Whether you’re heading to the tables online, taking a seat in a live tournament series, or playing in a cash game in Las Vegas or at the local casino, managing your bankroll is critical. However, many players new to poker may be wondering how much money they need to play poker.
That number varies by a player’s financial situation, stakes, and other considerations. You determine your bankroll and how much money you should wager.
Here are a few things to consider when determining much cash you’ll need to get in on the action.
Cash Game Stakes
Cash game players will generally find stakes beginning in the $1/$2 and $1/$3 range when heading to a casino. (Home games may have even lower stakes.) Many players recommend buying in for at least 50 to 100 big blinds when taking a seat at a cash game.
So, a player jumping in a $1/$3 No-Limit Texas Hold’em game would want to start with at least $150 to $300. Some players may want to buy in for even more to help navigate the ups and downs of a typical cash game.
Just like everything in poker, however, there are different theories in this regard. In the new book Small Stakes No Limit Hold’em: Help Them Give You Their Money, authors Mason Malmuth and David Sklansky take a different approach to low-stakes games.
They argue that buying in with a smaller stack can be a much better strategy, especially when facing clearly inferior, larger-stacked players. These larger-stack players will be more apt to call an all-in when you have fewer chips.
“You often hear a player making the frankly ridiculous statement that they feel intimidated when their stack is small — 20 to 50 Big blinds, while others are much larger,” the book notes.
“It’s ridiculous because the opposite is true. Stacks that can easily find themselves all-in before the river actually have an advantage over larger stacks, assuming all players are equally skilled and the players with the small stacks understand small stack strategy.”
You can choose whatever stakes you like. But make sure that you aren’t playing above your head and the at-risk funds won’t affect your daily life.
Don’t be afraid to move down in stakes if your bankroll can’t support your current stakes.
Practising responsible gaming is always crucial.
Tournament Bankroll Needs
Those looking to get in on tournament poker action should also consider the stakes levels that best suit their financial situation. Many tournament series, like the WPT Poker Tour, have a wide range of buy-ins.
Here are a few options to also think about when looking for some tournament competition:
- Satellites—These offer players a chance to win a seat in a major event for a lower buy-in level, and they can be an excellent idea for the bankroll-conscious.
- Online Qualifiers—Players can earn seats and complete tournament travel packages by playing online at lower buy-in levels.
- Home Games – Playing a tournament at home may be an excellent option for low rollers. Some poker clubs also run a leaderboard throughout the year and set aside a small percentage of each buy-in to fund a seat into a major tournament such as the World Series of Poker for the ultimate leaderboard winner.
- Playing Tournaments Online—Numerous tournaments are available online, and many cost only a few dollars. There is more on this topic below.
- Other Options – Casinos offer low buy-in “nightlies” that can be lower in price than events at tournament series. These tournaments also reduce poker variance but still offer the fun of live poker and allow players to work on their skills.
In today’s poker world, how much money is needed to play tournament poker depends on the player. There are seemingly options for every level of player.
Playing Online
For example, there are plenty of cash game options at a live casino when you are heading to play online at sites like 888poker. However, newer players will find lower stakes – sometimes as low as pennies per blind – than in a casino.
A wide variety of players can get in the action. Beginners can learn to play various poker hand rankings at much lower stakes without risking large amounts of money. They can test out strategies and understand the general gameplay at these levels.
Even players depositing a couple hundred bucks can have fun, learn the game, and win a bit of cash.
The same goes for tournament play as well. There is seemingly something for every bankroll, even if you’re on a night out searching for where to play poker in Vegas. Players can budget a few bucks for a sit-and-go or even larger tournament, up to hundreds of dollars.
But when considering how much it takes to play poker, low-stakes players can compete in online tournaments for a paltry sum.
Online satellites offer another opportunity to play in even larger tournaments at smaller stakes. A player who scores a larger tournament entry can potentially win a large payout for just a small entry fee.
Online poker may be an excellent option for those looking to start small. Micro stakes can potentially build a bankroll to play at higher levels.
Turning Pro
Just because a player may be the best at their home game or the local casino doesn’t mean it’s time to turn pro. The same goes for finding success when playing online. There are numerous considerations to keep in mind.
Firstly, players must earn enough to compensate for the lost salary by quitting their day job. Poker pros like Jonathan Little recommend having at least a year’s worth of living expenses set aside ahead of time and a solid starting bankroll of at least fifty buy-ins for cash games.
- Many players also don’t do the maths regarding how much money they will need to replace their regular income
- They don’t consider how much they’ll need to earn to compensate for those lost funds.
Some of those winnings will also have to cover taxes, insurance, and other expenses. A player may quickly find that even winning at particular stake levels may not be profitable enough to see a significant bump from that regular day job.
Playing daily can also be a grind for many. The constant playing can result in missing out on time with family, especially during peak hours at a casino, usually at night. And there’s no poker cheat sheet that can make up for that!
Players should also be realistic about their skills at the table and base their expectations on many table sessions. For some solid players, poker can simply be a part-time gig with plenty of fun and the potential for some decent winnings.
“One thing most players don’t consider when going pro is that they may not be as good at poker as they think they are,” Little noted in a recent issue of Card Player magazine.
“If you don’t have a long track record of winning, you shouldn’t even consider quitting your job.”
