I have a current bankroll of about $1,000.00
According to the cash management rule of thumb for poker:
Having 20 buy-ins for No Limit Holdem, my maximum buy-in should be no more than $50 or a .25/.50 for a No Limit Hold’em game.
Having 300 big blinds for Limit Holdem, my maximum buy-in should be no more than $3 big blind games for Limit.
Having 40 buy-ins for Sit-N-Go’s, my maximum buy-in should be no more than $25 for these type of tourneys.
This means that I am currently underfunded to play poker in Vegas.
On the plus side, I am adding $240 to my bankroll a month from my allowance. (Diane and I each get a monthly allowance to cover day to day items not in our monthly budget plan).
I also have the ability to grow my bankroll by adding to it by winning.
Living in Vegas, I have found some .50/1.00 games of NL Holdem that would allow me to buy-in from $50 to $100.
There are some limit games that would allow me to buy-in at $30 or $40 minimum but that would put me over the $3 per big blind recommendation.
As far as Sit-n-Go’s at $25 or less, the lowest buy-in I found is $23 with $9 being charged for the admin fee.
Because I am impatient, I am currently playing at games over my bankroll as I play in $1/$2 NL Holdem games with a minimum buy-in of $100.
Most of the “Sit-N-Go’s” (really MTTs or Multi-table tournaments) that I play cost between $45 and $55 to play.
As far as Limit cash games, well, I play so badly, I find no reason to play them at all.
My most affordable game that I play is “Free”. That’s right, free online poker.
Well, not really free but $20 a month (close to as free as you can get for a poker player).
This allows me to play up to four games a day every month, or at least 112 tourneys minimum to as many as 124 tourneys a month. These free daily tourneys have a bonus feature.
If you finish in the top three or four depending on how many players are enrolled in a month, you can win a buy-in up to $200 to use in a live tournament of your choice. The staking allows me to keep 60% of my winnings with 40% going back into the staking pool. This is a win win situation and provides motivation to improve, both online and life as well.
Based on the above, I am going to be giving up my live tournaments and concentrate on cash games and the online game. (Well, not really give them up. If I win enough playing cash games, I will buy into some of the tourneys with my profits, such as they are).
If I get staked from being an online winner, I hope to translate that to a win in a live tournament here in Vegas.
Being here in Vegas has given me so much flexibility and has me very excited about the possibilities. Who know, even online poker might become a reality here in Vegas as well.
Are you excited about the poker possibilities in your own life?