If you’re going to avoid going broke then impeccable bankroll management is an essential part of online gaming survival. It’s something even the best players have to do in order to be able to carry on playing for longer and if you ask any pro for a priceless tip to for getting started, they’ll all tell you to practice your bankroll management.
What is bankroll management?
Being told you need to be a master of bankroll management is all well and good, but first you need to understand exactly what that means. If you’re unsure about what you need to get started then this guide to bankroll management should cover everything you need, but the first thing to recognise is that the contents of your bankroll should be the only thing dictating the stakes you’re playing with.
Your bankroll is essentially the money you have behind you which you’ve set aside specifically for gaming. When you’re just starting out, it can take a few months to build this up but it’s a fund that’ll ensure you can carry on even after a day of losses – providing you use it properly, anyway.
Your bankroll is for gaming and gaming only
The first and perhaps most important rule is that your bankroll is for gaming and that’s it. You need to be disciplined with all elements of your bankroll but first and foremost you should only be putting funds in there that you can afford to be without.
It is essential that this money is not required elsewhere; if it is don’t even bother playing with it because not only will you be gambling with money you can’t afford to lose, you’ll also stop yourself from playing at your best as you try to prevent losses.
Money is an essential
A chef cannot work without knives just as a mechanic cannot work without tools. A similar analogy can be applied to gaming, except in the world of online gaming the tool is money. You cannot play without money so the only way to play is to maintain your bankroll, manage it responsibly and play to your means.
Without money you can’t play poker, nor can you make money from playing poker. The first step to managing your established bankroll is to work out how much you can afford to lose. This amount will vary from player to player, and the amount really doesn’t matter, you should just be sure that you can afford to live should you lose it.
Reinvest or pay?
The way you use your winnings will essentially depend on what you feel comfortable with, and what your personal goals are. If you’re keen to continue building your bankroll and play professionally then putting all your winnings back into your bankroll will allow you to play bigger games and stakes much more quickly. However, if you’d prefer not to put all your eggs in one basket then pay yourself a proportion of your winnings and use the remainder to carry on playing.
Why is it so important?
Essentially, your bankroll is there to save you when you’re on a string of losses. They don’t happen very often but when they do, they can cause devastation to players who haven’t managed their bankroll properly. Bad beats are hard for any player to swallow though so here’s some advice on how to get over and avoid them.
It really doesn’t matter how good a player you are, poker is a long game and although in the end a good player will win far more than he loses, proper bankroll management will ensure that in those horrible downturns there will still be the funds to play.