We all know it’s important but most of us couldn’t think of anything more boring. Fair enough, bankroll management definitely isn’t the most exciting part of poker! However (and I hate to be the bearer of bad news) it’s basically essential – if you don’t want to end up bankrupt before the end of your first week of playing that is.
Does it really apply to you though? Well, whether you’re grinding out small-stakes cash games, playing high-stakes tournaments, or exploring different poker variants – including video poker – managing your funds effectively can only help your game. It’ll make your funds last longer and hopefully see you through any unlucky runs. With that in mind, we’re going to get into the nitty gritty of bankroll management, going beyond the basics to help you take control of your poker table finances!
Poker Variants and Their Effect on Bankroll
If you’ve got one variant and you stick to it then head on right to that bit, but if you like to dabble then take a look at all of the variants to get a clear picture of how each type of game affects your bankroll. After all, poker isn’t a one-size-fits-all game.
Texas Hold’em. It’s the big one. It’s the most popular variant and it’s actually a pretty balanced game in terms of variance. As a rule of thumb, the 20 to 40 buy-in rule works well for cash games, while tor tournaments, the 100 buy-in rule is worth sticking to. When it comes to MTTs remember there’s much higher variance – as so few players cash.
Up next, Omaha. This is another fairly popular game, though nothing on the popularity of Hold’em. Its action packed with more flops and bigger pots – so you guessed it – it has higher variance than Hold’em. Keep around 30 to 50 buy-ins in your bankroll and for tournaments, you’re probably looking at 150 – maybe more for Pot Limit Omaha.
Stud Games are our next stop. Seven Card Stud and Razz actually have a much lower range than either of the two variants we’ve covered so far. Why? There’s no community card. This basically obliterates the possibility for a ‘miracle’ hand. But if you were just considering switching up your poker game to become a Razzmaster then hold fire. The competition in these variants tends to be – tough – quite simply because only the real experts play. Keep 30 to 40 as a buy in rule and around 100 for tournaments.
A moment now for video poker please. While some of you might not think this is a true poker variant, video poker is often a steppingstone into the world of poker. You’re obviously not going to be taking part in tournaments, nor will you be bluffing your way through complex dynamics. However, bankroll management is still essential. Deuces Wild has a higher variance than Jacks or Better so you’ll want to keep your bet around 100 times aside for the
Cash Games: Managing Risk and Adjusting Stakes
So, we’ve touched on variance and variants (remember the difference!). Next up is cash games. These tend to offer more consistent returns compared to tournaments, so it’s a point for your brain space there. However, they still require a bit of discipline when it comes to your bankroll. We’re going to start off with the one that everyone likes to avoid – when to move down in stakes. It’s practically human nature to move up in stakes when we lose to try and combat our losses, but (and I imagine you know this already) drumroll… it’s a bad idea. You’ll likely lose even more. Instead, set strict rules for when you move down in stakes. For me? It’s when 30% of my bankroll is gone, but depending on the size of your bankroll, you can probably shift that up or down by around 10%.
On the other side of the coin, sometimes you win! If you’re winning consistently (my rule is a 50% increase in bankroll) then it’s time to go up the stakes. In this way, you’re always challenging yourself, but making sure you’ve got a healthy buffer in case your challenge proves, well, a little too much.
Tournament Play: Building a Sustainable Bankroll
Tournament play is electrifying. But it comes with more volatility than cash games. One day you may cash in a big way, and the next you could see zero return after several hours of grinding. This is why having at least 100 buy-ins is crucial. Perhaps even more of them if you’re playing events with large fields.
It’s also never a bad idea to mix up the tournaments you play – based on your bankroll. If you’re mainly a mid-stakes player, but a big event comes around, don’t blow a huge chunk of your bankroll on just one tournament. Instead, consider selling a portion of your action or playing satellites to win your way into higher-stakes events.