{"id":121307,"date":"2020-09-29T09:36:47","date_gmt":"2020-09-29T16:36:47","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/gambling-with-an-edge\/?p=121307"},"modified":"2020-09-29T09:36:51","modified_gmt":"2020-09-29T16:36:51","slug":"when-do-you-quit-2","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/gambling-with-an-edge\/when-do-you-quit-2\/","title":{"rendered":"When Do You Quit?"},"content":{"rendered":"\n

At\u00a0 www.gamblingwithanedge.com<\/a> , in the comments section for a recent blog post of mine, a poker player said he had two stop limits–one for being ahead and on for being behind. (It\u2019s possible he uses the same amount for each. He didn\u2019t say.) He wanted to know if winning video poker players use this system as well.<\/p>\n\n\n\n

In all gambling, money management is important. One of the key elements is being able to stay in the game. If you go broke, you\u2019re out of the action.<\/p>\n\n\n\n

With that said, poker and video poker are considerably different. In video poker, it\u2019s possible to know whether you have an advantage or not. The return on games is usually available, as is information about the slot club and promotions. In this environment, successful bankroll management consists of:<\/p>\n\n\n\n

  1. Only betting when you have the advantage.<\/li>
  2. Betting within your bankroll.<\/li>
  3. Other than that, playing as long or as short as you want.<\/li><\/ol>\n\n\n\n

    The second rule, \u201cBetting within your bankroll,\u201d can be somewhat tricky to figure out. There are bankroll calculators on both the Video Poker for Winners<\/a> <\/em>and Dunbar\u2019s Video Poker Risk Analyzer<\/a><\/em> software. Today, though, we\u2019re going to leave that topic for another time.<\/p>\n\n\n\n

    Now I\u2019m going to address live poker. Keep in mind that while I know something about the game, I\u2019m not a winning poker player. I cannot address this game with a high level of expertise. I\u2019m not a novice, however, in discussing how the game is different from video poker.<\/p>\n\n\n\n

    Live poker has so many other things to consider, including figuring out whether or not you are the favorite. There are some home games where the same eight guys have been playing together weekly for years. In that case, if you keep records, you can have a pretty good idea whether you\u2019re a favorite, and by how much. But even then, sometimes \u201cHenry\u201d will go on tilt which greatly skews the distribution.<\/p>\n\n\n\n

    In most games, you\u2019ll have one or more players who are unfamiliar to you. Even then, if you see one or more \u201clive ones\u201d in the game, you can determine you\u2019re probably the favorite, if not by how much.<\/p>\n\n\n\n

    The variance of live poker is a lot higher than the variance of video poker. In video poker, all your bets are the same size, and you play hundreds or thousands of them in a session. At the no limit versions of poker, there are a relatively few hands that become the biggest ones of the night. If you\u2019re a winner on the big hands, you\u2019ll likely be a winner that night. If you\u2019re a loser on the big hands, you\u2019ll likely be a loser today<\/s>, no matter how well you\u2019ve done on the smaller hands.<\/p>\n\n\n\n

    Also in live poker, playing conditions change frequently as various players react to being ahead or behind. And as the alcohol kicks in. And various other factors.\u00a0<\/p>\n\n\n\n

    Having stop limits for wins and\/or losses makes sense for losing video poker players or for players playing over-their-heads bankroll-wise. Being able to stay in the game long-term is important, and as either a losing or under-bankrolled player, you want to avoid blowing out completely in one session.<\/p>\n\n\n\n

    I suspect these same types of live poker players are the ones who find these stop limits useful. But I\u2019m not sure. That\u2019s not my expertise. The only poker I\u2019ve played in the past 20 years has been the limit version of low stakes games. For that game, even though I\u2019m a breakeven player at best, my bankroll is infinite.\u00a0<\/p>\n\"Facebook\"<\/a>\"twitter\"<\/a>\"youtube\"<\/a>\"instagram\"<\/a>","protected":false},"excerpt":{"rendered":"

    At\u00a0 www.gamblingwithanedge.com , in the comments section for a recent blog post of mine, a poker player said he had two stop limits–one for being ahead and on for being behind. (It\u2019s possible he uses the same amount for each. He didn\u2019t say.) He wanted to know if winning video poker players use this system […]<\/p>\n","protected":false},"author":2,"featured_media":6498,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"spay_email":"","jetpack_publicize_message":"When Do You Quit? by Bob Dancer","jetpack_is_tweetstorm":false},"categories":[29,2,3],"tags":[208,428,2014,196],"yoast_head":"\nWhen Do You Quit? - Gambling With An Edge<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.lasvegasadvisor.com\/gambling-with-an-edge\/when-do-you-quit-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"When Do You Quit? - Gambling With An Edge\" \/>\n<meta property=\"og:description\" content=\"At\u00a0 www.gamblingwithanedge.com , in the comments section for a recent blog post of mine, a poker player said he had two stop limits–one for being ahead and on for being behind. 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