One of the most important things when it comes to any form of gambling, is to have a reliable money management system and of course, stick to it no matter what. Following a certain routine when it comes to money might turn out to be much harder than it seems as sometimes it can be very enticing to risk.
However, in such moments it is crucial to resist this temptation and make a decision that is in accordance with the already established money management system. This way, players will be able to enjoy video poker freely and prevent themselves from substantial money losses in the long term.
Video poker is a game of pure chance as well as skills which is the reason why many players decide to implement a plan in order to decrease the house edge. However, even if they know the most advanced strategy backwards and forwards and manage to apply it correctly, without money management skills, they won’t be able to retain their winnings.
This is the reason why it is just as essential to have money management system as it is to have a reliable video poker strategy. Thus, let’s have a look at some of the most useful tips which have proven to extremely effective for money management when playing video poker.
Set a Loss Limit and a Win Goal
Before playing video poker, players should take their time to determine their loss limit as well as win goal. The reason why it is so important to set these measures is that they will help players realise when it is best to stop playing. It is also worth noting that the loss limit and the win goal should be set in accordance with the available bankroll players have and thus, the amount is highly individual. In most cases, players go to the casino with different amount of money every time and therefore, they should take their time to determine the above-mentioned restrictions accordingly.
Video poker is one of the most appealing casino games and as such, there is always a risk of losing money. The loss limit is basically the maximum amount of money that players are willing to lose and most importantly, can effort to do so. Many players view video poker as low-stakes game on which it is not possible to spend much. However, this is not the case as it can be actually a very money-consuming game if not played cautiously. The fact that many people fail to consider is that it is a fast-paced game which also has a multi-hand version.
It is recommended that inexperienced players should set a relatively small loss limit in the beginning, such as $100, until they get used to the game. It’s also a good idea to treat each day they play video poker independently. For instance, if they are left with $200 from yesterday’s session and their loss limit is set to $100, it is not advisable to add the remaining funds and increase it to $300 for that day. Otherwise they are bound to lose all of their money in no time as this is not a reliable money management strategy.
As strange as it may sound, setting a win goal is just as important as setting a loss limit. Just think of the popular saying “what goes up must come down” as it applies perfectly to video poker. Whenever players are on a winning streak, it’s inevitable that at some point, they will start losing. Therefore, in order to manage to leave the game in time and retain their winnings, it is essential to set a win limit. If players have won a sequence of hands, it can be really hard to withdraw from a game at the right time. However, they should bear in mind that this is the only way to make a profit in the long term and most importantly, retain it.
Whenever they reach their win goal, they should be able to leave the game and head home. This is the reason why along with money management skills, players should also have discipline in order to manage to follow their plan successfully. Whenever they get lucky, many gamblers spend all of their winnings as they view them as if they still belong to the casino. However, this is not the right approach and it is exactly what every casino hopes for. There is even a term (churn) that is used to describe such situations which is a clear indicator that these cases occur quite often. Once players win some money, they become theirs and therefore, it is not necessary to spend them on video poker.
Keep Track of Winnings and Losses
For players who play video poker on a regular basis, it is always a good idea to keep a tally of all of their winnings and losses. Keeping track of the final amount of money they’ve spent or won, will help them manage their funds better and determine the average number of coins they insert. This way, they will be also able to draw conclusions in the long term whether they surpass their loss limits and win goals or whether they manage to stick to them. Providing that they keep a record on a monthly basis, it is easy to see the pattern their bets follow. In case that players notice that over the course of time, they have lost too much money, it is best to reconsider the way they play and revise the strategy of their choice.
Another useful advice is to take breaks between the sessions and this rule applies for almost every casino game, including video poker. The reason why it is always good to take breaks is that this way, players have the chance to think their actions through. In most cases, short walks help people clear their heads and have a rest from all the noise and the elaborate setting in the casino. Some players even set a time limit for every session and adhere to it while playing video poker in order to take the needed rest. As this way, they are able to fully enjoy the game and make better betting decisions which will reduce their money losses significantly.
Besides luck and a reliable strategy, if players want to win in the long term, it is crucial to have money management skills and discipline. Otherwise, it won’t be possible for them to retain their winnings and they are bound to spend all of their money while playing video poker. Therefore, it is essential to determine a win goal and a loss limit that are in accordance with their bankroll. Players should also make sure to adhere to their money management plan and strategy strictly in order to prevent themselves from losing a substantial amount of money. Even though video poker is considered to be a low-stakes game, its gameplay is much faster than the rest of the casino games and therefore, it can be just as time-and-money-consuming.