Managing a bankroll is a vital aspect of playing online poker. Whether you’re in a tournament, playing online video poker, or just joining a game, you’ll need to manage your bankroll to stay in the game. There are a few important aspects to consider, such as how much you need to start, which games to play, and which rules you need to remember. Bankroll management isn’t hard to learn or hard to remember, but it’s better to take these lessons now. This way, you don’t end up making a costly mistake.
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Online Poker Bankroll Management: How Much Do You Need?
What Is Poker Bankroll Management?
Simply put, poker bankroll management is deciding how much money to dedicate to poker and the stakes you can afford to play with it. The goal is to protect you from negative swings in play and stay in the game by responsibly managing the amount of money you have in front of you.
Let’s say you start with $1,000 and play a game with a $50 buy-in. This means that you can play 20 buy-ins. This is a bit aggressive for this amount of money. Having enough money for 40-to-50 buy-ins would provide a bit more of a financial buffer in case of a severe negative variance.
However, bankroll management in poker isn’t about finding a magic number. It’s about matching your bankroll, stakes, game type, win rate, and tolerance for variance so that a bad run doesn’t force you out of the game.
How Much Money Do You Need to Play Online Poker?
There’s good news here. There isn’t a single amount you need to play poker online. The amount of money you should have depends on the stakes you play, whether you play cash games or tournaments, your win rate, and how long you can handle going through a bad run.
The best rule to follow is that you should only play money you can afford to lose. Never play with money you need for essentials.
How Many Buy-Ins Do You Need for Online Cash Games?
The answer to this question really depends on your style of play. Are you a conservative poker player? You’ll want to have a large enough bankroll to cover 40-to-50 buy-ins as you grind your way to a profit. If you play aggressively, you’ll want to ensure that you have at least 20-to-30 buy-ins.
However, these ranges are more guidelines rather than hard rules. A recreational player who can move down in stakes may accept more risk and use a smaller bankroll. A professional player who depends on poker income often can’t afford an extended losing streak, and may want a larger cushion.
How Much Bankroll Do You Need for Online Poker Tournaments?
Online tournaments typically require a larger bankroll than most cash games because tournaments are prone to greater volatility than cash games. Even profitable poker players at cash games often go through long stretches without a big win. In a cash game, you can win or lose a buy-in during a session, but you can continue playing and rebuy whenever you have the bankroll to do so. Tournament players can spend hours playing well and still finish outside the money.
A common starting point in tournaments is 40-to-50 buy-ins, and a conservative approach is 100-to-150 buy-ins.
What Is Risk of Ruin in Poker?
Risk of ruin refers to a player losing their entire bankroll before they can overcome the losing streak.
This is why bankroll management is so important to learn. Even good players can bust out if they play games that have stakes that are greater than they can afford and are unable to absorb a lengthy losing streak.
Having a larger bankroll or playing at stakes you can afford are the best ways to mitigate risk of ruin in poker.
When Should You Move Up in Stakes?
Choosing to move up in stakes can increase the amount you win, but it also comes with an additional cost. The safest approach is to move up in stakes when you have a bankroll capable of maintaining 20-to-30 buy-ins, and you’ve shown that your skill level is higher than the stakes you’re playing at.
You also don’t have to immediately leave the level you’re playing at. A common choice is to move up for a session or two and see how your game translates to a higher-stakes game, assuming you have the bankroll to absorb the additional cost.
It’s also a good idea to set a ‘move down threshold’. This means that if you move up and struggle, you have set a clear threshold to move back down. For example, you can move up when you have a bankroll for 40 buy-ins for a higher stakes game, but you’ll move back if that dips to 30 buy-ins.
Should Recreational Players Follow Bankroll Management Rules?
While it’s a good idea for all players to follow poker bankroll management rules, it’s not as necessary if you’re just a recreational player. Your goal as a recreational player may be the thrill of the hand or having fun for a few hours instead of making money. That’s okay, but you still need to manage your bankroll and avoid the risk of ruin. Bankroll management can keep you playing longer, avoid chasing losses, and control your spending.
If you’re just playing for fun, make sure it stays fun, but keep an eye on your bankroll. It will be worth it if you ever choose to get more serious. You won’t need to learn bankroll management skills. You’ll already have them built into your game.
Remember, playing online video poker tournaments is meant to be a fun diversion. If you find yourself stressing over poker, the advice is simple. Just take a break, put on headphones, and listen to the latest episode of the Sports Gambling Podcast. Sean and Ryan have got you covered, even if the video poker machines seem to have turned on you.
