Whether you are new to poker or have been competing for some time, you may need some tips to properly manage your bankroll. Many times we do not give it the importance it has and we exceed the bets, risking to leave our bankroll in the red. The bankroll is the total amount of money that we have to make the different bets, this can be kept in the betting house or be extracted directly from our bank account.
As important as it is to have a strategy to play the cards, it is also important to manage the bankroll properly. For this reason in this article we analyze the best 7 tips to manage your bankroll.
Choosing the use of the bankroll
The first thing you should do, before starting any bet, is to decide what type of bankroll you want to use. This can be fixed or variable. So, if you choose a fixed bankroll, the amount of the bets will be calculated on a single value. That is, if you have a bankroll of 1,500 euros from the beginning, the percentage of the stakes -or minimum values of the bet- will always be calculated based on that initial amount. Even if in a few months you have doubled your income, the percentage of your bet will always be over 1,500. In the case of the variable bankroll, the bet is calculated on the amount of money you have at the moment in your bankroll. The best way to do this is to adjust the bankroll for each bet, although this takes too long, so you can do it every 3 or 4 days, for example.
Enter an appropriate amount to be able to obtain long-term profits
In the world of poker, sometimes you win, sometimes you lose. If you look at your short term winnings, chances are you will be disappointed and stop playing. However, if you have a good strategy you will know that the bets are maximized over time as you reach your value or profit you expect from a share.
Calculate the amount of bets based on your bankroll
Obviously, the amount of bets you can place depends on the size of your account, or bankroll. If you want to have a proper strategy you must be able to assume that sometimes there are losses and be aware at all times of how much is the most money you can lose in a bad streak, as well as the recommended amount for each of your bets based on the bankroll.
If you prefer to use a more passive strategy in the world of poker, then it is best to use a variable bankroll. This way, you will be able to reduce your losses. By setting a variable bankroll the size of your stakes increases as the bankroll increases and decreases as the bankroll decreases. The only drawback is that you will not be able to maximize your profits as you would with other more aggressive techniques.
This strategy is more aggressive than others, which allows for maximizing gains – but also increasing losses. The essence of this strategy invented in the 1950s is that the size of your stake must be equal to the value bets you find -those with the highest probability of winning and the lowest odds.
There is a formula for this that is known as Kelly. This is: K = [(Probability of winning bet x odds) – 1] / (Odds – 1) x 100. For example, if we find a bet with a 55% probability and a odds of 2.30 the result would be [(0.55 x 2.30) – 1] / (2.30 – 1) x 100 = 20.38. The amount to bet would be 20.38% of our bankroll.
What this strategy says is that the stake of our bet will be determined depending on the combination of the Fibonacci method. This combination starts with one and each successive number is the sum of the two previous ones: 1, 1, 2, 3, 5, 8, 13, 21, 34, 55…
Keeping your cool
As we have said on several occasions, in poker it is essential to keep calm, as well as to make use of statistics. In the same way, we must remain calm, even if our bankroll fluctuates. This is a game of head, not emotions.