Video poker is one of the very few types of casino games that allow players to make sustainable and often significant profits by simply avoiding errors and implementing a good money management plan. Allocating a gambling budget and sticking to it, however, is not always that easy and even seasoned gamblers would sometimes find themselves betting more than they have intended to.
Even worse, some casino players may end up losing their entire bankrolls by choosing the wrong game or trying to return their losses. This is why money management is fundamental to every successful gambling strategy – with the proper preparation and plan in place, players can dramatically reduce their losses and increase their chances of winning in video poker even in the long-term.
Importance of Money Management in Video Poker
Unlike the majority of casino games, video poker does not rely solely on chance but has an element of skill, as well. Players should understand, however, that even with perfect strategy, the game is based on probabilities and winning each and every round is impossible. Video poker is played with a single deck of 52 cards – players receive an initial 5-card hand and must decide which cards they wish to keep and which to replace. The round is resolved in the second draw when all discarded cards are replaced with new ones.
As you can see, the odds for the initial hand are fixed but they change drastically, depending on the player’s decisions. For example, players who hold Ace, Queen, Jack, and Ten of hearts and need just one card to a Royal Flush face odds of 47 to 1. If they hold a Three of Kind (three Sevens, for instance), the odds of turning this hand into a Full House are 16 to 1. Clearly, even the best strategy does not guarantee success since the outcome will still depend on chance.
Even if we play a video poker variation with a positive expectation (yes, there are versions of this game where the theoretical RTP is higher than 100%), we will still lose some of the hands. Small losses could accumulate and result in financial ruin unless players manage to adjust the stakes properly in accordance with their entire bankroll. Two main factors determine players’ chances of winning in video poker – the house edge and the variance of the game.
House Edge in Video Poker vs Other Games
Volatility in Video Poker
Is Gambling For You?
House Edge in Video Poker vs Other Games
The house edge and the expected return (return to player or RTP) are fundamental concepts in gambling that show how profitable a particular game is. The house edge is the percentage of bets the casino keeps over time and the RTP shows how much money players can expect to win back for every $100 they bet. As you can see, they are simply the two sides of the same coin – a standard Jacks or Better game has a house edge of 0.46%, so its RTP stands at 99.54% and players can expect to get back $99.54 for every $100 of money played in this game.
In comparison, online slots offer RTP percentages of around 97%-98%, while slot machines usually have a lower return of around 95% or even less. Single-zero roulette, also known as European roulette, offers an RTP of 97.30% and American roulette, which uses a double-zero wheel, has a return of 94.74%. The RTP in craps varies, depending on the type of bet we make, but for the most basic bets, it hovers around 98.60%. Blackjack has a higher return at 99.50%, although most players find it hard to stick to basic strategy and the casino gets a higher advantage.
There are several video poker variations with a theoretical return of over 100%, which means that in the long term, these games are expected to bring a profit. However, players should understand that these percentages are based on theoretically perfect results and that the average return is not equal to the actual return. To achieve them, players would need to play through millions of rounds. Here are several versions of video poker that are more profitable than you would expect, at least theoretically:
- Full-pay Joker Wild = 101.0%
- Full-pay Deuces Wild = 100.76%
- 10 / 7 / 5 Double Bonus = 100.17%
- 10 / 6 Double Double Bonus = 100.07%
Volatility in Video Poker
As we have demonstrated above, the outcome of a video poker game still heavily depends on chance. So, there will be short-term fluctuations in the results and in players’ bankrolls. These fluctuations are determined by the variance of the game, also referred to as volatility. The higher the volatility of a game, the greater these fluctuations will be. Volatility is affected by the payouts and the hit frequency of the game – both of them are fixed and cannot be influenced by the payer.
The classic Jacks or Better video poker is considered to have low volatility, which means it offers stable, reliable wins over time. Deuces Wild, on the other hand, is highly volatile and players can expect to win small amounts at intervals that are much less regular. They will likely play through thousands of rounds before they hit Four Deuces or Natural Royal Flush, the two top-paying hands in this video poker variation. Games with progressive jackpots are even more volatile – progressive slots have particularly high volatility and although they may offer a huge jackpot, most casino patrons may play them all their life without ever hitting the jackpot.
Is Gambling For You?
Casino games that require skills such as blackjack or video poker are particularly popular among advantage players and people who gamble for a living. However, most people are just casual players and for them, gambling is pure entertainment. They do not need to learn complex money management techniques and should stick to the basics – otherwise, they will simply be bored with the calculations and careful planning that bankroll management requires.
There is another group of casino players, however – those who look to make a profit in the casino without having to rely on this profit for their living. They understand that all gambling entails some risk and that video poker is not an exception. Moreover, they do have a tolerance for risk and their bankroll is large enough to absorb the inevitable losing streaks that occur occasionally in video poker play. With proper money management, they will be able to reduce their losses and maintain their bankroll for a long time.
Setting up a Video Poker Bankroll
A common mistake among casino players is to gamble with all the money they have – it is easy to see how this could lead them to a devastating financial ruin. An equally bad decision, however, is to bring too little money into the casino and lose it all in an hour. This is why players should set up a proper bankroll that would sustain their playing sessions.
A bankroll is a fixed amount of money dedicated to gambling. It should be separate from the players’ bank account and money for everyday living expenses. Whether it is $100, $1,000 or $10,000, the bankroll is kept for the specific purpose of playing video poker.
Long-Term Bankroll
Session Bankroll
Royal Flush to Bankroll Ratio
Betting Units
Long-Term Bankroll
One approach to setting up the gambling bankroll is to have a long-term bankroll. It would comprise a significant amount of money – enough to fuel at least three or four visits to the casino. This approach is suitable for regular video poker players who can afford to take a large sum out of their pocket for the purpose of gambling. Note that when it comes to playing online video poker, the bankroll may need to be large enough for a dozen game sessions.
Setting up a long-term video poker bankroll is not easy, though, especially for novices. This is why they may be better off starting with a session bankroll and slowly build it up. This could take weeks or even months.
Session Bankroll
Most players choose to set up a session bankroll since it includes a smaller sum of money. The size of the session bankroll could be calculated in different ways but most importantly, it should be an amount players feel comfortable gambling away. This even means that players are prepared to lose this amount of money – such a scenario may be unfortunate but it is completely realistic. In other words, players should set aside a session bankroll of such a size that even if they lose it, it would not significantly affect their entire gaming experience and their long-term bankroll.
Royal Flush to Bankroll Ratio
For many video poker players, a good method for calculating the size of one’s long-term bankroll is to view it as a multiple of the Royal Flush payout in the game they play. To be more precise, the bankroll should be three or four times the 5-coin payout for this hand – we need to take the coin size into account, however.
For instance, we bet 5 coins and have chosen a $0.10 denomination. In a standard Jacks or Better game, the Royal Flush pays 4,000 coins, which means that we would potentially receive $400. To determine the size of our long-term bankroll, we will need three or four times this amount or anything between $1,200 and $1,600. Note that the bet size here is $0.50 per round and if we divide the bankroll into 10 session bankrolls, we will have 10 small bankrolls of around $140 each.
Betting Units
Another method to keep track of your gambling budget and to determine the proper size for your session bankroll is to consider the concept of betting units. The base betting unit is the smallest unit players plan to bet per round. Of course, they can increase the stakes at some point but this is the minimum bet they would place at the start of the game. If we use the example from above, the basic betting unit will be $0.50 – playing with 5 coins of $0.10 each.
Most players prefer having a bankroll for the session that is at least 50 times the base unit. In this case, they would feel comfortable starting off the session with at least $25 but a $50 budget would be even better. The greater the bankroll, the more resistant to financial risk it is. So, having a bankroll of $140 or more is even a safer tactic – it is 280 betting units, which guarantees that we will be able to play through at least 280 rounds even if we have considerable losses.
Additional Bankroll Management Tips
A good money management plan helps players control their spending in the casino. But it has an additional purpose – to increase one’s chances to win and, if possible, to reduce the potential losses. Dozens of great tips would help every gambler stay in control of their money. For instance, they should avoid using their regular credit card for making casino deposits – having a nearly unlimited source of funds at your disposal is certainly not a good idea when gambling.
When it comes to video poker bankroll management, in particular, there are several specific things players should focus on. They should always go for full-pay variations, learn the proper strategy for the game they play, and slow down their bets.
Go for Full-Pay Games
Stick to Optimal Strategy
Slow Down the Game
Take Advantage of Casino Bonuses
Go for Full-Pay Games
Video poker offers great payback percentages compared to other casino games but some variations pay significantly less than others. When we open several online versions of video poker it is easy to see that the payouts for some hands are slightly different. Even small deviations from the standard paytable, however, result in reduced return percentages. This is why players should always stick to the so-called full-pay variations of video poker.
It is easy to spot them when looking at the paytables – the simplest way to determine whether a game offers good value or not is to check the payouts for Full House and Flush. In the standard Jacks or Better game, these hands pay 9 to 1 and 6 to 1. That’s why full-pay games are referred to as 9/6 games. In comparison, there are versions of this game where the payouts for the same hands are 8 and 5 coins, or even less. The RTP of 8/5 Jacks or Better is only 97.30%, while the full-pay version offers a return of 99.54%.
Stick to Optimal Strategy
The only way players can achieve returns that are close to the theoretical payback percentages in video poker is to apply an optimal strategy. Each variation of the classic game has a different strategy that comprises of various decisions that should be made on every single hand we receive. Games with wild cards such as Deuces Wild or with bonus payouts for a particular hand need to be played with more complex strategies, however.
Slow Down the Game
Some players may think that by playing video poker at a fast pace, they can achieve the average return more easily and end up with a profit. While this is theoretically true, we should keep in mind that the RTP percentages displayed in the games are average rates for thousands and even millions of plays. Players simply cannot realistically play through so many game rounds – it could be achieved only in computer simulations.
In real play, variance (or volatility) will kick in, bringing chaos to the mathematical averages video poker players love to refer to. As a result, some players will end their video poker sessions at a profit of $50, while others would have lost $30, for example. By slowing down, they will be able to make the right decision for each hand, which is the only way they could, in fact, influence the outcome of the game.
Take Advantage of Casino Bonuses
Last, but not least, players who choose to play video poker online can boost their bankrolls with a casino bonus. Most online casinos offer new and existing players various promotions and surprises such as cash bonuses, free chips, cashback, deposit bonuses, and many more. Before you claim a bonus of any kind, however, make sure that you can meet all requirements and conditions.
For instance, deposit bonuses (and most types of bonuses in general) need to be played through a certain number of times before any winnings can be withdrawn. Players who receive a $20 bonus with a 30 times wagering requirement will need to place bets of at least $600 ($20×30) before they can withdraw their winnings. Additionally, many casinos restrict the bonus play or the wagering to slots only – bets made on video poker games may not be counted toward the wagering at all.
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