Video Poker Money Management
| Updated: Money Management Is as Important as Video Poker Strategy
At this stage, you have mastered the basics of video poker and learned the main differences between common variants such as Deuces Wild and Jacks or Better. You now understand the importance of comparing paytables and how they affect your long-term expected value. You may also have committed the basic, intermediate, and advanced strategies to memory. However, one more skill is essential when playing video poker: bankroll management.
Experienced video poker players never underestimate the importance of money management, and neither should you. This section covers everything you need to know about bankroll management in video poker. It explains approximately how much money you may need per session and how large your overall bankroll should be.
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You will also learn about two important concepts: your “win goal” and your “loss limit”. Both should be proportionate to your betting level and bankroll size. This guide also includes several additional tips to help you preserve and manage your video poker bankroll.
Set a Loss Limit and a Win Goal
Before betting real money, players should set personal win goals and loss limits. These two parameters help determine when players should end their betting sessions. Loss limits and win goals are highly individual because they depend on the size of each player’s video poker bankroll. Some players have larger bankrolls at their disposal, while others have a limited amount of money available for play.
Video poker involves an element of chance, so losing money is always possible. Your loss limit is the maximum amount of money you are comfortable with and can afford to lose. Some players consider video poker a low-stakes game and incorrectly assume that this makes it impossible to lose too much money. However, video poker can become costly when it is not played carefully. The game is fast-paced and can quickly drain your bankroll, especially when you play multiple hands at once.
We recommend that inexperienced players start with a relatively low loss limit, such as $100, until they gain experience and become comfortable with video poker strategy. Daily betting sessions should also be treated independently. For example, if you have $200 remaining from yesterday’s session and your loss limit is $100, it is not advisable to add those remaining funds and increase the limit to $300 for the day. Doing so exposes more of your bankroll to potential losses and undermines your money-management plan. It also indicates a lack of discipline.
Setting a win goal is just as important as choosing a loss limit. A winning streak can end at any time, and you may begin losing if you continue playing. Setting a win goal is essential because it helps you preserve at least some of your winnings. Stopping can be difficult, especially after winning several hands in a row, but following your goal can help you protect the money you have won.
You should stop playing as soon as you reach your win goal. In addition to money-management skills, players need discipline to follow their plans successfully. Do not treat your winnings as the casino’s money; treat them as your money. Continuing to wager your winnings is sometimes described as “churning” them, and it can result in giving those winnings back. Remember that if you continue playing after reaching your win goal, you risk losing your own 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 record of your overall winnings and losses. Tracking the amounts you win and lose enables you to manage your funds properly and determine your optimal level of play. Over time, you can assess whether you regularly exceed your loss limit or achieve your win goals. Keeping monthly records will also help you identify patterns in your betting activity. If you notice that you have lost too much money over a given period, you should reconsider your betting habits and revise your money-management plan.
Take Breaks
Another useful piece of advice is to take breaks between sessions. This rule applies to all casino games, including video poker. Taking breaks is beneficial because it gives you time to step back and reassess your decisions. A short walk can help you clear your head and escape the noisy atmosphere of a busy casino floor. Some players also set a time limit for each session and follow it while playing video poker so they can rest when needed. This can help them enjoy the game without making impulsive betting decisions.
Conclusion
Along with understanding chance and applying strategy, you need money-management skills and discipline to manage your funds over time. Money management cannot guarantee a profit, but it can help you avoid losing more than you planned. Therefore, it is essential to set win goals and loss limits that correspond to your overall bankroll. Stick to your money-management plan and follow your strategy carefully. Even at low stakes, video poker is faster-paced than many other card games, and this pace can quickly drain your bankroll.