Since its first appearance, it was clear that poker was a game that would go down in history. Easy-to-learn and practice rules, an extraordinary number of variants to choose from, and the possibility of winning dream prize pools are just some of the features that have meant that today, around 100 million people try their hand at it every year only in online mode.
Whether they prefer to indulge in a few games on the web or in traditional casinos, many players, over time, aspire to transform their passion into a real profession. To do so, however, it is necessary to put into practice specific strategies that are perfected not only with experience but also with good theoretical preparation.
In this article, we will focus on one of these, the so-called Risk Management. After having clarified its origin and meaning, we will proceed with a presentation of the undeniable advantages resulting from its application to the world of poker.
Key moments in poker history
Experts have not yet reached an agreement on the exact time and place of birth of the first known ancestor of poker. According to some, in fact, this popular card game would have originated from a type of domino known at the court of the Chinese emperor Mu-Tsung in the 10th century AD; according to others, instead, it would derive from the Persian As-nas of the 17th century AD.
This ancient phase was followed by a modern one. The latter began to take shape in the first decades of the 19th century, when French colonists exported it to New Orleans and the steamboats that populated the waters of the Mississippi were used as floating casinos, thus contributing to its diffusion throughout the United States.
Poker really began to enjoy its current popularity in 1970. That year, the World Series of Poker began in Las Vegas, while in 1971, Texas Hold'em was chosen as the protagonist of their famous Main Event.
Finally, 1998 is the year in which it was possible for the first time to play a legal game online in complete safety. It is thanks to this first step that today you don't even have to leave your home to test yourself in a large number of variations and take part in exciting games such as "Mystery Bounty", which involves the assignment of a bounty on the heads of the participants. This variation of the game was developed by the leading site in the Italian market, which has established itself as one of the first online card rooms in the world. Through their tireless desire to always offer new proposals, it is now possible to access numerous variations of the classic game, in single mode or through national and international tournaments, making their version one of the best options for Poker in Italy.
Risk Management: a general definition
This expression – better known in Italian as “risk management” – traditionally indicates the set of processes used by companies to improve their approach to potential problems that may arise. In particular, the latter must be identified, analyzed and quantified in order to be eliminated or foreseen, so as to maximize profits.
Actually, thinking about it carefully, Risk Management is not only implemented in the business environment but also in any other circumstance of daily life. In this regard, it is enough to mention, for example, the process of evaluating the pros and cons that could arise with the purchase of a new car, the birth of a child or accepting a specific job opportunity.
Risk Management: The Commonalities Between Corporate World and Poker
Learning the rules of the game
As in finance, in poker too the risk identification phase occurs even before entering the heart of the action. Just as a company would not dream of investing in the stock market without first understanding how it works, a poker player would not sit down at the green table without first learning the rules of the game perfectly.
The first step, therefore, consists in familiarizing yourself with aspects such as the hierarchy of hands, the phases of the game and the difference between the numerous existing variations. Once you have done this, you can finally start testing yourself in some of the most famous tournaments at an international level.
bankroll management
Also to be undertaken before even sitting down at the green table, this action cannot be overlooked by anyone who truly aspires to make their way in the world of poker. To put it simply, with the English term Bankroll This refers to the maximum amount of money you intend to spend on poker.
Defining it in advance has a double function. On the one hand, it ensures that, once the fiche at your disposal, you withdraw from the game so as not to affect your savings; on the other hand, it also means that, by lowering the betting limits, you can take part in more hands and, thus, accumulate the experience necessary to improve more and more.
Long-term planning
You should always keep in mind the main purpose of the game, which is to improve day by day without ever neglecting the fun. To achieve this result, you should always prefer a long-term vision over a short-term one.
This means that, especially at the beginning, you should sign up for tournaments with little renown, where less experienced players take part and, therefore, are more likely to make mistakes. Furthermore, at this stage it is always better to occupy an advanced position at the table, which allows you to see the opponents' moves before deciding how to continue the hand.
Context analysis
After these considerations, it should be emphasized that it is only when the dealer deals the cards that the game really comes to life. At that point, you must start paying attention not only to your own moves, but also to the body language of the opponents.
With this attitude, after a few hands you will have a clear idea about their playing style, the frequency with which they bluff, as well as the repeated patterns with which they fold, check and call. Based on these aspects, you will be able to evaluate the probability that certain risks will occur, so as to adopt an appropriate playing strategy.
Management of emotions
Poker is much more than a simple game of chance, because although luck should never be lacking and can work miracles in the short term, it cannot ensure a lasting career. In other words - as it also happens in business - you can never bet the money you have based solely on your instinct.
As in many everyday moments, in poker one must always remember that reason should always be able to dominate emotions. Anger, frustration, anxiety and excitement, therefore, should always be left aside, perhaps taking a few seconds to take a few deep breaths and put into practice techniques such as Mindfulness.
Flexibility
While it is always wise to be cautious in any game or tournament you play, you must also be able to adapt your game to the situation you are facing. This concept translates into a constant assessment of the risks and rewards of continuing a hand, depending on the cards you have.
For example, if you receive two aces pre-flop, you can afford to raise the stakes with some confidence. In this case, in fact, the other players present do not know the value of these cards.
Becoming a Poker Champion with the Risk Management
Originally used in the financial sector and then adopted in everyday life, the Risk Management has also increasingly taken hold in poker. Even when you sit down at a casino table to indulge in a game, in fact, implementing the series of processes that can be summarized with this expression can be very useful if you aspire to improve your performance.
In particular, this article has defined some risk management strategies that can also be used in poker. If you want to be successful, you just have to familiarize yourself with the rules of the game, learn to manage your finances and emotions, adopt a long-term vision, carefully analyze the context in which you find yourself and increase your degree of flexibility.
Article published on 5 June 2023 - 12:06
