Whether you are a professional poker player or just a casual player who enjoys playing the game as a pastime, there is one thing that all players must have in common: they need to have a bankroll. Having enough money to play the games you want is important for both your enjoyment and your ability to climb the stakes. In this article we will discuss how to build a poker bankroll, so you can make your poker hobby into a profitable part time endeavor!
The size of your bankroll will depend on several factors including your poker abilities, experience and goals in the game and what format you play (cash games, sit n gos or tournaments). Some players may prefer to play with a lower bankroll to climb the stakes faster. However, this increases the risk of your needing to move down in stakes if you run into some bad luck or are having a rough stretch and it can increase the amount of time it takes to build back up to the previous level.
One of the most important aspects of bankroll management is keeping track of your wins and losses. This will help you determine how much of your bankroll you can safely play with and will also help you identify areas where you can improve your game. For example, if you are losing more than you are winning you might need to work on your table selection, game strategy or confidence.
Another aspect of bankroll management is keeping track of your actual expenses in relation to your poker income. This includes any money that you spend on food, lodging or travel to and from the poker room. It is also important to keep track of the rake that the casino collects as well. This can be a significant expense, especially if you play at a site with high rake.
Lastly, it is important to always be aware of the possibility that you might lose all of your money. This is why it is important to treat your poker bankroll like an investment. Just as a financial advisor would not recommend investing 100% of your net worth, neither should you treat your poker bankroll in this way.
It is also important to reinvest some of the money that you win into your poker bankroll. This will grow your bankroll over time and will allow you to play higher stakes games when you are ready. I often compare grinding the small stakes to working an entry level job or going to university; it is hard work with a low reward in the short term, but over the long term it can yield huge rewards.
If you follow these tips, you can build your poker bankroll and start making serious money in the game. It will take time, but it is definitely possible to turn your poker hobby into a lucrative part-time endeavor! Good luck!