Is there any sort of rough rule of thumb for live/internet poker? I doubt
there is any sort of precision approaching that of kelly criterion.
But is there at least a rough and ready rule of thumb given buyins or raises?
Rick
[Non-text portions of this message have been removed]
Is there any sort of rough rule of thumb for live/internet poker? I
doubt
there is any sort of precision approaching that of kelly criterion.
But is there at least a rough and ready rule of thumb given buyins
or raises?
Rick
In this case Kelly Criterion is unusable because you cannot control
your average bet size, nor quantify your "EV" (given that you perceive
that you indeed HAVE an advantage!). The best players make from 1.5-2
big bets/hr; thus, a highly skilled 10-20 HoldEm player can expect to
clear $30-40/hr (BEFORE the rake, tokes, and other overhead). You can
form a VERY crude estimate of your "risk of ruin"/bankroll
requirements by figuring how many hands/hr you will play and the total
amount of funds committed to pots (plus blinds/antes) in an "average"
hour (figure that you will play about 1/5 of the hands dealt to you)
and factor that into an hourly EV of +1 big bet (or whatever you think
you can achieve). This number should give you a "percentage" of
positive EV.
As a rule of thumb, a session bankroll of 80 big bets will see you
through all but the most horrid swings (I assume you're playing
limit), or to put it another way, if you lose that, you should quit
because it's not all that likely that bad luck is the reason you're
losing. Your total bankroll is up to you, but if I were to play
seriously for a sustained period, I would want to have a bankroll of
at least 1000 big bets.
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