Bankroll management is the cornerstone of a successful poker career. While talent and strategy are critical to winning hands in the short run, the long-term success of a professional poker player often hinges on sound financial management. Without a proper bankroll strategy, even the best players can find themselves in financial trouble due to inevitable downswings, variance, and mismanagement.
In this article, we’ll explore key bankroll management strategies that every poker professional should follow to ensure a stable career and long-term success at the tables.
Understanding the Importance of Bankroll Management
Poker is a game of skill, but it also involves a significant amount of luck and variance. Even the most skilled player can hit a losing streak where, despite playing optimally, they lose money due to the randomness of the game. Bankroll management is designed to mitigate the risk of these downswings, ensuring that a player can weather the bad times without going broke.
For poker pros, their bankroll is essentially their business capital. Just as a business needs a reserve of funds to survive difficult periods, a poker player needs an appropriate bankroll to stay in the game and take advantage of future profitable opportunities.
Good bankroll management allows players to:
1. Survive inevitable downswings and bad runs.
2. Play with confidence, knowing they’re not risking financial ruin.
3. Maximize profits by being in a position to play consistently over time.
Defining the Poker Bankroll
A poker bankroll is the amount of money set aside exclusively for playing poker. This is not to be confused with personal finances, savings, or living expenses. One of the most important rules of bankroll management is keeping the poker bankroll separate from money needed for other expenses. This separation helps maintain discipline and ensures that poker losses do not affect a player’s lifestyle or financial security.
Determining the Proper Bankroll Size
The size of a player’s bankroll will depend on various factors, including the stakes they play, their skill level, and the format of the game. Different formats and variants of poker have varying degrees of variance, meaning that the required bankroll size differs across games. For example, cash games tend to have less variance compared to tournament play, which is highly volatile due to the “winner-takes-most” payout structure.
In cash games, players should have between 20 to 40 buy-ins for the stakes they are playing. For instance, if a player is playing in a $1/$2 No-Limit Hold’em game where the standard buy-in is $200, their bankroll should be between $4,000 and $8,000. Having this cushion allows the player to endure losing streaks without feeling pressured to move down in stakes prematurely.
Tournaments are much more volatile than cash games due to the high variance in outcomes. For this reason, players are advised to have a significantly larger bankroll when playing tournaments—at least 100 to 200 buy-ins for the average tournament they enter. If a player is participating in $100 buy-in tournaments, they should aim for a bankroll of $10,000 to $20,000. This allows them to handle prolonged periods of no cashes, which are not uncommon in tournament play.
Sit & Go’s (SNGs) tend to have lower variance than multi-table tournaments (MTTs), but they still require careful bankroll management. For single-table SNGs, players are often advised to have 30 to 50 buy-ins. If a player is playing $50 SNGs, a bankroll of $1,500 to $2,500 is a prudent range to aim for.
Adjusting for Skill Level and Risk Tolerance
While general bankroll guidelines are helpful, every player is different in terms of skill and risk tolerance. More experienced and skilled players can afford to be slightly more aggressive with their bankroll, taking calculated risks and playing with fewer buy-ins than a novice player would need. On the other hand, players who are still improving or transitioning to a professional career may want to take a more conservative approach.
Additionally, a player’s personal tolerance for risk should play a role in determining the size of their bankroll. Some players can handle the mental and emotional strain of large downswings better than others, and those players may choose to operate with a smaller bankroll. However, this can lead to higher stress and should only be considered if the player is confident in their ability to recover quickly.
The Importance of Moving Up and Down in Stakes
One of the key elements of bankroll management is knowing when to move up or down in stakes. Moving up too quickly can lead to playing in games where the competition is stronger, and the stakes are beyond the player’s comfort level. Conversely, moving down in stakes is a wise choice when the bankroll takes a significant hit or when a player is experiencing a prolonged downswing.
Players should only consider moving up to higher stakes when they have built a sufficient bankroll and feel confident in their ability to beat the lower games consistently. It’s important to ensure that the player can withstand the increased variance and potential larger losses that come with higher stakes.
A good rule of thumb is to have at least 20 to 30 buy-ins for the new stakes in cash games, or 100 to 200 buy-ins for tournaments. Moving up prematurely can lead to larger financial losses and affect a player’s confidence, so it’s important to take a cautious approach.
Moving down in stakes is not a sign of failure. It’s a practical decision to protect the bankroll and ensure the player can continue playing without risking going broke. If a player’s bankroll falls below the recommended buy-ins for their current game, they should move down to a lower stake where they can rebuild their bankroll without risking financial disaster.
Professional poker players must put their ego aside and prioritize long-term sustainability over short-term pride. Moving down allows a player to reassess their strategy, regain confidence, and build up their bankroll before attempting higher stakes again.
Managing Expenses and Withdrawals
One of the challenges poker pros face is managing their personal finances while keeping their poker bankroll healthy. Since poker earnings can fluctuate greatly from month to month, it’s important to have a solid plan for handling expenses and making withdrawals from the bankroll.
As mentioned earlier, the poker bankroll should be completely separate from personal living expenses. Professional players should have enough saved up in a separate account to cover living costs for at least six months, preferably more. This ensures that financial pressure doesn’t force them into making rash decisions at the tables.
Withdrawing too much too often from the bankroll can lead to its depletion, leaving the player unable to withstand downswings or continue playing at their preferred stakes. A general guideline for withdrawals is to only take a fixed percentage of profits after hitting certain milestones. For example, a player may decide to withdraw 20% of their winnings after increasing their bankroll by 50%. This allows for personal financial gain without jeopardizing the player’s ability to continue playing.
Handling Downswings and Mental Fortitude
Even with perfect bankroll management, every poker player will experience downswings—periods where everything seems to go wrong, and losses pile up. During these times, it’s crucial for poker pros to maintain mental fortitude and discipline. Bankroll management protects players financially, but emotional resilience is needed to avoid tilt and poor decision-making.
Maintaining a healthy lifestyle outside of poker, such as regular exercise, proper sleep, and time away from the tables, can help players cope with the mental stress of downswings. Additionally, talking to other poker pros, coaches, or even a mental game coach can provide perspective and strategies for handling these challenging periods.
Bankroll management is the foundation of a successful and sustainable poker career. It’s not just about having enough money to play; it’s about making smart financial decisions, protecting oneself from variance, and ensuring that poker remains profitable over the long run. By understanding the importance of a well-sized bankroll, adjusting to changing circumstances, and maintaining discipline in both finances and mental attitude, poker pros can safeguard their careers and achieve lasting success at the tables.
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