For fixed limit games bankrolls are measured in ‘big bets' instead of buy-ins. These are the double sized bets after the turn has been dealt. In fixed limit Omaha games you will usually have the odds to call, even if there is as high as an 80% chance you are behind.
Fixed limit cash games require a bankroll of 300 to 600 big bets. I recommend you err on the side of caution and stick closer to 600 big bets. Today's fixed limit cash games are getting more difficult, which results in smaller edges and greater volatility. This may sound like a huge bankroll but it's what most seroius players recommend. Starting Bankroll Goals. No-Limit Holdem – 2,000 Big Blinds. Pot-Limit Omaha – 2,500 Big Blinds. Fixed-Limit Holdem, Omaha/8, or Mixed Games – 600 Big Blinds. Tournaments with fields smaller than 150 players – 30 buy-ins. Tournaments with fields larger than 150 players – 50 buy-ins. Single Table Tournaments or Satellites – 20 buy. Lesson 07 – Bankroll Management, by Jesse Weller Lesson 08 – Playing Your Opponent, by Armando Marsal Lesson 09 – Playing Styles, pt. 2, by Jesse Weller Lesson 10 – No Limit vs. Fixed Limit Hold'em, by Armando Marsal Lesson 11 – The Art of the Cash Game Grind: Save That Money, by Rob Povia.
Omaha Is A High-Variance Game, Make Sure Your Bankroll Can Withstand The PLO Swings!
Correctly managing your poker bankroll is an essential, yet much overlooked skill for all profitable poker players. The high ‘variance' involved in optimal Omaha play makes this even more important for those who enjoy Omaha poker. This article outlines the basics of good Omaha poker bankroll management for players of different types of Omaha poker, including PLO cash games, omaha tournaments, sit n goes and fixed-limit games too.
We start by outlining the concept of variance and why this is inherently larger in Omaha games. Next we look at each of the game varieties in turn, suggesting bankroll management guidelines for each. Finally we will bring individual characteristics and factors into the discussion.
Variance And Bankroll Management
The best way to understand why variance is greater in pot-limit Omaha is to picture the classic scenario of a made hand against a draw on the flop. For arguments sake we will make these hands 50 / 50 to win the pot. With raises and re-raises from a few players pre-flop the pot has grown to $100, you raise your last $100 with a strong draw and an opponent with a made hand correctly calls.
In this situation both players have made the ‘correct' move, you bet your draw for value, with a 50% chance of winning the pot your equity exactly equaled your risk… the chance of your oppoent folding making this a +ev play.. Your opponent, suspecting he was at least 50% to win had to call $100 to win $200 – also a positive expectation move over time. Yet only one player will win the pot – the swing for either you or an opponent will be + or – $200.
Important Note: Make sure you know where to find the most profitable PLO games – it can and will make a big difference to your bankroll. See our Omaha Poker Sites section for more.
Due to the close rank of starting hands there will be many situations like this one, and still more where your opponents hand is way ahead or way behind. The chance deal of the cards mean you will win money over time by betting, yet at the same time will increase your short-term swings.
To counter these swings we need to use some bankroll management. Omaha games are volatile – yet very profitable for the thinking player over time. If too much of your poker bankroll is in the table and at risk in a single hand then there is a very real chance that ‘correct' play will actually cause you to go broke!
The question then becomes how should we organize our Omaha Poker bankroll to strike the right balance between making a profit and avoiding going broke? This will primarily depend on the form of the game you are playing, with secondary factors such as your individual playing style and ability to re-load your poker account easily also having an effect.
Pot-Limit Omaha (High and Hi-Lo) Cash Games
In Pot-limit games your variance is high (as outlined) a buffer is certainly required to prevent a bad run of cards leaving you broke. The suggestion is that you keep at least 30 buy-ins for the level at which you play, this is compared to the suggested 20 for Holdem games. Having 3% to 4% of your bankroll at risk in any one situation will ensure that you can profit over time – after all it is over a large number of hands that your skill difference will have time to manifest itself. Professional players are advised to increase this amount to between 40 and 50 buy-ins.
Fixed-Limit Omaha (High and Hi-Lo)
For fixed limit games bankrolls are measured in ‘big bets' instead of buy-ins. These are the double sized bets after the turn has been dealt. In fixed limit Omaha games you will usually have the odds to call, even if there is as high as an 80% chance you are behind. This creates real volatility in your results – meaning that the ‘300 big-bet' rule should be used to protect your bankroll.
Omaha Tournaments / Sit N Goes
Tournament play in any form of poker is considered the most volatile of all. Even proven winning players will sometimes go for long stretches without a significant cash. The reason for the higher variance is that you need to ‘play to win' in Omaha Tournaments . Cashing for double your buy-in will simply not make up for the times you lose a big-hand early on and fail to reach the money at all. Tournament players are advised to keep at least 50 ‘average buy-ins' and possibly more for larger field tournaments.
Individual Factors In Omaha Poker Bankroll Management
Factors such as your reason for playing, ability to re-load and individual playing style all affect the Omaha Bankroll Management guidelines outlined above. Someone who plays for leisure and profit would not necessarily require the same Omaha Bankroll as an online poker professional. For the former player type it is possible to avoid many high-risk situations and may be possible to reload should the cards turn bad. For a pro who relies on poker income going broke would be a disaster – stricter bankroll management criteria should be used.
A loose and aggressive Omaha player may take the most money from the tables over time. However their natural variance will be high even for Omaha. Bankroll management guidelines should again be stricter than those outlined. Conversely a tight and solid player need not keep the same number of big bets or buy-ins in their bankroll.
To summarize, close hand ranks and the significant role played by drawing hands make Omaha a naturally high-variance poker game. To counteract this expert players use bankroll management to avoid the risk of going broke. Your exact criteria for Omaha poker bankroll management will depend on the types of games you play and your individual characteristics.
BASIC RULES OF BANKROLL MANAGEMENT
Poker Bankroll Management Fixed Limited
1. Never play for more money than you can afford to lose
This is the most important rule. It is always possible to lose money playing poker, even if you play every hand perfectly. Therefore you should NEVERrisk an amount of money that could get you into financial trouble away from the poker table, especially if you are experiencing a downswing.
Similarly you should never put yourself in a position where your entire bankroll is on the table in a single tournament or hand. Only ever sit down with a small fraction of your bankroll at any one time.
Poker Bankroll Management Fixed Limits
2. Be aware of your goals
Broadly speaking, poker players fall into three groups, each with different expectations and goals in the game. It is very important that you decide what you want from poker and that you select the right level to achieve your aims.
- Recreational players are playing mainly for fun and have other sources of income besides poker. If they lose their bankroll they can fund it with fresh money from their regular source of income.
- Serious players are good and profitable players but do not depend only on poker for their income. It is not the end of the world if they lose their poker bankroll, but it will hurt.
- Professional players depend on poker as their only source of income. They cannot afford to lose all their bankroll as this means they would lose their job. Therefore they must employ the strictest bankroll management techniques.
3. Do not play higher than your bankroll permits
The following information is intended to offer a good rule of thumb for bankroll requirements if you are playing sit and go tournaments and multi-table tournaments, or fixed limit Texas Hold'em . (The chart at the bottom of this page offers a general guide to bankroll requirements to play no limit Texas Hold'em cash games.)
If you are a recreational player don't risk more than 10 per cent of your bankroll at once. If you have a bankroll of $100, you should not be entering a tournament with a buy in of more than $10 or sitting at a cash table with more than that amount. For serious and professional players the bankroll restrictions are even tougher.
Sit and go tournaments (STTs): If you are a serious player, you should aim to have at least 30 times the tournament buy in in your bankroll before entering any STT. A professional player will need 100 buy-ins.
For example, a serious player could play $20 STTs with a bankroll of $600 but a professional would need $2,000 in his bankroll in order to play $20 STTs.
Poker Bankroll Management Fixed Limit Calculation
Multi-table tournaments (MTTs): Tournaments offer huge prizes but also huge swings. You should have at least 50 buy-ins in your bankroll in order to play them as a serious player. A professional will need 200 buy-ins. It is probably best not to play tournaments exclusively. It is safer also to play SNGs or cash games.
Poker Bankroll Management Fixed Limit Rules
Fixed limit Hold'em: You should probably have about 300 big bets in your account to sit down at a fixed limit Hold'em table. For example: in order to play $3-$6 fixed limit Hold'em, you need a bankroll of at least $1,800 (300x$6) to play safely.
