People in the poker community often come up to me and ask about whatever is on their mind. Some of these questions are good questions, and some are bad beat stories in disguise. I’ve been through quite a few things in my poker career and I like to help whenever possible, and in this new Card Player series, I’d like to share my experiences and knowledge. Feel free to ask any poker-related question, and I’ll do my best to answer it in the space below.
Question: I have been following proper bankroll management for the last five years, never playing with more than 5 percent of my bankroll at any given time. But lately, I’ve noticed a juicy game in my local card room that would require roughly 20 percent of my bankroll to sit in. When is it okay to take a shot?
Gavin: First of all, good job with your bankroll. Bankroll management is one of the most underrated skills a professional poker player has in their arsenal. It’s important to be aware of your bankroll at all times and be sure that you are protecting it, especially if you play for a living. I personally like to keep more than 20 buyins in my bankroll at any given time, but I have had some issues in the past with poor bankroll management and am pretty protective of it these days. I think this is a pretty good strategy if you have to make regular withdrawals from your bankroll for bills and such. I’ve had 12 buy-in swings on more than one occasion and you have to be able to withstand those swings when they come.
When it comes to taking shots, I think there are a few factors that need to be taken into account. First, how often do you withdraw from your bankroll to pay the bills? If it’s frequently, a lower variance style probably works better. Take a shot when it’s more like 10 percent of your bankroll and be disciplined about taking that shot. Don’t keep firing bullets at it when it’s not going well. If you play casually or semi-professionally, or have enough saved up from previous profits that you don’t withdraw from your bankroll as much or you don’t need it to pay the bills, taking a shot with a larger percentage of you bankroll makes more sense. You should still be disciplined about how you do it and don’t continue to play if you’re on tilt or the game gets bad.
Finally, when you’re taking a shot at a higher game, be more self-aware. If you find yourself not calling a bet or making a raise you would have in a similar situation in a smaller game because the dollar value of the chips is higher, you should probably quit. If you can’t play optimally in the game you’re playing in because of the stakes, it defeats the purpose of trying to take a shot to make a big win. Good luck!
Question: Gavin, I saw that despite coming in as the shortest stack at the final table, you managed to finish second in the California State Poker Championship. What advice do you have for grinding a short stack in a final table situation where all eyes are on you to be the next out? Often, I find myself waiting for the perfect reshove spot and it never materializes. What else can I do to stay ahead of the blinds and antes?
Gavin: That was an interesting final table because, even though I came in as the short stack, I still had 15 big blinds and I wasn’t totally desperate. In addition, it was the “unofficial” final table, so we were 10 handed. This has a few implications on how that situation played out. First of all, it meant I had one extra hand than usual to find a spot to try to double up before the blinds hit me. This is a bit of a blessing in disguise though, because it meant that from early position I would have to play tighter because there were more people behind me. Second, it meant that the people who were opening in early position, were probably likewise playing tighter, so I couldn’t jam light against them.
The main piece of advice I have in these situations is to figure out which of the players to your right is opening light and shove over their opens when you can. Try to have high card value in your hand and make sure that you are aware of the pot odds you are laying the opener. It stinks to shove over an opponent’s open with a less than great hand and realize afterwards that you’re laying a price that they can’t fold to. The general rule of thumb in this instance is to shove for 6 times their bet or more to price out their bad opening hands. For instance, if you are playing with blinds of 1/2x and x with an ante of 1/8x the pot has roughly 2.5x in it to begin with. Then the villain opens for 2.5x and you shove. If you have 10x (or 4 times their bet), your opponent is getting 2-1 (2.5+2.5+2.5+7.5/7.5) and should call with almost their entire range. If you have 12.5x (or 5 times their bet), your opponent is getting 1.75-1 (2.5+2.5+2.5+10/10) and can fold some of their hands. Finally, if you have 15x (6 times their bet), they are getting 1.6-1(2.5+2.5+2.5+12.5/12.5) and can fold still more of their hands.
Finally, the “perfect” re-shove spot very rarely materializes when you’re playing a 10-15bb stack. You generally have to settle for the best one you can find and go with it. Playing a short stack on the bubble requires patience, some quick math skills, and the ability to find the best spot you can without trying to be perfect.
If you have a question for Gavin, send it to editor@www.cardplayer.com.
