Whether it is live or poker online, poker is a game of skill and betting. Betting makes the game thrilling and alluring. There are different skills that you will learn as you go along. However, there is one skill that is ignored by most online players – bankroll management. This is because bankroll management has nothing to do with how you play poker.
This doesn’t make it less important though. Bankroll management refers to how you oversee the money in your account. It is your responsibility to always ensure that you have funds available to play with. This skill is important especially if you are new to online poker. Once you understand what this is all about, you will see a long-term success at poker tables. Here are some tips that you can consider:
Do not play more than what you can afford to lose
The basic rule of poker or any betting game is never to play more than what you can afford to lose. There is always a possibility that you lose money when playing poker – even if you are the best.
To stay away from financial trouble, you should not risk an amount of money especially if you are encountering a downswing. Additionally, do not put your entire bankroll on the table in a single hand or tournament. It is best to play with a small portion of your bankroll at any given time.
Decide what you want from poker
There are different groups of poker players. It is important that you know what group you belong to so you can decide what you want from poker. If you determine your group, you can select the right level to complete your goals or aims. Poker groups include:
• Professional players: professional players refer to individuals that depend on poker as
their source of income. For these players, they cannot afford to lose their bankroll because it means losing their job and their livelihood. Professional players should have the strictest bankroll management.
• Serious players: serious players refer to good players that make enough profit from poker. However, they do not depend on poker for their income. If they lose their bankroll, it will not be the end of the world for them. It will hurt when they lose but they can easily cope up.
• Recreational players: recreational players consider poker for fun. It is their source of entertainment when they are bored. If in case they lose their bankroll, they can easily fund it from their regular source of income.
Do not play higher than your bankroll
Now that you know what you want from poker, the general rule of thumb is never to play higher than your bankroll. This is effective if you are playing multi-table and sit and go tournaments. If you are a recreational player, you should not risk more than 10% of your bankroll at once. For serious and professional players, the restrictions are sterner.
Keep in mind that no matter how big your bankroll, there is a risk that you could lose it. To reduce this risk, good bankroll management is essential. It is always best to stay inside your comfort zone if you do not want to regret everything at the end of the day.