Video Poker Money Management
Video Poker Money Management
With any type of gambling, it's important to have a money management system in place. It's even more important to actually follow the plan. Following through on your well-laid plans is certainly no easy task, but it's important to train yourself and do what you know is right. Below you will find some helpful tips to help you manage your money when playing video poker.
Set a Loss Limit
It is important to set what many people call a "loss limit". Basically, a loss limit is just the maximum amount of money you are willing to lose. Let's face it: video poker is gambling, so of course there's a risk of losing money. Your job is to make sure you don't lose too much money. It is recommended that you start with a relatively small number, such as $100. You can of course work your way up to higher loss limits, but while you're learning keep it low. It's also a good idea to treat each day you play video poker as a different session. For instance, if you played yesterday and left $200 up, and your loss limit is $100, that doesn't mean your loss limit should be $300 today.
Set a Win Limit
This may seem weird to you, but it's a very good idea to set a win limit as well as a loss limit. Just think of the popular saying, "what goes up must come down" - it applies perfectly to video poker. Whenever you're on a winning streak, it's inevitable that you will start losing sooner or later. So, before you start playing, decide on a win limit. If you reach your limit but still want to play, you should withdraw the amount you're up, and just start over with what you put in originally. That way you get to play for much longer, but you will definitely end the night with a nice chunk of change.
Remember that Video Poker is Entertainment
You should remember that video poker is entertainment. It's not an investment, and it's not a way to make money (although it can be if you're very good and/or lucky). You should play video poker with the mindset that you're just there to have a good time. So, if you end up losing $50, don't kick yourself - you would have spent just as much taking the family out to a movie, or buying a new video game, etc. However, you shouldn't let yourself lose a lot of money simply because "it's fun" - keep your loss limit in place.
Play with Other People around You
If you find that you are having trouble sticking to your money management system, try asking a friend, spouse, etc. to play video poker with you, or at least watch you. This should be a last resort - you should start out trying to stick to your plan on your own.
Take Breaks
It's always a good idea to take breaks, no matter what you're doing. While playing video poker, set a timer or just pay attention to the time. Play for a predetermined amount of time, then take a break. The amount of time is up to you, but it would be a good idea to start low, like 15-30 minutes. When the timer rings or your time runs out, get up, walk around, and clear your head. This helps in many ways, and generally makes you enjoy the game better. It's even better if you can actually walk around for a while, go outside, etc. especially if you're not used to spending much time on the computer.
Keep Track of Winnings/Losses
If you play video poker regularly, it's a good idea to keep a tally of all your winnings and losses. I don't mean that you should write down each and every hand you win - just your overall winnings/losses after a day of playing. If you do this every time you play, you will be able to look back over the days, weeks, and months and see how much video poker is doing to your financials. If you notice that you're consistently losing money over time, then you would be wise to reconsider the way you play. If you're consistently winning, you know that you're doing everything right!
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