If you’ve got both the patience and the skills for it, (online or live) poker can be a highly interesting way to make some extra money, even a lot of money if you practice enough. Still, financing your next big poker game is quite a challenge as you’ll first need to make a win and then apply proper money management.There are a few things you can do that can help you pull the money together. We’re happy to share them with you in this blog.
This guide by KiwiGambler is meant for every beginning poker player who is looking for a way to climb up the ladder of success and get the most out of the fascinating game of poker. It’s time to learn more about online poker and which bankroll strategies you should apply to be able to finance your next big poker game, whether it’s a live or online event.
1. Free Demo Play
Free demo play isn’t necessarily a way to pay for the bills, but it does avoid you spending money or better: losing money. The free demo mode has been integrated into most casino platforms and the good thing is that it’s widely available for poker games. This especially concerns online poker games which still give you lots of options and variants to practice for the real stuff. Live poker games on the other hand do not work with free demo options as you’ll be expected to make a real money bet at a live table. As the same is expected in any brick and mortar casino your best shot is to head to the internet first and play online.
2. Look for Sponsors
Borrowing money is yet another possibility, although you can call it sponsor money if you fancy. The main difference between the two is broadly the way it sounds, as both people who borrow you money and sponsor you would want something in return. Sponsors, however, can request for a certain Return on Investment which can either be lower or higher than the amount invested in you, depending on potential other benefits of having sponsored your poker activities.
Those that lend it to you count as much as sponsors do which is why you will need to do your best to give them back what they deserve. Sponsors or borrowing money will save you a lot of money in comparison with credit card payments which would be an alternative for people that aren’t able to find a sponsor.
3. Sell Stuff
You might just have some stuff laying around somewhere that you don’t use anymore but could generate you some extra income if you decide to sell them. Whatever platform you use, there are enough ways to sell your stuff so make sure to go through your attic, garage and closets. You could either turn to eBay or organise a garage sale which would give you the opportunity to tell people about your plans and find yourself some sponsors. Whether it’s clothes, sports equipment, or an old car, list it online and see how much money people bid on your advert.
Make sure to include clear photos, measures and sizes, and all the other product information so you make your adverts as optimised as possible. For pricing, take a look at comparable products and set a minimum price based on your findings. Ideally, you narrow down the amount of time you lose on selling your superfluous products or items by having clear product information and clear answers to people’s questions. This way you can invest all the time you save this way in practising for your next poker game.
4. Set predefined targets
It is always recommended to set clear goals in advance and of course make sure they are realistic. Essential is not to adjust your predefined profit target while playing, but stick to it. This starts by changing the way of thinking about interim profits. Interim profit, the money you have won, but hasn’t been paid out yet is not yet yours and needs to be considered the casino’s money although your screen says different.
Let’s put it this way: you’ve only made a profit once the moment the money is transferred to your bank account. By considering interim winnings this way you will also be a lot more careful and realistic with follow-up bets. Just like setting a predetermined profit target, a predetermined betting limit and even session limits need to be set before engaging into play. Always make sure to follow up these predefined targets as this is the only form of regularity in the rather irregular world of online gambling.
5. Save up
Saving money is clearly the most obvious way to do it and this is actually quite an effective way to get some extra money. You might spend some money here and there on stuff that is really not that necessary if you think about it. If you go out often you might want to skip a night or two per week and see how much of a difference this makes.
Also, buy cheaper versions of the same product and think of visiting two supermarkets instead of one and start comparing prices. Saving money is a very important way of financing your next poker game and the good news is that it helps you with your overall poker money management as well. Save up money, think of every dollar you can earn yourself indirectly, and you’ll have the mindset of a grand poker player who thinks about the details in the broader picture.