Short-handed considerations

When playing short-handed (at a table with fewer than normal players), players must loosen up their play (play more hands) for several reasons:

• There is less likelihood of another player having a strong hand because there are fewer players.
• Each player's share of the forced bets increases because there are fewer players contributing to the forced bets, thus waiting for premium hands becomes more expensive.

This type of situation comes up most often in tournament style play. In a cash game, the adjustments are very similar, but not quite as drastic as the table can ask for what is known as a 'rake break.' A rake break occurs when the floor-man, who represents the casino, agrees to take a smaller portion than usual for the hand. For example a random casino might normally receive 10% of the pot up to 5 dollars for a 'rake.' In this case the table would only owe 10% up to 3 dollars until there are a sufficient number of players again. In online pokers rake breaks are determined automatically.

Equity

A player's equity in a pot is his expected share of the pot, expressed either as a percentage (probability of winning) or expected value (amount of pot * probability of winning). Negative equity, or loss in equity, occurs when contributing to a pot with a probability of winning less than 1 / (number of opponents matching the contribution).

Example

Alice contributes $12 to a pot and is matched by two other opponents. Alice's $12 contribution "bought" the chance to win $36. If Alice's probability of winning is 50%, her equity in the $36 pot is $18 (a gain in equity because her $12 is now "worth" $18). If her probability of winning is only 10%, Alice loses equity because her $12 is now only "worth" $3.60.

If there is already money in the pot, the pot odds associated with a particular play may indicate a positive expected value even though it may have negative equity.

Texas hold'em example

Alice holds J♦7♠. Bob holds K♥6♠. After the flop, the board is 5♥6♥8♦. If both hands are played to a show down, Alice has a 45% chance to win, Bob has a 53% chance to win and there is a 2% chance to split the pot. The pot currently has $51. Alice goes all-in for $45 reasoning Bob has to call to stay in game. Alice's for the all-in bet are 32%. Bob's simple pt odds for the call are also 32%. Since both have a probability of winning greater than 32%, both plays (the raise and the call) have a positive expectation. However, since Bob has more equity in the pot than Alice (53% vs. 45%), Alice would have been better off playing the pot as cheaply as possible. When Alice went all-in, she gave up the difference in equity on the money she contributed to the pot.

Table image and opponent profiling

By observing the tendencies and patterns of one's opponents, one can make more educated guesses about others' potential holdings. For example, if a player has been playing extremely tightly (playing very few hands), then when he/she finally enters a pot, one may surmise that he/she has stronger than average cards. One's table image is the perception by one's opponents of one's own pattern of play. One can leverage his/her table image by playing out of character and thereby inducing his/her opponents to misjudge his/her hand and make a mistake.

Hand reading and tells

Hand reading is the process of making educated guesses about the possible cards an opponent may hold based on the sequence of actions in the pot. The term 'hand reading' is actually a misnomer due to the fact that a professional poker player does not attempt to put a player on an exact hand. Rather he attempts to narrow the possibilities down to a range of hands which makes sense based on the past actions of his opponent. A tell is a detectable change in an opponent's behavior or demeanor that gives clues about his hand. Educated guesses about an opponent's cards can help a player avoid mistakes in his own play, induce mistakes by his opponent(s), or influence the player to take actions that he would normally not take under the circumstances. For example, a tell might suggest an opponent has missed a draw, so a player seeing it may decide a bluff would be more effective than usual.

Aggressive/passive play

Aggression (poker)

refers to betting and raising. Passive play refers to checking and calling. Unless passive play is being used deceptively as mentioned above, aggressive play is generally considered stronger than passive play because of the bluff value of bets and raises and because it offers more opportunities for your opponents to make mistakes.

Loose/tight play

Loose players play relatively more hands and tend to continue with weaker hands; hence they don't often fold. Tight players play relatively fewer hands and tend not to continue with weaker hands; hence they often fold. The following concepts are applicable in loose games (and their inverse in tight games):

• Bluffs and semi-bluffs are less effective because loose opponents are less likely to fold.
• Requirements for continuing with made hands may be lower because loose players may also be playing lower value hands.
• Drawing to incomplete hands, like flushes, tends to be more valuable as draws will often get favorable pot odds and a stronger hand (rather than merely one pair) is often required to win in multi-way pots.

Sandwich effect

Related to the gap effect, the sandwich effect states that a player needs a stronger hand to stay in a pot when there are opponents yet to act behind him. Because the player doesn't know how many opponents will be involved in the pot or whether he will have to call a re-raise, he doesn't know what his effective pot odds actually are. Therefore, a stronger hand is desired as compensation for this uncertainty.

Gap concept

The gap concept states that a player needs a better hand to play against someone who has already opened (or raised) the betting than he would need to open himself. The gap concept reflects that players prefer to avoid confrontations with another player who has already indicated strength, and that calling only has one way to win (by having the best hand), whereas opening may also win immediately if your opponent(s) fold.

Reasons to call

There are several reasons for calling a bet or raise, summarized below.

• To see more cards: With a drawing hand, a player may be receiving the correct pot odds with the call to see more cards.

• To limit loss in equity: Calling may be appropriate when a player has adequate pot odds to call but will lose equity on money contributed to the pot.

• To avoid a re-raise: Only calling (and not raising) denies the original bettor the option of re-raising.

• To conceal the strength of a player's hand: If a player has a very strong hand, he might small call on an early betting round to avoid giving away the strength of his hand on the hope of getting more money into the pot in later betting rounds.

• To manipulate pot odds: By calling (not raising), a player offers any opponents yet to act behind him more favorable pot odds to also call. For example, if a player has a very strong hand, a smooth call may encourage opponents behind him to overcall, building the pot. Particularly in limit games, building the pot in an earlier betting round may induce opponents to call future bets in later betting rounds because of the pot odds they will be receiving.

• To set up a bluff on a later betting round: Sometimes referred to as a long-ball bluff, calling on an earlier betting round can set up a bluff (or semi-bluff) on a later betting round.

Reasons to raise

To get more money in the pot when a player has the best hand: If a player has the best hand, raising for valne enables him to win a bigger pot.

• To drive out opponents when a player has the best hand: If a player has a made hand , raising may protect his hand by driving out opponents with who may otherwise improve to a better hand.

• To bluff or semi-bluff: If a player raises with an inferior or drawing hand, the player may induce a better hand to fold. In the case of semi bluff , if the player is called, he still has a chance to improve to a better hand (and also win a larger pot).

• To get a free card: If a player raises with a drawing hand, his opponent may check to him on the next betting round, giving him a chance to get a free card to improve his hand.

• To gain information: If a player raises with an uncertain hand, he gains information about the strength of his opponent's hand if he is called. Players may use an opening bet on a later betting round (probe or continuation bets) to gain information by being called or raised (or may win the pot immediately).

• To drive out worse hands when a player's own hand may be second best: Sometimes, if a player raises with the second best hand with cards to come, raising to drive out opponents with worse hands (but who might improve) may increase the expected value of his hand by giving him a higher probability of winning in the event his hand improves.

• To drive out better hands when a come hand bets: If an opponent with an apparent come hand (drawing hand) bets before a player, if the player raises, opponents behind him who may have a better hand may fold rather than call a bet and raise. This is a form of isolation play.

Position

Position refers to the order in which players are seated around the table and the strategic consequences of this. Generally, players in earlier position who have to act first) need stronger hands to bet or raise than players in later position. For example, if there are five opponents yet to act behind a player, there is a greater chance one of the opponents will have a better hand than if there were only one opponent yet to act. Being in late position is an advantage because a player gets to see how his opponents in earlier position act (which provides the player more information about their hands than they have about his). Position is one of the most vital elements to understand in order to be a long-term winning player. As a player's position improves, so too does the range of cards with which he can profitably enter a hand. Conversely this commonly held knowledge can be used to an intelligent poker player's advantage. If playing against observant opponents in tournament style play (when the amount of chips one has is finite, which is to say there are no 'rebuys') then a raise with any two cards can 'steal the blinds,' if executed against passive players at a fortuitous time.

Deception

By employing deception, a poker player hopes to induce his opponent(s) to act differently than they would if they could see his cards. bluffing a form of deception to induce opponents to fold superior hands. If opponents observe that a player never bluffs, they won't call his bets unless they have very good hands. Slow playing is deceptive play in poker that is roughly the opposite of bluffing: betting weakly with a strong holding rather than betting strongly with a weak one. If opponents observe that a player never slow plays, they can pounce at any sign of weakness.

Pot odds, implied odds and poker probabilities

The relationship between pot odds is one of the most important concepts in poker strategy. Pot odds are the ratio of the size of the pot to the size of the bet required to stay in the pot.For example, if a player must call $10 for a chance to win a $40 pot (not including his $10 call), his pot odds are 4-to-1. To have a positive expectation , a player's odds of winning must be better than his pot odds. If the player's odds of winning are also 4-to-1 (20% chance of winning), and if he plays the pot five times, his expected return is to break even (losing four times and winning once).

Implied odds is a more complicated concept, though related to pot odds. The implied odds on a hand are based not on the money currently in the pot, but on the expected size of the pot at the end of the hand. When facing an even money situation (like described in the previous paragraph) and holding a strong drawing hand (say a four-flush) a skilled player will consider calling a bet or even opening based on their implied odds. This is particularly true in multi-way pots, where it is likely that one or more opponents will call all the way to showdown.

The fundamental theorem of poker

The fumdemental of theorem of poker, introduced by David sklansy , states that every time you play your hand the way you would if you could see your opponent's cards, you gain, and every time your opponent plays his cards differently from the way he would play them if he could see your cards, you gain. This theorem is the foundation for many poker strategy topics. For example, bluffing and slow-playing (explained below) are examples of using deception to induce your opponents to play differently than they would if they could see your cards. There are some exceptions to the fundamental theorem in certain multi-way pot situations, as described in Morton's theorem.

Poker strategy

1. The fundamental theorem of poker

2. Pot odds, implied odds and poker probabilities

3. Deception

4. Reasons

5. Gap concept

6. to call

7. Sandwich effect

8. Loose/tight play

9. Aggressive/passive play

10. Hand reading and tells

11. Table image and opponent profiling

12. Equity

13. Short-handed considerations

the sandwich effect

Related to the gap effect, the sandwich effect states that a player needs a stronger hand to stay in a pot when there are opponents yet to act behind him.^[2] Because the player doesn't know how many opponents will be involved in the pot or whether he will have to call a re-raise, he doesn't know what his effective pot odds actually are. Therefore, a stronger hand is desired as compensation for this uncertainty.

how to play poker?

In casual play, the right to deal a hand typically rotates among the players and is marked by a token called a 'dealer' button (or "buck"). In a casino, a house dealer handles the cards for each hand, but the button (typically a white plastic disk) is rotated clockwise among the players to indicate a nominal dealer to determine the order of betting.
One or more players are required to make forced bets (usually called a 'blind' or an 'ante') to create an initial stake for which the players will contest. The dealer shuffles the cards, cuts, and deals the appropriate number of cards to the players one at a time. Cards may be dealt either face-up or face-down, depending on the variant of poker being played. After the initial deal, the first of what may be several betting rounds begins. Between rounds, the players' hands develop in some way, often by being dealt additional cards or replacing cards previously dealt. At the end of each round, all bets are gathered into the central pot.
At any time during a betting round, if one player bets and no opponents choose to call (match) the bet, the hand ends immediately, the bettor is awarded the pot, no cards are required to be shown, and the next hand begins. This is what makes bluffing possible. Bluffing is a primary feature of poker, one that distinguishes it from other vying games and from other games that make use of poker hand rankings.
At the end of the last betting round, if more than one player remains, there is a showdown, in which the players reveal their previously hidden cards and evaluate their hands. The player with the best hand according to the poker variant being played wins the pot. A poker hand consists of five cards, but in some variants a player has more than five to choose from.
The most popular poker variants are as follows:
Draw poker
Players each receive five — as in five-card draw — or more cards, all of which are hidden. They can then replace one or more of these cards a certain number of times.

In Texas hold'em poker, each player is dealt just two cards
Stud poker
Players each receive five — as in five-card stud — or more cards; some cards are dealt face up, one at a time, and displayed to other players at the table. The key differences between stud and 'draw' poker are that players are not allowed to discard or replace any cards in stud poker and that part of a players' hand in stud is exposed rather than the entire hand being hidden as in draw.
Community card poker
Players combine individually dealt cards with a number of "community cards" dealt face up and shared by all players. Each player will attempt to make the best five card poker hand using the community cards and their own face down cards. Two or four individual cards are dealt in the most popular variations, Texas hold 'em and Omaha hold 'em, respectively.
See betting (poker) for detailed rules regarding forced bets, betting actions, limits, stakes, and all-in situations. See List of poker variants and poker hand rankings for order of play and other details for the most common poker variants

what is poker?

Poker is a popular type of card game in which players bet on the value of the card combination ("hand") in their possession, by placing a bet into a central pot. The winner is the one who holds the hand with the highest value according to an established hand rankings hierarchy, or otherwise the player who remains "in the hand" after all others have folded (the player who makes an un-called bet.).
Poker has many variations, all following a similar pattern of play. Depending on the variant, hands may be formed using cards, which are concealed from others, or from a combination of concealed cards and community cards.
Other games that use poker hand rankings may likewise be referred to as "poker". Video poker is a single-player computer game that functions much like a slot machine.

Types of gambling

Types of gambling
Casino games
While almost any game can be played for money, and any game typically played for money can also be played just for fun, some games are generally offered in a casino setting.

Table games

A pachinko parlor in Tokyo, Japan
Blackjack
Pai Gow Poker and Tiles
Poker
Spanish 21
3-card poker
Baccarat (punto banco)
Caribbean Stud Poker
Casino war
Craps
Fan-Tan
Faro
Let it ride
Pachinko
Pyramid Poker
4-card poker
Red Dog
Sic Bo
Texas Hold'em Bonus Poker
Roulette

Electronic gaming
Slot machine
Video poker

Other gambling
Sports betting
Keno
Bingo

Non-casino gambling games

Mahjong tiles.
Gambling games that take place outside of casinos include Bingo (as played in the US and UK), dead pool, lotteries, pull-tab games and scratchcards, and Mahjong.
Other non-casino gambling games include:
Card games, such as Liar's poker, Bridge, Basset, Lansquenet, Piquet, Put, Teen patti
Coin-tossing games such as Head and Tail, Two-up*
Confidence tricks such as Three-card Monte or the Shell game
Carnival Games such as The Razzle or Hanky Pank
Dice-based games, such as Backgammon, Liar's dice, Passe-dix, Hazard, Threes, Pig, or Mexico
*Although coin tossing isn't usually played in a casino, it has been known to be an official gambling game in some Australian casinos

Fixed-odds gambling
Fixed-odds gambling and Parimutuel betting frequently occur at many types of sporting events. In addition many bookmakers offer fixed odds on a number of non-sports related outcomes, for example the direction and extent of movement of various financial indices, the winner of television competitions such as Big Brother, election results. Interactive prediction markets also offer trading on these outcomes, with "shares" of results trading on an open market.

Parimutuel betting

Tokyo Racecourse in Tokyo, Japan.
Main article: Parimutuel betting
One of the most widespread forms of gambling involves betting on horse or greyhound racing. Wagering may take place through parimutuel pools, or bookmakers may take bets personally. Parimutuel wagers pay off at prices determined by support in the wagering pools, while bookmakers pay off either at the odds offered at the time of accepting the bet; or at the median odds offered by track bookmakers at the time the race started.

Sports betting
Main article: sports betting
Betting on team sports has become an important service industry in many countries. For example, millions of Britons play the football pools every week.

Arbitrage betting
Main article: arbitrage betting
Arbitrage betting is a theoretically risk-free betting system in which every outcome of an event is bet upon so that a known profit will be made by the bettor upon completion of the event, regardless of the outcome. Arbitrage betting is a combination of the ancient art of arbitrage trading and gambling, which has been made possible the large numbers of bookmakers in the marketplace, creating occasional opportunities for arbitrage.

Other types of betting
One can also bet with another person that a statement is true or false, or that a specified event will happen (a "back bet") or will not happen (a "lay bet") within a specified time. This occurs in particular when two people have opposing but strongly-held views on truth or events. Not only do the parties hope to gain from the bet, they place the bet also to demonstrate their certainty about the issue. Some means of determining the issue at stake must exist. Sometimes the amount bet remains nominal, demonstrating the outcome as one of principle rather than of financial importance.
Betting exchanges allow consumers to both back and lay at odds of their choice. Similar in some ways to a stock exchange, a better may want to back a horse (hoping it will win) or lay a horse (hoping it will lose, effectively acting as bookmaker).

Gambling has an economic definition, referring to wagering money or something of material value on an event with an uncertain outcome with the primary intent of winning additional money and/or material goods. Typically, the outcome of the wager is evident within a short period of time.

Gambling variables
There are three variables common to all forms of gambling:
How much is being wagered, the initial stake (in money or material goods).
The predictability of the event.
In mechanical or electronic gambling such as lotteries, slot machines and bingo, the results are random and unpredictable; no amount of skill or knowledge (assuming machinery is functioning as intended) can give an advantage in predictability to anyone.
However, for sports events such as horse racing and soccer matches there is some predictability to the outcome; thus a person with greater knowledge and/or skill will have an advantage over others.
The odds agreed between the two (or more) parties to the wager; where there is a house or a bookmaker, the odds are (quite legally) arranged in favor of the house.
The expected value, positive or negative, is a mathematical calculation using these three variables. The amount wagered determines the scale of an individual wager (bet); the odds and the amount wagered determine the payout if successful; the predictability determines the frequency of success. Finally the frequency of success times the payout minus the amount wagered equals the "expected value" The skill of a gambler lies in understanding and maneuvering the three variables so that the "actual value" is positive over a series of wagers.