Benefits & Tips – The Academy Poker

The history of cash poker has a long list of people who finished in the money and those who got broke trying. For those who’ve gone bust and bankrupt, one of the reasons for their downfall is usually a lack of proper poker bankroll management.

Online poker bankroll is a crucial skill that separates successful players from the rest. When you consider that making and losing money in this game go hand in hand, it becomes clear why managing your finances is so vital.

What is a bankroll in poker?

In simple terms, a bankroll in poker refers to the amount of money that the player designates for the game. If you were to view poker as a business, then a bankroll would be your starting capital. This is the amount of money that you’re willing to risk losing. It’s also the money that you’ll use to grow your bankroll.

Proper Poker Bankroll Management Explained

Setting a poker bankroll is one thing, but managing it is another. Poker bankroll management refers to strategies that govern the way you spend your bankroll. Being an excellent bankroll manager is all about making wise decisions on how much money you should invest every month and in each game.

On the surface, the significant importance of poker BRM is to ensure that you have enough money to stay in the game and withstand common variances. In other words, it prevents you from going broke. Adhering to a strict poker bankroll management strategy is a sure way of ensuring that even if you went broke on your poker bankroll,  you would still afford your usual bills at home without a struggle.

As it turns out, your bankroll poker should be separate from your personal finances. So, let’s talk about how to make a bankroll for poker since this is where everything begins.

Starting a Bankroll for Poker

Step 1: Establishing a Budget

The first step when making an online poker bankroll is deciding on the budget. This is the money you set aside from your day to day finances and devote it to poker only.

Most people come to us, asking, “How much money is a good amount for poker bankroll?” The truth is there’s not a single answer to this question. Your bankroll is determined by how much money you have in your personal finances and how much of it you can afford to lose without pressure.

As you can imagine, this will vary between players. Some will laugh off a $1000 loss like it’s nothing. On the other hand, there are some who’ll prefer to take a break after losing, let’s, $200. So, your ideal starting bankroll when beginning to play poker can be anything from $10 to several thousand bucks as long as it’s affordable.

When playing cash games, the general advice is to have at least 20 buy-ins in your bankroll. If you want to play a .05/.10NL game with a buy-in limit range of $5 (min) and $10 (max), then you’d need to have $100-$200 in your online poker account.

If you’re playing multi-table tournaments, it’s usually recommendable to limit each buy-in to 2% of your available bankroll.

Step 2: Setting Up Rules

After setting up a monthly budget for your poker funds, the next step is to establish a set of rules that will guide you on how to utilize your bankroll. These rules should be based on your budget, experience, and goals.

The rules should include setting limits for your daily poker sessions. For instance, you may decide to discontinue a session until the following day after losing 2 consecutive buy-ins.

Importantly, the decision on when to quit applies not only when you’re on a losing streak but when you’re winning too.

Poker is very attractive, especially when you’re on a winning session. While we don’t suggest quitting a table with several recreational players who are clearly on tilt, never confuse a winning streak with excellent gameplay. 

A common mistake that most people make is moving up in stakes when on a winning session. Often this is caused by being overconfident, and it’s as bad as chasing losses. If you’re not careful, you risk giving back most, if not all, of your winnings by the time the winning streak comes to its end.

The only way to keep most of your winnings is by leaving while you can. Therefore, it’s also a good poker strategy to set your desired profit. For instance, you may plan to leave or take a break whenever you win 2x-4x your buy-in.