Bankroll management is super under-appreciated when it comes to poker strategy? Why is that? Probably because it is boring!

The fact remains however if you don’t adhere to good bankroll management strategies, you run the risk of going broke every single time you play. If you are putting all your eggs in one basket, you are making a mistake! Keep reading to get an idea of some simple bankroll management techniques that will keep you in the money (the following applies to no limit hold’em).

1st rule of Bankroll Management is:

You do NOT talk about Bankroll Management!

Seriously though, the first rule is don’t bet more than you can afford to lose! If you have bills to pay and you are relying on poker, then you better have a big ol’ buffer zone to work with. More specifically you are going to need an even bigger bankroll and more adhere strictly to your rules than someone with a traditional job. For most of you though (the non-poker-professionals), you just need to make sure you aren’t betting your rent and bill money away.

2nd rule of Bankroll Management:

Cash games:
Play within your bankroll. If you have $200 and you want to play cash games, you can afford to play $10 (max buyin) NLHE. If you have $400 you can afford to play $10 or $20 NLHE but not the $25 max buyin games. In cash games you should have 20 max buyins at a level before you move up to that level. If you lose 5 buyins after moving up in stakes, move back down.

Sit-N-Go Tournaments:
If you want to play sit-n-gos (SNGs) then you will need 20 buyins for single table SNGs (maybe 25 buyins if they are turbos). You need to move down in stakes if you lose 5 or 6 buyins.

Multi-table Tournaments:
For multi-table tournaments (MTTs) you need between 50 and 100 buyins. There is a bit of flexibility for how you want to manage your bankroll if you are an MTT player. This depends on the number of players in the tournaments you typically play in, your consistency and style, do you play any SNGs or cash games on the side, etc. The more variable a style you play, the more buyins you need, if your tournaments are very large you will need more buyins also. However if you pad your bankroll by playing in cash games or SNGs then you can afford to play in slightly higher buyin MTTs. A good rule of thumb is do not risk more than 2% or 3% of your bankroll in any single MTT tournament.

Multi-table SNGs:
If you play a lot of multi-table SNGs then you should use your best judgment in splitting the difference between the 20 buyins needed to play single table SNGs and the 50-100 buyins needed to play MTT tournaments.

3rd rule of Bankroll Management:

Play with your head not your pe… uh, Pride! It is important to always play a logical game and never get caught up in a shoving match with another player at the table. Keep your head in the game.

Conclusion:

Poker is a skill game for sure, but the skill is in managing risk. The risk is still there no matter how good you play. It is possible to play poker like Phil Ivey or Men “The Master” Nguyen and still lose ten buyins at the cash games, or lose 8 straight SNGs. For better or worse every player goes on downswings. The sooner a player accepts this inevitability and incorporates good bankroll management skills into their game, the sooner that player will find themselves fighting through the rough patches and once again killing it! Check here for more on moving up and down in limits.