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Monday, March 12, 2007

Bankroll and Money Management

By PokerListings.com

 (14 votes)
Scotty Nguyen

Many beginners underestimate the funds necessary to play poker for an extended period of time. The money you can afford to potentially lose and have earmarked to your poker game is called your poker "bankroll." Poker is inherently volatile and chances are that you will either win or lose quite a bit already by playing three to four hours - in particular if you are playing online, as the games are so fast-paced.

So, as a beginner, try to start out playing at very low limits to get a feel for the games and to minimize losses. The vast majority of new players starting out at poker grossly underestimate the bankroll needed to play at certain limits for a longer period of time. You may be an exception, but just in case you're not, it might be wise to take a look at the bankroll guides below.

But the trouble does not end here. Many experienced players make bankroll mistakes as well. A cardinal sin is to treat your bankroll like a tournament buy-in. This means that as soon as you have played for a couple of weeks and are at break-even or are up a little bit at one limit, you then advance to a higher limit with your entire bankroll and so it continues. If you do this, you are almost guaranteed to eventually lose all your money.

The reasons are that you are putting too much pressure on your insufficient bankroll and are playing at higher levels where you not only have to adopt different playing styles to be profitable, but also are up against players who are probably significantly stronger than you. In addition you face the risk of playing too passively at the higher limits as you can get " gun shy" when you cannot afford to lose and are inexperienced. Try to avoid these rarefied heights for now. Keep playing at reasonable limits for at least 200 hours of play during which you're either doing well or at least not losing too much. If you decide to try a higher limit do so for just a short period with a smaller test bankroll and get out if it is not working well for you. You are most likely playing poker for recreational purposes - make sure you give yourself the chance to enjoy yourself for more than a month or two!

Luckily for the few professional players out there, most players play for fun. If you are not completely focused on playing a winning game, but playing mostly to have a good time, you belong to the 95% who are happy amateurs. Try to enjoy yourself as much as possible at as low limits as possible. Don't destroy your hobby by playing too high.

But there is a quick way to break even or win in poker. By learning the basic strategies and adopting a tight/aggressive style you have a very good chance of making a small profit. The reason is that, precisely as mentioned, most other players don't really play to win. You will find a very extensive collection of poker game strategies in our Poker Strategy section.

By adopting these strategies as a beginner and practicing them on lower limits you should be able to improve your game significantly in less than 50 hours of playing and often make a profit in less than 100 hours of playing. Remember to revisit the strategy advice at least twice during your first 100 hours of play to ensure that you are really putting the strategies into practice!

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 (14 votes)

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