Best Bankroll Management Tips for Poker Players

by Cole Paganelli | January 2, 2020 |

Let’s be straightforward here — we love poker because we love money. As soon as you take the money element out of the game, it’s not as entertaining.

If you don’t believe it, try playing with your friends a high-stakes poker game, and then play one with no money the very next time you get together. The thrill will be gone, and it wouldn’t be the same.

People are different when it comes to how they handle their finances. Some spend too much, and some save it for rainy days.

However, when it comes to poker, finding a perfect balance is almost equally important as finding your optimal poker strategy. In other words, if you know how to manage your bankroll, you will experience the game of poker in all its glory.

Here are a couple of useful tips on how to take care of your bankroll and put it to good use.

Make a Poker Budget

If you are a recreational player and have a daily job, then you should never mix your poker money from your personal finance. The best-case scenario is to make a poker budget, meaning that you will always put away some amount of money that you will only use on playing poker.

The best approach to this strategy is to simply consider your poker budget the money you want to spend on poker. If you go out of your poker budget — you lose the game.

No Desperate Moves

Poker is often a good example of how variance works. No matter how good we are at this game, there will be some downswings when we lose more than we invest.

In that case, it’s very important to stay calm and not make any desperate moves that would make you spend money you didn’t initially plan to spend on the game.

Don’t Hesitate to Lower Your Stakes

If you were on a bad streak and lost a lot of money you planned for playing poker, don’t be afraid to lower your stakes and play games with lower limits. It’s much better to play with less money if your budget is low then try to keep up with high-stake games where you can lose a lot and a lot is at stake.

Don’t Lose Track of Your Poker Sessions

One of the things that every active poker player must do is keep track of their previous poker sessions, both in terms of their success in them and in terms of money they lost/earned along the way. That way, you will able to gain insight into your income/outcome and make future actions to improve your overall bankroll management skills.

Don’t Waste Money on Other Poker-Related Expenses

Playing live poker games often includes paying for hotels, food, massages, and many other things. If you want to really improve your bankroll management skills, make sure to cut all the unnecessary expenses and plan your poker trips up forward in order to know exactly how much money you spent on these trips.

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