I've been seeing a bunch of silly posts on forums about what kind of bankroll one needs to play limit holdem. Everyone just seems to be regurgitating Sklansky's old "300 big bets is the nuts" rule of thumb. Honestly, this doesn't apply to high stakes games, it doesn't apply to players who's edge is small, and it certainly doesn't apply to playing online, especially 6max. I'm gonna try to set the record straight here based on my own experience.
The 300 big bet rule is great when the following is true: You are playing a live poker game where you have an edge of 1 big bet per hour or more, and the rake is relatively low as compared to the bet size. So, it's perfect for a limit holdem live pro who plays $10-20 up to $40-80 and has a solid winning track record in those games. But it's crap for most players and most games scenarios though.
New School Bankroll Considerations
Online poker: You need to be overrolled in these laggy games online these days. You ever notice that almost every single time you pick up half a hand you are basically showdown bound!? It's not like live poker where you can assess people's reactions to their cards etc.. and decide to fold or check in position. Online, especially when you are playing 6max, we are all tending to just stick the chips in way more often. I mean, do you think anyone makes 1 big bet per table online?! The edges are microscopic as compared to live, but a player who wins 0.1BB/hr might still make huge money overall. All of this just means that you need a WAY bigger roll. I think that 800 big bets is still probably good enough for a pro who has a legit edge. But for a beginner taking poker seriously and playing low limits, you need MUCH more than 800 big bets.
Low Stakes: I think you should have a slightly bigger roll relative to bet size to play a live a $4-8 game than a live $15-30, even if your edge is the same. The games are looser and more multi-way. This can brutalize you in the short term, and of course your wins are proportionately a little smaller due to rake. Maybe instead of 300BB go with close to 400BB, $3k sounds about right.
Players Who's edge is small: Just because you're a winning player doesn't mean you're safe to go with a minimum bankroll standard the same way a player who has a large edge can. Dumbass! You need WAY more money to navigate the dry spells, like close to double maybe. For example, if you play $20-40 holdem and have been winning $10 an hour, depending on the laggiety of the games, you should probably keep a bankroll of at least 20k or 500BB.
High Stakes: This ties into the last category. The higher you go the higher the odds that your edge will generally be smaller. You may find a nice spot here and there, but it's tougher overall and your bankroll should reflect that. I think most players should be rolled like they are 'close' to break even players. In other words, you need to be rich as fuck to play $200-400 and higher, i.e. be a bona fide millionaire (5000BB or $2mil give or take). A lot of players are bangin' around in those games with bankrolls like 90k and 175k and shit, those players will have a tough time, believe me. Even Phil Ivey had a tough time breaking into those limits. Apparently, it still took him several years even though he was likely the best in the world even then. Being underrolled is a pretty bad crutch.
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