You might think that keeping tabs on your bankroll is something that only professional poker players should consider doing, but there are tons of people out there who make a decent living from poker or even who just play casually who would benefit hugely from bankroll management. Good bankroll management will not only increase your overall profitability, but ideally you should be able to safeguard your bankroll against any slip ups. Follow these few valuable bits of advice and you’ll be well on the way to properly managing your own bankroll and making more money from your poker playing.

To kick start this discussion, let’s outline the three key types of poker player. There are the high risk players, the risk neutral players and the risk adverse players. As you may have guessed the high riskers are the types who don’t pay much attention to their bankrolls and end up losing money in high stakes games because they don’t know when to quit and haven’t adequately accounted for the risks involved. A risk adverse player is the complete opposite of this, someone who will only go in to low stakes games and who is too scared of losing money to play to their own abilities, which in effect minimises the amount of money you could earn from playing poker. The ideal state is occupied by a risk neutral player, someone who knows their abilities, manages their bankroll correctly and minimises the overall risk of their poker playing whilst simultaneously increasing their profitability.

In order to become a risk neutral player you need to put some work into a few areas of your game and alter your poker playing mindset to help adapt to the changes. It’s all about keeping a close watch over how many buy ins you have allocated for a game and changing the number of buy ins depending on the circumstances. Online poker has become tougher in recent years as more skilled players have begun playing in order to make money from the underprepared, so it’s not really profitable to have 20 buy ins to play a single game anymore. Experts recommend that your bankroll should start off with between 30-50 buy ins to ensure profitability.

One question you may want answered is whether it’s possible to take shots in a high stakes game using funds from outside of your bankroll and still become a risk neutral player. The answer is of course yes, provided you only do this occasionally. Ideally if you’ve spotted a nice, soft game going on which could be very profitable if you used your skills, then you should go ahead and get involved whilst the going’s good. This kind of technique should also improve your game overall and it’s all about gaining experience across a number of situations in order to make you a better poker player.

At the end of the day the only way to ensure that you’re making more money than you’re spending in poker is to properly account for your bankroll and note down carefully your spending habits. Don’t forget that if you plan on becoming a professional poker player then your bankroll will need to cover the cost of everything in your life, not just the next game.

Royal flush – 10, Jack, Queen, King and Ace, all the same suit Straight flush – Five consecutive numbers, all the same suit Four of a kind – Four cards the same number Full house – Three of a kind and a pair combined Flush – All five cards the same suit Straight – Five consecutive numbers Three of a kind – Three cards the same number Two pairs – Two different pairs of cards One pair – Two cards the same number Highest card – Highest single card held, next highest in the case of a draw Check the hand values before the game starts if you’re not sure. Some games may include additional hands.

2: You’ll want to make the choice whether you wish to start playing against other novice strangers or against friends. Playing for the first time with friends can be advantageous as they’ll be much more helpful in explaining the rules. However, this may backfire as their knowledge of you may give them an extra advantage. Therefore, playing against strangers is possibly the best way to start.

3: Playing without money can be a stress free way of learning the ropes in poker. However, if you are playing for real money, make it a set amount predetermined at the start. I play games that cost £5 to buy-in with no actual money being used after that initial outlay has been made.

4: If a higher than normal bet is made after the first two cards, chances are that person is holding a high pair (i.e. two kings or aces). In these cases, it would be better to fold than risk throwing money at a lost cause. The only time I would advise taking on such a move is if you’re also holding a pair. As a general rule, it’s best not to raise your bid on anything lower than a one pair jack. Trying to bluff with anything lower is less likely to scare experienced players away and more likely to be called, the chances are you’ll lose unless you’re lucky.

5: Concentration is key. If you’re not concentrating on the game and your fellow competitors, you’re more likely to miss important tells or moves and mistakes on your part will follow.