Bonus Chasing – defined here as the movement of a player’s bankroll from site to site in order to take advantage of promotional bonuses – is central to my poker life.  The reason for this is clear when the numbers are addressed.  I began keeping detailed records of my poker accounts on February 1, 2005.  Progressing up limits from $1/2 to $5/10 since then I have won $4,758.33 from my opponents at the tables.  I have also cleared $8,850 in bonus
money from the sites I play.  It is undeniably more profitable for me to play poker for a bonus than to play poker without a bonus.  This article is written so that I can share some of the things I have learned about bonus chasing with other players who may be contemplating taking up the chase themselves.

If you have just taken up poker within the last few months, then my first piece of advice to you as a new chaser may seem absurdly obvious, but I will state it anyways:  learn to play poker well.  I will, from time-to-time see new players post something to this effect in poker forums, “I just want to break even at poker, and keep all the bonus.”  While this may be acceptable for a rank beginner who is trying to learn, it has a negative expectation value (-EV) after a few months of playing.  Just like I believe a low limit player is wasting earning potential by not playing for bonus money, I also believe a low limit chaser is wasting earning potential by not learning proper play.  Commit yourself to study the game – learn to play poker well.

The next step is to learn how to evaluate a bonus.  This gets a little tricky to explain because there are several facets to the value of a bonus, and how they are factored into the aggregate bonus valuation is different for each chaser.  Generally speaking the four aspects of bonus value are:
1.  Maximum dollar amount of the bonus.
2.  Percentage the maximum dollar amount of the bonus is to the deposit amount.
3.  The ease (speed, rate) at which the terms of the bonus can be met to make the bonus cashable.
4.  Site intangibles/player preferences

Aspect 4 is the catch-all for player preferences.  I have seen poker forum posts from players stating a variety of reasons (both logical and illogical) they will not play at one site or other, "the color scheme is annoying", "I have bad luck there", "the SB at $3/6 is $1.50, and I prefer to play where it is only $1", "I only play where the hand histories are compatible with Poker Tracker".  For as many reasons as there are players, some chasers will forgo a bonus because they just don't like the site.  (In contrast, I have also seen people chase some inferior bonus offers because they like to play a certain site so much.)

As a general rule, when the chaser's bankroll is small, the weighted value of aspects 1 and 2 above are relatively high, and aspect 3 is relatively lower.  Once the bankroll reaches a certain level - a level that varies by player and the games/limits they prefer - the relative value of aspects 1 and 2 drop off to nearly nothing, and aspect 3 becomes virtually the only criteria used to judge the value of a bonus.  Aspect 3 also typically becomes the most difficult aspect of a bonus to determine and fully understand - and will be the topic of a separate article .(Aspect 4 is not usually related to bankroll.)

Let's look at the valuation process in more detail - from the perspective of two chasers:
Player A, who has a $100 bankroll, and Player B who has a $5,000 bankroll.

The bonus in question has the following general parameters:  100% of the deposit up to $100 maximum bonus.  It clears in one lump sum after the chaser plays 20 X the bonus amount in raked hands.  Minimum rake at this site is $0.25, and happens when a pot reaches $5.

From the point of view of Player A, there is much value in the ability to maximize this bonus - with his $100 bankroll there are not so many opportunities to do this.  He also sees that the bonus doubles his current bankroll.  Aspects 1 and 2 of this bonus hold great appeal.   Player A knows that the aspect 3 qualities of this bonus offer are not as good as most other bonus offers, but he also knows with his small bankroll he is going to have to work through some of these harder to clear bonuses to grow his bankroll.

From the point of view of Player B, this bonus offer holds little value.  Player B, armed with his large chasing bankroll, can maximize virtually any bonus offer.  Player B is in a position where it matters little if he deposits $100 or $1,000 to get a bonus - he is concerned almost exclusively with how quickly he can clear that bonus once his chase has begun.  If Player B is aware of another bonus that is available that will clear under more favorable conditions (i.e. 15 X, 10 X, etc.), he is likely to pass this bonus over in favor of his perception of greener pastures.

At what bankroll level do you cross over from being Player A to Player B on your bonus chasing journey?  I don't believe there is a clear dividing line, but rather a gray area between about $500 and $2,500.  At $500 you can now maximize quite a few 20% to $100 bonuses that clear on very decent terms.  You're also in the vicinity of being able to safely play $1/2 limit - so your bonuses will start to clear faster.  What you are still unable to do at
just $500 is partition your bankroll between sites to lock in multiple bonuses when they are offered.  With $500 you must move serially through bonuses; deposit, play through the clearing requirement, withdraw, move on. (On a few sites you can withdraw before the bonus is cleared, and the bonus will not be revoked or expire, but most often you will have to clear the bonus before withdrawing.)  In this circumstance you may miss a few bonus opportunities because your bankroll is locked up.  

At around $2,500 in bankroll, this is no longer the case.  You can focus on aspect 3 of the bonus offer, deposit for maximum bonus on the ones you like, and if a good or better offer comes along, you likely still have bankroll left to lock in that offer as well.

Hopefully this article gave the readers (who are not yet bonus chasers) something to think about.  My next article will get into the details of evaluating aspect 3 - ease of clearing.