Smart Money Management

Ok, so you open an account with an online poker room or a casino. You choose a table you want to join and start playing. Although you consider yourself a pretty good player, somehow at the end of the session you find yourself totally broke. 'Why?' you ask yourself. Don't bother, let us answer that. You don't manage your gambling money properly. What we mean to say is that a smart player always has a pre-planned betting system and a very specific way in which they manage their bankroll. This is called good money management.

Managing Your Bankroll

We believe that poker is a game of skill. And, not only the skill of memorizing poker rules and mastering winning poker strategies, but the skill of managing your bankroll. It is all about how you handle your money during play. Although money management methods will not change game odds (because it's simply impossible), a smart bankroll management method is very likely to help you control the amount of money you put at risk.

Just like in our daily lives where we set up a sort of household budget, good money management starts with initial planning. It is certainly not a difficult task and the rewards are indeed major. Deciding how much money you are willing to spend before you start playing is simply a must. Discipline and control when it comes to gambling is what separates a real poker pro from a mere pro wanna-be.

Develop Money Management Strategy

Clever money management systems typically answer two basic questions. The first one is, 'How much money you are willing to lose before you fold?,' and the second one is, 'When to fold if you are actually winning?' Remember, you should only spend the money you can stand to lose and you should know when to quit even if you are on a winning streak. Once you figure out the answers and set them as ground rules you can start developing your own money management system. Naturally, the goal is to enhance your poker winnings without significantly increasing your risk (the risk can not be reduced to 0% because the House Advantage is always there in the long run).

Some Important Money Management Tips

Use the following bankroll management tips to your advantage:

1. Set a daily budget. Don't waste your entire bankroll on one playing session. Keep close track of the money you play with.
2. Look for profitable opportunities in poker rooms by shopping for the best possible odds, rules and playing conditions. Some poker rooms offer higher winning odds than others, less strict playing rules and more relaxed restrictions.
3. Never borrow money to gamble. If the money is not yours to start with, no matter how hard you try you are set for one enormous disappointment.
4. Always set defined loss limits and reasonable win goals.
5. Finally, keep in mind the fact that money management is only designed to minimize your losses and protect your winnings. It does not, however, have any influence on your winning odds!

When your money is gone, leave the game. Prove that you are strong enough to acknowledge defeat. Losing today does not mean losing tomorrow as well. Come back to the game with a solid money management plan. If you don't learn to handle your own money, the poker room operators would be glad to show you how it's done when it becomes theirs!!!