Playing at the WSOP is one of the goals of many poker players. It is the biggest event one can join to play with various players with different skill levels. Additionally, you get to meet your favorite poker legends. All of this and the idea of joining are fun. However, you’ll need enough funds to enter and play the game.
One part of joining the World Series of Poker is learning how to manage your bankroll. Players must develop this skill to avoid losing money or playing carelessly. Before you join this summer, here are tips on managing your poker money to help you bring home some.
What is Bankroll Management?
The ability to manage your WSOP poker bankroll is necessary to make it last. The money you don’t want to risk forms the foundation of your bankroll. It will remain until you stop playing. Your base balance is that amount.
Managing your money is comparable to accounting. It involves controlling your playing budget to increase and never falls below a set level. The overarching objective is to increase the bankroll.
Since you won’t always succeed, you must account for losses. Downswings are a natural component of the game; thus, you should always consider them in your calculations. You will have losing streaks, just like in any business, but you will also experience successful upswings that will help you get back on the winning track.
Importance of Managing WSOP Bankroll
The necessity of bankroll management can be attributed to several factors. One is that it reduces your chance of going bankrupt.
For poker players, going bankrupt is terrible because it prevents them from playing until they reload their account once again. When managing your money, you can avoid dropping your bets as soon as you experience a losing streak. You will have a significant losing streak or downswing at some point in your poker career. You stay in the game if your bankroll is sufficient to cover these losses before luck starts to favor you once more.
Additionally, playing games you can win keeps you from raising stakes too quickly when you practice effective management. As it keeps you in the game, lowering the stakes is just as vital as raising them.
Know How Much Money You’ll Need
A regular poker game has many affordable buy-ins compared to a WSOP game. Some buy-ins are less than $1,000, but still, you’ll need a bankroll that is more than $1,000 to join other tournaments and keep up with your winning or losing streaks.
It is said that five-figures is enough to compete for a bracelet. However, four figures are enough for playing in lower buy-in tournaments. Before you join this year’s event, make sure to save some money or earn it.
Select Game Carefully
Do not switch between different game types, instead, look for ones you can afford. Risk-taking is playing games without being aware of your edge, a luxury that most bankrolls can’t afford. It’s also comforting to know that you have an advantage in your playing format even though your bankroll is running low.
Separate Personal and Poker Money
Professionals play WSOP seriously by refraining from mixing their personal money with poker bankroll. This prevents spending money you need for daily needs and bills. Additionally, you’ll also avoid losing money to play the game.
Don’t Spend Winnings
Nothing in poker is more gratifying than a significant victory. Nearly everyone’s first reaction after making a huge win is to run out and purchase something pricey. However, it is best to resist the desire.
You need to have a particular number of buy-ins in your bankroll to begin, as we’ve already covered, but you should also aim to increase your stakes as your game continues. If you are constantly blowing through your winnings, you won’t be able to achieve that. It’s acceptable to treat yourself, but avoid doing it frequently.
Don’t Make Desperate Attempts to Prevent Variation
Don’t let the inevitable downswings scare you while dealing with variance. Maintain your best effort. It happens so often that tilt and financial pressure will drive otherwise good players to lose their cool and make poor decisions.
Keep in mind that variance lacks memory. Losing in the past does not guarantee that you will stop losing soon. Under no circumstances should you play riskier to make up for earlier losses or attempt to block variance.
Treat Like a Business
There’s a good reason why some players have achieved great success in various endeavors other than poker. They are adept at handling their finances. Both poker and business depend on having a specific bankroll to thrive. As a business owner, you would need cash to cover start-up costs. However, you would also need money to cover other expenses, such as rent, insurance, marketing, and continuing inventory purchases.
Those who lack the necessary funding to operate a business will quickly fail. Poker is comparable in this regard. Due to the inevitable occurrence of bad beats, bad luck, and terrible runs, proper management in poker is essential. You’ll need enough money to cover these situations when it happens without affecting your game.
As you prepare for the upcoming WSOP, start building your bankroll by playing multiple poker tournaments, from small to higher stakes, to save more. Additionally, as you play these games, learn to control or discipline yourself when betting or making any decisions to avoid losing more than you have.