow and earn a small-sized income regularly. However, the biggest factor in this is your ability to bounce back after suffering from losses. Poker is a game of skill and variance, and both of these can either make you win big money or lose all your money. If the latter happens, you should have a sizable backup if you are to continue playing the game. This is the very essence of smart poker bankroll management.
4. Be ready to bring down your game a little – One of the key ways to implement bankroll management is to know when not to overspend. Even if you follow an aggressive game plan, you must take a step down when the situation demands. If the variance is working against you, leading to a streak of losses, it would be better to slow down a little and play safely. It could also be a case where you have upgraded from a low-stake game to a high-stake one and you are finding it difficult to replicate your earlier form. Even though you have a big bankroll to spend, it is advisable to take a step back during such instances. This is considered to be a great poker bankroll management strategy.
5. Be aggressive against weaker opponents – Once you are a seasoned campaigner, it is incredibly important to be aggressive when the right opportunity comes. Just 5-10 minutes into the game, you should get an idea about your opponents’ competence. Assess this in detail and ensure that you play your hand accordingly. Be aggressive against weaker opponents so that you can earn big in a single game. Always remember that improving the size of your bankroll is very crucial in bankroll management.
Now, that’s a wrap on our comprehensive guide on poker bankroll management and how to increase the size of your bankroll. Harnessing these bankroll management skills is equally important as the skills involved in playing poker. Download GetMega Poker App now and enjoy your favourite poker games.