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Money Management

We can remember several instances of making good use of our reserves. Once, on a trip to Lake Tahoe, We brought $1,500 with us. The first night there We lost $600, the next morning another $250. If We had been playing with scared money and had only brought about $1,000, between meals, room, and carfare We might have had only a few dollars left, packed it all in, and gone back to San Francisco.

But We still had about $650 in reserve, and my luck finally turned. Within a day We was even; by the end of my stay I left Tahoe with $1,000 more than We had come with.

WeI had a similar experience in Vegas, visiting the city one time to meet some friends who were due the next day. We arrived on a Thursday night, and by midnight We had dropped close to $900 of my $1,500. But my reserves again pulled me through. By the time my pals came, We had a big smile on my face and a wallet loaded with casino banknotes.

To summarize the formula for successful money management:

  • Your total bankroll should be 7 to 10 times the single-table bankroll.
  • The single bankroll should be 50 times the minimum bet to be played at the table.
  • If losing 40 times the minimum, or 40 units, pack away the remaining 10 units unless the deck is favorable and get away from the table.
  • If you've lost a1150 units, leave the table and never, never reach into your pocket for more money

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Rock Blunts Scissors and Aggressive Players Cut the Passive Players
Near the end of a tournament, the players in the money are (or should be) acutely aware of how much money they stand to make with each ladder climb. While this is a financially prudent approach, it nonetheless creates an opportunity for the aware and alert player.

If you notice that a player has gone into a holding pattern, refusing to play a hand until someone has been knocked out, you can take advantage of the situation by raising this player's blind with any two cards.
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