If you are on your way to a tournament or just to play a few rounds of poker in your local casino, you will be asking yourself how much do you need. Remember that you will be losing some money along the way, be it in business or be it in poker. The name of the game though is having the right amount of money.
When determining the amount of money you need for poker, you need to consider the stakes of the game and the most likely swings during the game. You also need to know if you can easily get cash when you are at the venue. Will you have an access to an ATM or will there be someone whom you can loan from? You also need to consider how much you can afford to lose in case things do not go in your favor.
When you are afraid of not bringing enough, you will have the tendency to bring as much funds as you can. While you will be comfortable knowing that you have a lot of back up, you will also run into the risk of losing much. You also need to determine the possible burn rate of your money. You need to know the possible fluctuations to know the chances of the outcome.
Let us say you can win about $50 per hour and you are set to play for about a hundred hours. Then you can win about $5,000. Let us say the fluctuations will be around $500 so roughly your winnings will not go above the $1,550 line and your losses cannot go beyond $1,450 per hour. Looking at other factors, your winnings can go as high as $20,000 or losses at about $10,000 for the 100 hours of playing poker. If you will be traveling to play poker for about two weeks, having $10,000 may not be enough but going for more may mean some unnecessary costs for you.
You need to consider these fluctuations. You need to balance your comfort of knowing that you will not go broke but also not have a lot of borrowing cost to handle or giving a ton of equity.
I’m Jason Rockwell. When I’m not winning playing online poker, I enjoy writing about my love of the game. Thanks for visiting!