Poker requires three things: strong nerves, an understanding of the game, and good bankroll management. When it comes to finances, there is no right or wrong, as long as you don’t gamble away your last cent. Contrary to popular belief, how you manage your finances is relatively subjective and comes down to your preferred playing style. There’s only one rule that every poker player has to stick to: don’t go broke. However, a few tips and tricks can help you enjoy poker without worrying about money, which is ultimately the only reason you should be playing in the first place: to have fun.
Why Not Just Start Playing?
Many players, or rather amateurs, often approach poker with the mindset that it shouldn’t be overthought. After all, the game is supposed to be fun. Although they are not entirely wrong, thinking is really important in order not to lose sight of the goal. Whether you want to earn a living as a professional poker player or just want to spice up your pocket money as a hobby player, all players share the same basic goal: not to go broke.
Once this goal has been achieved, other goals vary, such as making big profits in order to be able to play poker full-time. This really does require a bankroll strategy. The point is, poker players run the risk of gambling away their money if they don’t have an overview of their finances and how much money has already been spent on the game. That’s why “just playing” is, frankly, not a good strategy. Discipline and money management, on the other hand, are.
1. Play for Free with Crypto Profits
Those who already have an affinity for crypto and Bitcoin, regardless of their gaming habits, can use this to their advantage when playing poker. In general, Bitcoin poker sites often offer several advantages, such as anonymity, fast deposits and withdrawals, low fees, and the ability to hold funds in cryptocurrency without having to immediately realize currency fluctuations.
But it’s not just the advantages of the platforms and the low gaming fees that make Bitcoin sites more attractive than other platforms: those who invest smartly in Bitcoin can use their profits or partial profits from this investment to play. This means you don’t have to dip into your own pocket, but can basically play for free if you only play with the profits from Bitcoin investments. Those who only play with the profits from previous investments not only play for free, but can also earn money much more easily.
2. Separate Your Poker Bankroll from Your Everyday Expenses
A basic rule that all players should adhere to is: keep your poker money separate from your household budget. Rent, bills, or savings do not belong at the poker table. If you keep your poker funds separate, you will have a clear overview of how much money you have already gambled away and how much money you can afford to gamble away without going into the red. This amount is very subjective and depends primarily on your income and living expenses.
3. Only play with Money you are Comfortable Losing
After deducting your living expenses, set aside an amount for poker that you are willing to lose. Poker is a high-risk game; no matter how good your strategy is, you can always be dealt a bad hand. That’s why it’s important to never play with money that, if lost, would affect your quality of life. Winnings are never guaranteed, and those who only play with amounts that they can theoretically afford to lose have more fun playing the game. Setting aside dedicated poker money gives you control over your spending without greatly limiting your play or risking financial ruin.
To calculate how much money you should budget for poker, there is a popular budgeting strategy called the 50/20/30 rule. According to this rule, 50% of your net salary should be used for your basic needs, 20% should be saved, and 30% should be spent on individual wants. Of this 30% for desires, you can then use either all or part of it for poker.
4. Set Realistic Limits for Buy-ins and Sessions
Buy-in limits should always be chosen to suit your bankroll. The rule of thumb is: in cash games, you should have at least 20 to 30 times the entry fee under your belt before you start playing, so that you don’t go broke immediately if you lose a few times. For tournaments, you should count on 50-100 times the buy-in, as the probability of losing is higher. However, these numbers depend on your personal risk tolerance and your playing strength. For beginners, it is advisable to start conservatively and only slowly increase your stakes as you gain experience.
5. Keep Records of Money and Sessions
Those who play frequently and extensively are particularly at risk of losing track of their expenses and earnings. Therefore, it is important to keep records. Note everything: buy-ins, winnings, losses, game types, and time spent. This data will primarily assist you in keeping your expenses within reasonable limits. The additional information about game type and time spent will help you to evaluate your game objectively and identify weaknesses. Gut feelings won’t get you anywhere in poker. Statistics and analysis, on the other hand, will. If you know your weaknesses, you can work on them specifically and be better prepared for the next round.
Conclusion: Fun Matters Most
Of course, you can just start playing. However, the fact is that those who don’t leave their finances to chance are more successful in the long run. If you have the necessary know-how, you can earn not just a little, but a lot of money playing poker. However, it can be difficult to scrape together the money for it. Luckily, there are a few tricks you can use to finance your next big poker game.
Depending on how seriously you take the game, the tips mentioned above can help you manage your money wisely and possibly even save money. However, the most important thing in any game is to have fun. And surely you have more fun when you’re not just burning your money.
