Texas Holdem Money Management
Introduction
I get asked a lot about Money Management in gambling. It is not a topic I address often, because money management is just mathematical voodoo. What you can expect to lose gambling is the product of the total amount you bet and the house edge. It does not make any difference how you break up your total amount bet. Given the same game, the expected loss is the same making a million bets of $1 and one bet of $1,000,000.
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While money management does not change expected loss, given the same game and total amount bet, it can affect variance. Here are some money management strategies, according to what your goal is.
Player 1 plays for the social aspect of gambling, not so much to win. He prefers to bet conservatively, minimizing his risk of losing, while at the expense of likely not winning either. This player should flat bet. In other words, his wagers should be the same every bet, or close to it.
Player 2 is a risk seeker who wishes to either win a lot or lose a little. Of course, with a high winning marker, and low losing marker, it is more likely to achieve the losing one. The appropriate strategy for player 2 is to press his luck after wins, letting them ride. Most of the time the player will hit a loss before reaching his winning goal, but sometimes hit a good run and parlay his wins to whatever makes him happy.
Player 3 is a small win seeker, at the expense of the chance of a large loss. There are many betting systems that cater to this goal, but they all press bets after losing, until there is a win. Often this player will leave the casino happy for reaching his modest winning goal, but the occasional large losses will take back all the small wins, and more.
Judging by the ratio of expected loss to total amount bet, all betting strategies and money management systems are equally worthless. How much you bet and why should depend on the reason you are playing in the first place. Whatever form of money management you choose, once a bet is made you should always follow the best mathematical play. Finally, never pay for a betting strategy. As mentioned, they are all equally worthless, so you may as well use one of the free ones easily found on the Internet.
Written by: Michael Shackleford
When you play online Texas Holdem, you want to take all of the steps possible to ensure that you do what you can on your part. To win as much as you can. Learning the game, finding the best place to play and following certain strategy that has proven to work… That is all important.
However, there is another major area you want to focus on. And that is money management. You need to know that playing Texas Holdem isn’t going to end up ruining you financially.
Texas Holdem Money Management Rules
Essential Tips
Here are some points you want to follow with regards to Texas Holdem and money management.
Texas Holdem Online
Be realistic with what you can afford to lose. You need to look at all of your money and your bills and only put extra money that you won’t miss toward your gambling. The money you put toward your games should be the only money, no matter what. If you end up running low on bankroll, you should go to the free games when you still want to play. This way, you will still have the fun of playing Holdem, but it won’t cost you anything.
Texas Holdem Poker Offers
There are a lot of bonuses available on the online poker websites. You should learn about each bonus the site has available and go after as many of them as you can. These bonuses will give you more money to play with. This helps you not to spend money that you shouldn’t. Be sure that you check the promotions’ section of the site often. So you don’t pass up the chance to enjoy an enticing bonus or a lucrative promotion which has just been added.
Online poker sites have free rolls. Some sites have them a lot and others have them every now and again. Make notes of any free rolls that are open to you so that to take advantage of them. They allow you to participate in tournaments without the need to pay a buy-in.
Texas Holdem For Real Money
Texas Holdem is a fantastic game and you can win a lot of money at it if you are good enough at it. In fact, some players make a living by playing the online games. However, always remember that you can never count on winning. If you do, you can end up getting into financial trouble. Before you join an online poker site, you want to make sure that it gives you the best promotions, lucrative offers and catching games that are geared toward poker players who are at your level of experience.