One of the questions a microstakes regular sometimes faces is whether to deposit or redeposit.
I face that situation now, as my starting capital has dwindled from $50 to just more than $9.
For a winning player this question doesn't come up. Winning players never need to deposit except when they're bonus whoring. And if they're bonus whoring, they can be reasonably sure they'll not only clear the bonus but be profitable while clearing it even without the bonus money being taken into account.
This question also doesn't come up for a microstakes regular with a minimal positive winrate. If he's winning 0 to 5 bb/100 overall, then his bankroll hasn't been reduced and he doesn't need to deposit or redeposit unless he's stupid enough to want to move up stakes as a result of a deposit. That kind of stupidity is cynically encouraged by winning players because they want to win his money off him, but in general moving up stakes without winning your way there is a bad idea.
Therefore, the only players who face the question of depositing or redepositing are either those who have had to withdraw because they needed the cash, or losing players. A microstakes regular is unlikely to find himself in the former situation because it's unlikely that his poker account contains a significant amount of money, else he'd be a winning player. So only the case of the losing player needs to be considered.
For a losing microstakes regular, there are two questions to ask: (1) Is it smart to throw good money after bad? (2) Is the cost of poker worth the enjoyment derived from playing it?
Let's take my situation as an example. I've bled about $41 in just more than two weeks. Thats about $20.50 per week, or, if you use the 4.33 factor for monthly calculations, $88.77 per month. So is poker worth $88.77 per month to me?
The first question is whether I can afford it. The answer is, yes, I can, but not everyone else is in the same situation. For some people, even aspiring poker players, $90 a month is a lot of money. This is especially true of those who wouldn't be able to afford to play at all if it weren't for the $50 free starting capital.
The other consideration is what's generally known as "hobby expense." This relates to an argument frequently made by winning players, which is that golf and other hobbies are much more expensive than poker. Coming from them this argument is cynical because they just want to be the ones to win the losing player's money, and it's in the self-interest of winning players to encourage losing players to deposit and redeposit. Yet the argument still has to be taken seriously on its own merit (as we all know, dismissing an argument merely because of who's making it is a logical fallacy). So the question a losing player has to ask is whether he gets enough out of the money expended in order for it to be worthwhile, and, as a corollary, whether there are other things he could be doing with the money that would be equally worthwhile or more so.
The fact is that, in terms of hobby expense, $90 is not a lot of money. It's the same as six feature films at the movie theatre, which is at most about 12 hours of entertainment. Balanced against the prorated 93.76 hours a month I'd spend playing poker, it's definitely a lot cheaper. Overall, it works out to an expense of less than $1 an hour. Only buying a newspaper and reading it is less expensive than that.
So my conclusion is that I'm going to deposit somewhere, but it's not necessarily going to be on the site I've been playing on so far. I'll pick a site with reasonably active 2NL tables and put in about $90 so that I don't have to redeposit for another month.
If other losing players have faced this situation and found themselves wondering what to do, I'd love to hear your reasoning on what your decision was. (Note that I'm not looking for cynical encouragement from winning players, just comment from losing players.)