High rollers are those individuals that are able to wager lots of money and afford huge buy-ins. They are the people that most poker players wish they could be or at least emulate. These persons tend to live lavish lifestyles, drink fine wine, drive fancy cars and sleep in the best suites that casinos have to offer. However, just because a high rollers’ life is a bit more upscale than the average player, this does not mean that their money and bankroll management should be much different. Even though they may have more money, this does not mean that spending limits are not necessary or that they do not have to carefully manage their bankrolls. Below, we will take a look at how smart high rollers should manage their money.
Set betting limits
A person will only be able to bet so much money. It doesn’t matter how wealthy they are. There is an amount that will detrimental even for them to lose. A person has to figure what that amount is and then plan and play accordingly. It is very important to play within one’s means.
Some people may believe that just because a person is a high roller or wealthy, that they can spend as much as they want without recourse. This could not be further from the truth. If a person wants to be able to play for very long, they must determine how much they can spend at any given time and then avoid spending more than they can afford to.
Set lost limits
Even before an individual decides to play they need to determine how much they can afford to lose. Once they reach that limit they need to fold or avoid games where there is a possibility that they might lose more than they are comfortable with. Even though poker games are considered gambling, money management should not be a gamble. Instead, it should be well thought out and planned. The people who end up successfully handling their money are those that plan well and then make good, disciplined financial decisions.
Avoid betting more than one can afford to lose
It doesn’t matter how much money one has if they bet it all away. Some poker players, especially professional ones who have the money to make large wagers, lose millions of dollars each year. There are some can afford to absorb these losses. There are others that can not. Even high rollers can only afford to lose so much. It is important for everyone to figure out how much they can afford to part with and then bet accordingly.
Avoid participating in costly games just because you can
Just because an individual has a lot of money to spend and can afford to play in games with higher buy-ins, this does not mean that they should. Many of the people that participate in these types of games have a lot of experience and skill. They have worked their way up to being able to successfully compete. To avoid needlessly throwing money away, it is best to avoid big money games even if a person can afford them if their skills are not on par with the other participants.
High rollers are individuals who have the money to participate in games with expensive buy-ins. They may be professional poker players or they may simply be individuals who are wealthy. Though these people have a lot of money, it is still important that they properly manage their bankroll. Even wealthy individuals can create money problems for themselves if they do not spend wisely. If a person wagers huge amounts of money they can very easily do damage to their bank accounts. To avoid this, even high rollers have to have a well-thought out spending strategy.
Setting betting limits is paramount. Individuals need to come up with a cap on the amount of money that they are willing to wager. Setting loss limits is also important. Once an individual loses so much money, they need to shut it down and stop playing. Trying to play one self out of a hole can often only make matters worst. Playing in games that are too competitive and betting more than a person can afford to lose, are other situations that high rollers need to avoid in order to manage their money most effectively.