Top 5 Poker Bankroll Leaks

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In poker, bankroll management is key to staying in the game. However, many poker players have significant leaks in their bankroll and end up staying broke or struggling to keep a healthy bankroll.

Today, we will look at some of the most common bankroll leaks experienced by poker players. We present this poker advice to help you avoid these problems or to help you identify and plug these leaks.

Pit Games

One of the top two bankroll leaks experienced by live poker players and online poker players is playing in the pits. Whether the game is blackjack, craps, baccarat, or Pai Gow, poker players tend to lose their minds when playing these games, especially at higher limits.

They like the thrill of a quick buck, but overlook the fact that the house always has the advantage with casino games, unlike poker. Poker players end up losing massive sums in the pits and often end up having to borrow money or employ the services of a poker backer to get them back into cash games or poker tournament action.

Sports Betting

The other top bankroll leaks is sports betting. Sports betting requires specialized knowledge that takes a long time to develop. However, many poker players go into sports betting trying to support their favorite team or betting the players and teams that they “think” have the advantage.

Sports bettors that have taken the time to learn the game can make money long-term but the average poker player is a fish looking to make a quick buck. Even the best sports bettors can lose huge sums, so imagine how much that inexperienced poker players are losing.

Excessive Partying

This problem is more common for younger poker players. They head out to the club or strip joint frequently with their friends and spend more money than is necessary, especially if they go to upper echelon places with high-dollar bottle service and VIP tables.

With a night out costing anywhere from $1,000 to $10,000 or more for some younger players, it’s no surprise that they wake up the next day with a large portion of their bankroll missing.

Women

One of the most quotable lines from Rounders for poker players is that “Women are the rake.” For some poker players, this is definitely the case. Before you peg me as sexist, let me explain. There are too many men that go out of their way trying to impress women, and that often means that they throw money at them with reckless abandon.

This can range from extravagant gifts to taking the object of their affection (or lust) to expensive dinners. Often, this is a waste of money as they don’t end up achieving their objective.

Then there are men that like to dabble with escorts and hookers. These guys are reaching their objective, but it is costing them substantial sums over time. This is a major bankroll drain that men can do without.

Wasteful Spending

A major way that players compromise their live or online poker bankroll is through wasteful spending. By this, we mean spending money on things that you do not need. For example, if you live in the city, it is wasteful to buy a jet ski that you might use half a dozen times in a year.

Another example is someone that is living along that decides that it is a good idea to rent a 2,000 square foot home as a hangout pad for him and his buddies. These forms of wasteful spending increase the amount of money that you need to keep your lifestyle afloat, often known as your monthly nut.

I once knew a poker player that hit a cold streak and said that he had to “start selling some of his toys” in order to play poker. Later, he revealed that those toys included multiple cars, a jet ski, and multiple expensive weapons that he collected. Essentially, he has about $200,000 tied up in these items and this money came directly from his bankroll.

If you recognize that you’re committing any of the above bankroll leaks, take steps today to try and plug them. Otherwise, stay alert to avoid these potential bankroll pitfalls.