How to Manage a Poker Bankroll

Your Poker Bankroll: Manage it, or Lose it.

In poker, you have one lifeline, your bankroll.

Without it, you can’t buy into any tournaments or cash games.

For this reason, the most important thing as a poker player is to protect your life. Protect your money by learning how to manage it correctly.

The basic rule of thumb in bankroll management is to not put more than 5% of your entire bankroll into a cash game or single table sit n go. For multi-table tournaments, you should not be putting more than 1-2% of your roll on the line for a buy-in.

Under these rules, if you have a bankroll of $10,000, you should not be buying in to any cash game for over $500 and no tournament over $100.

At times, there will be opportunities to stretch these limits slightly but only if the games are VERY JUICY and you know you have an advantage.

Even having an advantage in a game doesn’t GUARANTEE that you will win. Luck is always a factor in poker and if you get unlucky, it can take a huge chunk out of your roll that you will slowly have to rebuild.

I will take shots in multi-table tournaments for up to 5% of my roll if I see that the player list is very weak. I want to invest in games I know I have the opportunity to make a lot of return on my investment.

The downfall of a lot of successful players is not managing their roll correctly. They hit a big score in a tournament and then dump it off in the cash games. Keep in mind, as the stakes get higher, the competition gets better.

I use a program called PokerTracker 3 to track all of my winnings and statistics of each of my individual opponents at the tables.

With PokerTracker, I can see how much I have won/lost at a certain stakes so I can determine my long term average win rate. If you are not beating a certain stakes after 10,000 hands, you will probably never beat it until you improve your game.

Find the stake that nets you the best return, and stick to it to build your roll.

You will lose money and win money on any given day depending on a variety of factors. ALWAYS manage your roll and make sure you are playing your A+ game or don’t bother sitting down. If you are not in the right mental state, YOU WILL LOSE MONEY, and losing money causes a lot of people to LOSE EVEN MORE MONEY. They like to chase their losses hoping to win their money back and in the process, rip their entire roll to shreds.

INCORRECTLY Manages a Bankroll

Just ask Viktor “Isilidur1″ Blom about bankroll management. This gentlemen might be one of the top 5 No Limit Hold’em players in the world, but he simply cannot manage a bankroll.

I am sure he is being staked and he makes some money from his Pokerstars sponsorship, but he is the complete opposite of an example of how to manage a bankroll!

Blom has won $5,000,000 in a week, then lost it all the next.

He is a complete sicko, but that is what separates him from the others at the high stakes.

His problem like many others is TILT.

He goes on big winning streaks, but can’t cut off his losing streaks.

He is only 21 years old, so I don’t blame him.

It must be tough being a millionaire at his age!

If you are serious about developing your game, I suggest checking out some of my other articles I have written:

The Poker Trance: The Ultimate Poker Mindset

Top 10 Reasons You Should Play Poker

Top 5 Reasons You Lose at Poker

My Multi-Table Tournament Strategy

Booking The Win at Final Tables

The $3,000 Guarantee Final Table Takedown

Top 5 Heads-Up No-Limit Cash-Game Strategies

How to Develop Into a LAG (Loose-Aggressive) Player

My Most Profitable Session of Online Poker

Using a Rubberband To Squash Negative Thinking Patterns

Good luck at the tables! :)

The Three Tenets of Profitable Sports Betting

There are certain “rules” that must be followed when betting on sports, especially if you’re in it for the long-term and not simply betting on the Superbowl because all of the prop bets keep you interested in a game that you’d otherwise have no interest in.

Whenever placing a bet, there are three basic rules to adhere to:

1. Respect Your Bankroll

One of the biggest threats to your success and longevity as a bettor is mismanagement of your funds. In other words, its a marathon not a sprint. The majority of people tend to overstress their bankroll and bet too much on a particular wager.

The rule of thumb when attempting to maximize long-term success is to never bet more than 5%-10% of your bankroll on a given wager.

While this may not lead to that huge one time payout that every gambler so eagerly chases, it will ensure that when that “sure thing” loses by half of a point your bankroll will still be intact to place that next bet.

The key here is establishing a good form of money management. If you are going to follow another person’s bets and advice, then you should probably set up a system of units as to not over bet.

For example if the person you’ve chosen to follow bets $100 per game on average, that is their unit. And let’s say your bankroll only allows you to average a $20 bet per game, $20 would become your basic unit.

Therefore, for every $100 that your “source” bets, you would personally bet $20. I would recommend creating a system where your units are approximately 2%-4% of your bankroll so that you’re average bet comes in around 2 units.

This allows for the occasional 1 unit or 3+ unit bet.

2. Leave Emotion Out of It

Let’s face it, those of us who bet on sports are almost always sports fans on some level or another.

One of the greatest risks to sabotaging your bankroll is betting with your heart. We don’t see our preferred teams through the unbiased eyes that are necessary when analyzing a particular spread. Betting needs to be done with an analytical mind, not with your heart.

3. Learn to Handle Wins and Losses

Nobody has ever won every bet they placed, plain and simple. The key is to remember that the goal is not to win every single bet, but to win more bets than you lose. Adversely winning streaks are awesome, but don’t let them throw you off your plan.

Stick to your system of unit betting. A winning streak can lead to false confidence and in turn result in greater losses than wins in the end.

Top 10 Reasons You Should Learn How to Play Poker

10. Poker develops your patience:

Sitting in a live game only getting 20-30 hands per hour can be very boring if you aren’t getting good cards. Developing a strong poker mindset can make you a very patient person.

Being impatient at the tables leads to mistakes and mistakes cost money. There will be times where I click the fold button 100 times in a row and there will be times where I am playing AA KK AK and QQ on 4 different tables.

Focus on staying patient then capitalizing on big hands when they eventually come. The best players in the world and the worst players in the world get dealt the same amount of good and bad hands. The winning players separate themselves from the losers by staying patient and waiting for good hands and spots to take pots away from opponents.

9.Poker develops your discipline:

Folding top pair is something very mediocre players have trouble doing. Building your discipline to fold top pair when faced with a re-re-raise by a tight aggressive player is something you need to develop to be successful.

I see too many players lose their entire stack with top pair because they cant get away from it. It can be difficult when you haven’t had many hands in the last few hours and now have a hand that seems very good but may be second best.

In order to succeed and profit nicely from this game, you have to be disciplined enough to get away from a hand when you know you are beat.

8.Poker develops your creativity:

An important aspect of winning at the tables is out-thinking smart opponents. At times, very tricky and creative plays are going to be a necessity to win money.

If your not creative, you are predictable, and even more vulnerable to having your chips taken because other players will know what you have and adjust accordingly.

You have to realize how other players are playing against you and develop a constantly adjusting strategy to counter their every move. You simply cannot play a robotic style without adjusting your game if you want to profit from this game.

7. Poker develops your math skills:

Most people suck at math and they know it.

In order to become good at poker, you need to do basic math on the fly almost automatically. When I am 24 tabling, the math I do in my head is automatic and I can calculate odds without even thinking about it consciously.

I have seen so many situations over and over again that I already instinctively know what the odds are that my hand will hold up.

Math is everywhere, its not going anywhere, and there is no reason to not develop math based logic.

6. Poker develops your power of observation: 

There is so much that goes on in a single hand for such a simple game it can get very mind boggling.

Even when not currently in a hand, keen observation skills are a must to play at an extremely high level. Recognizing tells and opponents tendencies are essential for making proper decisions at the tables. I once observed in a live game the players hole cards to my left 135 different times.

On the 135th time I let him bluff himself into a $1000 pot with Ace high while I was sitting with Aces and his hand completely face up. I didn’t even bother to tell him at the end of the session, and I also cant wait to see him back at a table of mine.

5. Poker develops your intuition:

After playing poker seriously for about two full years now I begin to pick up on things a lot more frequently than I used to. I think I am more receptive to what is going on around me at all times, a feeling of having eyes and ears everywhere almost.

At the tables I begin to pick up on betting patterns and after playing with someone for a long period of time over a lot of hand samples I can begin to almost narrow their holdings down to exact cards. Intuition develops through constant focus and concentration almost at an obsessive level, an obsession to keep developing and improving your game.

4. Poker teaches you how to handle deceptive people:

Poker is a game of trying to conceal your holdings while simultaneously trying to figure out the other players holdings.

Players try to be deceptive as to not reveal their holdings to you. Learning to read people at the table is an essential skill, even the smallest of tells can cost people a lot of money.

In real life, there will be many situations where people will try to deceive you into buying something, doing something you wouldn’t normally do, etc.

I think after playing thousands and thousands of hands of poker I understand how a lot of people think and try to deceive me at the tables. Knowing when someone is deceiving you in real life can be difficult, but noticing patterns in deceptive behavior can help at the tables, and in your development throughout life.

3.Poker forces you to manage and respect money:

For a serious poker player, proper bankroll management is a requirement to have any long term success. Poker is influenced by so much short term luck that not having proper bankroll management will result in going broke.

I like to be extremely aggressive at the tables and I counter that by being extremely conservative with my bankroll.

I wont sit in a cash game if I don’t have 50 max buy ins for the stakes. Losing 5-6 buy-ins in a day is not that uncommon, and with my bankroll I am able to withstand the swings and fight off variance that can last hundreds and thousands of hands.

I respect money but I have built up a sickening disdain for money which I feel is necessary to play at a serious level. I can lose all my chips on 2 tables at the same time but I don’t even have enough time to care because I have 22 other tables to attend to.

I don’t care about the money at all, I feel the same way if I win $1,000 in an hour or lose $1,000 in an hour.

I focus on making good decisions and sometimes good decisions result in losing pots due to unlucky cards.

I have built up so much mental discipline I could talk to you like I just won the lottery after losing the last 7 sessions.

Poker is played with chips, not money. The chips have a monetary value but if you are exercising proper bankroll management, the value shouldn’t matter.

2. Poker teaches you to think long term:

Many players rate each session on whether or not they won money or lost money. This is a terrible way to evaluate your play because you can make mistakes, still win money, and feel as if you played good. On the contrary, you could play flawlessly and still lose a few buy ins.

For this reason, I don’t judge my play by just one session, my poker career is its own giant session. In fact, each hand of poker is a new session and if you can understand this concept, you can forget about every hand you have played in the past and focus on the present hand and how you need to play it effectively.

Downswings aren’t really downswings and upswings aren’t upswings if you view poker this way, if every hand is its own session, there is no such thing as a “swing.

” Too many players get caught up in results of past hands that their current play is adversely affected by what happened in the past. If you are able to look past short term results and make decisions based on long term expected profits, you can play with an even leveled mind and focus on the hands you have dealt to you right now.

Long term winners all have losing sessions but statistically most of these players will win in the long term once variance is factored out. Treat each hand as its own new session and you will stop getting caught up in past results and focus completely on the task at hand.

1. Poker teaches you how to deal with losing:

Many people get upset and angry when they lose a big pot with an unlucky river card. This emotional state usually leads to even more losses as players try to “chase” their losings and end up losing more in the process.

In order to beat the game, you have to understand that even the best players in the world have losing days, losing weeks and even losing months. Losing one big pot is not the end of the world when you have a deep bankroll lifeline behind you.

If you let your emotions tie in to how you play poker, your game will be negatively affected. When I get unlucky and get sucked out on for a big pot, I don’t even flinch anymore, I have learned to detach from emotions at the table and play every hand the best way possible regardless of the monetary outcome.

If no one got lucky in poker sometimes, no one would play as all the highly skilled players would have all the money. Luck is one factor that keeps the games running and once you begin to realize that you are going to have to lose sometimes, you can begin to deal with and keep your emotions in check and move onto the next hand.

More Poker Strategy:

The Poker Trance

Developing a LAG (Loose-Aggressive) Strategy for Maximum Profit

My Multi-Table Tournament Strategy

Booking the Win at Final Tables

How to Play AA For Maximum Value

Top 5 Reasons You Lose at Poker

How to Overbet For Massive Value

Additional Strategy, Sports Betting:

The Three Tenets of Profitable Sports Betting