You can spend hours practicing and learning the best poker strategies, but your real money gambling journey will be very stormy without proper bankroll management. If you only play poker on special days or hardly take it seriously, you might get away with not having good bankroll management ethics, but if you’re planning on going pro or take poker as your source of income, you seriously can’t joke with it.
Here, we’ll cover everything you need to know about bankroll management and share tips and strategies that guarantee you prolonged success. If you’re looking to enjoy the best online poker gaming in the UK, here’s a list of the best sites for real money online poker for UK locals.
What is Bankroll Management in Poker, and Why is it Important?
Bankroll management involves overseeing and managing finances used when playing poker. With bankroll management, the players can know how to stake according to their budget, style of play, and type of game.
The type of bankroll management strategy you employ will depend on the kind of player you are. Nevertheless, a good strategy is important to casual and professional players. For the casuals, bankrolls will help make sure there’s always something available for you to play with and will also help ensure you don’t invest more than you can afford. It’ll help in keeping the balance between your real finance and your poker finance.
For the pros, bankroll management will help track your game patterns, monitor your successes and losses, and help you implement poker strategies.
Major Bankroll Management Strategies
Here are some of the most common bankroll strategies in poker and how you can use them to your advantage.
1. Fixed Limit Strategy
This is a standard strategy and one that’s very easy to understand. With the fixed limit strategy, the player only bets with a certain percentage of their total budget. For example, if your entire bankroll has a total of £500, and you choose not to place any bets above £25, you’re operating a 5% fixed limit strategy.
This strategy helps in prolonging the life of bankrolls and putting a limit on losses. However, experts have criticized it for its slower rate of return because players might not be able to exploit promising opportunities due to the limits on stake.
2. High-Risk Strategy
This is the opposite of the fixed limit strategy and allows for more risk-taking. With this strategy, players can place very high bets if there’s a chance of heavy returns. Many have advocated for this strategy because of its ability to be hugely rewarding.
Nevertheless, its high-risk factor makes it very dangerous as poker is a game where mistakes and unexpected events can happen. One or two bad runs can leave the player’s bankroll heavily depleted.
3. Starbust Strategy
The starbust strategy is a sort of combination of fixed limit and high-risk strategies. Using this strategy, players can set aside a part of their bankroll for high-risk/high-reward pots while the rest is used on small pots with lower risk.
Effective Poker Bankroll Management Tips
Here are some effective poker bankroll management tips that players should consider.
- Start Small and Build to the Top: If you’re new to bankroll management, it’s best to start with a small amount and build a solid foundation before taking higher steps. It’ll be easier to start again after a loss when it’s small, and you can easily learn from your mistakes without losing too much.
- Stick to Your Strategy: If you have a fixed limit on your bet sizes, ensure you stick to it. Don’t play above your bankroll because you saw an opportunity that’s just too good to miss. Lack of discipline will make you lose respect for your bankroll, and in time, you’ll start playing carelessly.
- Choose the Best Games: Selecting the right games can heavily influence your bankroll. For one, always play games that match your skill set. Do your research before selecting games to avoid playing against players way above your level. Basically, search for soft games where the players are mainly in it for fun.
- Look for Value: Many online poker sites offer bonuses, don’t be scared to take advantage of them. Also, look for sites with low rake or where a high percentage of your rake is returned. Having multiple buy-ins in games with heavy rakes isn’t really profitable, and you should always be watchful for any good deal.
- Keep Records: Every poker session you play should be recorded. Over time, this will come in handy as it will give you solid information on your success rate and the type of player you are. It can also help you improve your skill set.
- Don’t Cash Out Unless When Necessary: If you can manage, try not to cash out from your bankroll. Keeping your profit and building your bankroll will allow you to increase your stakes and increase your chances of winning big. It’ll also help in confidence building.
The Bottom Line
Bankroll management is an often overlooked but essential aspect of poker. This article has explored the concept, looked at some strategies, and discussed some effective tips for prolonged success. Remember to use these practical tips to manage your gambling funds maximally.
