Most people have a couple of bank accounts; checking and savings. Occupational income is often deposited into the checking account and moved to the savings account to save for long term needs or wants.
Successful poker players will have additional accounts called bankrolls. This bankroll is only to be used for gaming purposes and should never be used for anything else. Further, the funds in the checking and saving accounts are not to be used for wagering.
First, the bankroll must be separate from all other accounts. Initially you want to feed a manageable amount of money into this bankroll; kind of like an “initial deposit”. The amount of money to be placed in the gambling bankroll largely depends on how much you can afford to lose while still maintaining all other expenses.
The bankroll should grow by virtue of winning gameplay. However, if winning gameplay isn’t what’s happening, the fact that this bankroll is separate from your main income is vital to ensure your normal living expenses are covered and bills won’t be impacted.
Managing the bankroll depends on how often you gamble and how often you add to the bankroll from your main account. If you wager daily and your occupation pays you every two weeks, you may want to break down the gaming bankroll into 14 “piles” to make sure you can sustain the losses for the full two weeks, after which you can replenish the gaming account.
There are many different ways to maximize your bankroll lifespan, especially if you’ve broken it down into an equal amount per day. One clever way of extending play is to play games that allow for slower play. Games like video poker, Keno or slot machines can be played at a slower pace, allowing you to relax and enjoy the experience. However it also extends the lifespan of your bankroll which equates to longer playing sessions.
Another great way to extend that bankroll is to play in tournaments. These usually last a long period of time without having to constantly add or remove funds from the gaming bankroll. Most online casino and poker sites like GreySnowPoker offer daily tournaments.
Ultimately it doesn’t matter how you manage the bankroll. Employing this concept of the separate bankroll may inspire you to manage it in ways that befit your gaming habits. It will take discipline but using a separate bankroll is a fantastic tool to ensure you are gaming responsibly. Remember – know your limit and play within it.
If you would like to learn more about responsible gaming, please check out GreySnowPoker’s Responsible Gaming page, found here: https://greysnowpoker.com/en/help/responsible-gaming/