Phil Galfond on Bankroll, Variance, and A Tricky Small Bet

While playing 1/2 online PLO, Phil Galfond responds to a common question: How many buy-ins do you need before moving up stakes in online poker, specifically PLO, cash games?

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In this clip, Phil Galfond shares not just the math behind bankroll management, but the psychological weight that comes with climbing stakes: fear, tension, doubt… and how those emotions can pull you away from your best decisions. Alongside that, we watch Phil work through a PLO hand, reflect on bet sizing, and give a candid moment of self-awareness: “I keep value-owning myself with PLO.”

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