"Do as I say ..." [Chapter 1]: Your Bankroll

Preface: The veterans out there can probably skip this article. This advice is more suitable reading for beginning to intermediate players. More for the vets forthcoming. Still, it can’t hurt to look it over.
-The Gambler


Bankroll management is one of the most valuable skills a poker player can learn – even more essential to a rounder’s arsenal than the vaunted “check-raise.” I emphasize valuable for a reason: the size of a player’s profits and losses are often the direct results of how that player manages his or her roll.

So what exactly is “bankroll management?” Like many poker concepts, it kind of depends on who you ask. To my knowledge, there isn’t an authoritative poker encyclopedia where one can just look anything up. So I’ll give you what I’ve scraped together from various articles and my own experience:

“Bankroll management is the process by which a player budgets his money to handle the swings inherent to poker.”

Seems simple enough right? You’d think so, but I struggle with this one all the time. I’ve set some basic guidelines a player should follow:

1) Don’t play above your head! Ask any poker pro the number one rule of bankroll management, and they’ll tell you the same thing. What does this mean though? How do you know what bet or blind level is right for you? Some say (and I’m inclined to agree) that a bankroll of 20 buy-ins for your bet/blind level will allow you to play comfortably in cash games, and 100 buy-ins will do the same for large tournaments. That way, if you do the unthinkable and have ten or so losing sessions in a row (don’t laugh at my misfortunes!), you’re still doing okay, not completely down and out. If your downswing lasts more than 20 cash sessions or 100 tournaments, you might want to reconsider your decision to play poker at all.

On second thought, you’re invited to play in my home game anytime you want. :)

2) Number two is – Try to keep your poker bankroll separate from your general spending cash. I know, I know – the point of playing poker is to make money, and if you’re winning, you should definitely be able to reap the benefits. My advice, though, is to only make withdrawals when absolutely necessary (like when your bankroll is swollen enough for you to finally afford that Ferrari). That way, if you have a few losing sessions, you’re not sweating over your rent or mortgage payments, or begging your Mommy for another buy-in so you can “get back to even.” If you’re playing poker for a living – which, if you are, you probably don’t need this article – then sure, you’re going to be dipping into the roll from time to time. But even so, I would suggest trying to maintain a certain level for your bankroll, and periodically withdrawing the profits to keep in a separate account for expenses.

As always, this is just advice … you can take it or leave it. But I’m pretty sure if I took my own advice, my bank account would see fewer debits and more credits.

So like always: Do as I say, not as I do …