Never would I try and persuade people to manage their bankroll less than safely nor would I encourage or dissuade gambling of any kind, it is your choice. Personally I play Texas Holdem with a high regard for money and this allows me to stay in the game and minimise the pain when I lose because the participation in poker is at the limits I am comfortable playing. Whilst I minimise the gamble, many participate in poker in such a way that increases it.
For some players being dangerous with their bankroll is part of the fun. Phil Ivey was quoted recently saying that he enjoys the empty feeling of disaster when faced with a big loss. Phil is therefore happy to play a dangerous game with his money and has no fear of losing it. He does not get a buzz from low limit poker and plays as high as he can because only larger amounts of money mean anything to him due to his vast wealth.
Being conservative with your bankroll is recommended because it is easy to go on tilt and start chasing money. When I worked in the bookmaking Industry I watched people get into a series of losses then start chasing their losses making irresponsible wagers. Their bets got bigger as their losses got bigger, compounding the loss. Sometimes they won and were saved and other times they had to leave with a disproportionate loss.
There is nothing wrong with taking a shot at a higher game in poker. Many players do this within sensible bankroll management. Their normal amount of buy-ins for cash games may be thirty buy-ins and when they reach a point where they have twenty buy-ins for the next level they take a shot. If they lose they move back down and try to re-build and if they win they stay at the higher level until they can move up again or suffer losses dictating a drop. Their sensible approach is maintained by the moving up and down through the levels to remain safe.
Your income outside of poker should be a factor in how risky you are prepared to be with your bankroll. If you have $1000 and you can re-load that amount every month then you can be more inclined to gamble with it than a person to whom that $1000 is everything they have. Many players are prepared to risk $100 each month to try and run it up into something more. Providing this $100 is not required elsewhere then this is fine. Your own personal and professional circumstances will dictate what an acceptable amount of money to play poker is for you.
Note that risky bankroll management is not taking your last $215 and buying into a large poker tournament on a Sunday. That is not risky, just stupid. Risky bankroll management is anything whereby a normal swing in poker could result in going bust, for a winning player. This must be a conscious decision that you are truly at ease with if you play poker this way.
This article is relevant only for those who Play Texas Hold’em and are winning players. If you lose your money will be lost no matter how well you manage your bankroll. Poker players who ignore bankroll management can suffer a standard downswing and be ruined. Bankroll management is poker risk management and very important to staying in the game and allowing the downswings to run their course before returning to profit.
There is no reason, however, that if you wish to be slightly bolder with your bankroll that you cannot do this providing your circumstances allow and the reason for your wish to live dangerously is not just to satisfy a gambling urge. You should always keep the euphoria of gambling under control and make the right decisions for your poker game when relating to your bankroll.
By Malcolm Clarke