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 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: 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. It also includes several extra tips that will help you preserve and grow your video poker bankroll along the way.
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 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 realm of possibility. Your loss limit is the maximum amount of money you are comfortable 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 become very 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 a time.
We recommend that inexperienced players start with a relatively low loss limit, such as $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 session and your loss limit is $100, it is not advisable to add the remaining funds and increase the limit to $300 for that day. Otherwise, you are bound to lose all your money quickly, as this is not a reliable money-management strategy. If anything, it shows 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 winning streak, the tides are bound to turn eventually and you will start losing. Setting a win goal is essential because it allows 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 keep 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 must 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 behavior, which clearly indicates that it occurs 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. Tracking the amounts you win and lose enables you to manage your funds properly and determine your optimal level of play. In this way, you can draw long-term conclusions about whether you surpass your loss limit and achieve your win goals. Keeping monthly records will help you identify patterns in your betting activity with ease. If you notice that you have lost too much money over a given period, you should reconsider your play and revise your strategy.
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 allows you to think things through. In most cases, short walks help players clear their heads and escape 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 so they can rest when needed. This enables them to fully enjoy the game and make better betting decisions, which in turn helps reduce their losses.
Conclusion
Along with 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 or become a consistent winner. Therefore, it is essential to set win goals and loss limits that correspond to your overall bankroll. 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 than in other card games, and this pace can quickly drain your bankroll.