Video Poker Money Management
Money Management Is as Important as Video Poker Strategy
At this stage, you have mastered the basics of video poker and learned the chief differences between common variants like Deuces Wild and Jacks or Better. You now understand the importance of inspecting different paytables and their impact on your long-term expected value. You have hopefully committed the basic, intermediate, and advanced strategies to memory. However, one more skill is required to beat video poker and it is called “bankroll management”.
Savvy video poker players never downplay the cardinal importance of money management, and neither should you. This section covers everything you need to know about bankroll management in video poker. It explains roughly how much money you need per session as well as what size your overall bankroll should be.
It teaches you about two important concepts, namely your “win goal” and your “loss limit”, both of which should be proportionate to your level of play and bankroll size. Also included are a few extra tips that will help you along the way to preserve and grow your video poker bankroll.
Set a Loss Limit and a Win Goal
Before betting real money, players should set individual win goals and loss limits. This is important because these two parameters help them determine when they should end their betting sessions. It is also worth noting that loss limits and win goals are highly individual because they depend on the size of one’s video poker bankroll. Some players have larger bankrolls at their disposal, while others have a limited amount of money to play with.
Video poker involves a certain level of chance and losing money is definitely within the realms of possibility. Your loss limit is basically the maximum amount of money you are comfortable with losing and can afford to part with. Some players consider video poker a low-stakes game, incorrectly assuming this makes it impossible to lose too much money. However, this is not the case as video poker can be a very money-consuming game when not played cautiously. This is a fast-paced game that can quickly drain your bankroll, especially when you play multiple hands at a time.
Inexperienced players are recommended to start with a relatively low loss limit, like $100, until they build up enough experience and master video poker strategy sufficiently well. Also, daily betting sessions should be treated independently. For instance, if you are left with $200 from yesterday’s betting session and your loss limit is $100, it is not advisable to add the remaining funds and increase it to $300 for that day. Otherwise, you are bound to quickly lose all your money as this is not a reliable money management strategy to follow. If anything, it is a lack of discipline.
Setting a win goal is just as important as choosing a loss limit. The popular saying “What goes up must come down” is also applicable to video poker. Even if you experience a longer winning streak, the tides are bound to turn at some point and you will start losing. Setting a win goal is essential as it enables you to preserve at least some of your winnings. Calling it quits can be difficult, especially after winning multiple hands in a row but it is the only way to turn a profit and preserve it in the long term.
Thus, you should quit the game and head home as soon as you reach your win goal. Along with money management skills, players should also have discipline as this will enable them to follow their plan successfully. Don’t treat your winnings as the casino’s money, treat them as your money. Thinking otherwise is not only incorrect but is exactly how casinos want you to think. There is even a term (churn) to describe this type of behavior, which is a clear indicator such cases occur quite often. So remember, if you continue playing after you have reached your win goal, you risk losing your money, not the casino’s money.
Keep Track of Your Winnings and Losses
If you intend to play video poker regularly, you should always keep a tally of your overall winnings and losses. Keeping track of the overall amounts you win and lose enables you to manage your funds properly and determine your level of play. This way, you can also draw long-term conclusions about whether you surpass your loss limit and achieve your win goals. Keeping monthly records will enable you to easily identify patterns in your betting activities. If you notice you have lost too much money over a given period, you should reconsider your play and revise your strategy.
Another useful advice is to take breaks between sessions. This rule applies to all casino games, including video poker. It is good to take breaks because it allows you to think things through. In most cases, short walks help people clear their heads and take a rest from the noisy atmosphere of the packed casino floor. Some players even set a time limit for each session and adhere to it while playing video poker to take the rest they require. This enables them to fully enjoy the game and make better betting decisions which, in turn, helps reduce their losses.
On top of luck and strategy, you must have money management skills and discipline if you want to win in the long term. Without these qualities, you will never retain your profits and become a consistent winner. Therefore, it is essential to set win goals and loss limits that correspond to your overall bankroll. So make sure you stick to your money management plan and follow your strategy strictly to prevent yourself from losing a substantial amount of money. Even though video poker is considered a low-stakes game, the gameplay is faster compared to other card games and this can quickly drain your bankroll.