Value (poker)

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In poker, the strength of a hand (how likely it is to be the best according to the rules of the game being played) is often called its value; however, in the context of poker strategy the term is more often used to describe a betting tactic, a bet for value. This bet (or raise) is intended to increase the size of the pot, by inducing opponents to call. A bet for value is in contrast to a bluff or a protection bet (though some bets may have a combination of these motives).

For a bet for value to be correct, a player must have a positive expectation, that is, they will win more than one bet for every bet they put in the pot. Pot odds do not matter in this situation, because the factor here is whether it is more profitable to raise or call, rather than to call or fold. Betting for value can apply to both made hand and drawing hand situations, although in the latter situation it is less often correct, as the drawing hand's chances of winning are generally lower. Many made hands will win the pot more than 50% of the time, therefore a value bet is usually correct, even heads up.

For example, in a game of Texas hold 'em, a player has 8♣ 6♠ with a flop of 9♥ 7♦ 2♣, The player has an open-ended straight draw and so has eight outs (four 10s and four 5s). With 47 unknown cards, the player will make the straight approximately one time for every five times they don't, thus a bet is profitable if six or more of their opponents will call the bet (they will win once (+6 bets) and lose five time (-5 bets) out of every six hands like this, resulting in an expectation of +1 bet). If they think that fewer than six opponents will call the bet, they would be losing money by betting and should simply check instead.

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<span class="mw-page-title-main">Poker</span> Card game

Poker is a family of comparing card games in which players wager over which hand is best according to that specific game's rules. It is played worldwide, but in some places the rules may vary. While the earliest known form of the game was played with just 20 cards, today it is usually played with a standard deck, although in countries where short packs are common, it may be played with 32, 40 or 48 cards. Thus poker games vary in deck configuration, the number of cards in play, the number dealt face up or face down, and the number shared by all players, but all have rules that involve one or more rounds of betting.

A check-raise in poker is a common deceptive play in which a player checks early in a betting round, hoping someone else will open. The player who checked then raises in the same round.

A poker player is drawing if they have a hand that is incomplete and needs further cards to become valuable. The hand itself is called a draw or drawing hand. For example, in seven-card stud, if four of a player's first five cards are all spades, but the hand is otherwise weak, they are drawing to a flush. In contrast, a made hand already has value and does not necessarily need to draw to win. A made starting hand with no help can lose to an inferior starting hand with a favorable draw. If an opponent has a made hand that will beat the player's draw, then the player is drawing dead; even if they make their desired hand, they will lose. Not only draws benefit from additional cards; many made hands can be improved by catching an out – and may have to in order to win.

In a poker game with more than one betting round, an out is any unseen card that, if drawn, will improve a player's hand to one that is likely to win. Knowing the number of outs a player has is an important part of poker strategy. For example, in draw poker, a hand with four diamonds has nine outs to make a flush: there are 13 diamonds in the deck, and four of them have been seen. If a player has two small pairs, and he believes that it will be necessary for him to make a full house to win, then he has four outs: the two remaining cards of each rank that he holds.

In poker, pot odds are the ratio of the current size of the pot to the cost of a contemplated call. Pot odds are compared to the odds of winning a hand with a future card in order to estimate the call's expected value. The purpose of this is to statistically guide a player's decision between the options of call or fold. Raising is an alternative to place this decision on the opponent.

In poker, a freeroll tournament is a tournament with no entry fee, and a freeroll hand is where a player is guaranteed to at least split the pot with their opponent, with a chance they can win the whole pot if certain final cards are dealt.

<span class="mw-page-title-main">Omaha hold 'em</span> Community card poker game

Omaha hold 'em is a community card poker game similar to Texas hold 'em, where each player is dealt four cards and must make their best hand using exactly two of them, plus exactly three of the five community cards. The exact origin of the game is unknown, but casino executive Robert Turner first brought Omaha into a casino setting when he introduced the game to Bill Boyd, who offered it as a game at the Las Vegas Golden Nugget Casino. Omaha uses a 52-card French deck. Omaha hold 'em 8-or-better is the "O" game featured in H.O.R.S.E.

In the game of poker, opens and raises are considered aggressive plays, while calls and checks are considered passive. It is said that "aggression has its own value", meaning that often aggressive plays can make money with weak hands because of bluff value. In general, opponents must respond to aggressive play by playing more loosely, which offers more opportunities to make mistakes.

<span class="mw-page-title-main">Bluff (poker)</span> Tactic in poker and other card games

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<span class="mw-page-title-main">Betting in poker</span> Procedures of betting in poker

In the game of poker, the play largely centers on the act of betting, and as such, a protocol has been developed to speed up play, lessen confusion, and increase security while playing. Different games are played using different types of bets, and small variations in etiquette exist between cardrooms, but for the most part the following rules and protocol are observed by the majority of poker players.

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<span class="mw-page-title-main">Texas hold 'em</span> Variation of the card game of poker

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The fundamental theorem of poker is a principle first articulated by David Sklansky that he believes expresses the essential nature of poker as a game of decision-making in the face of incomplete information.

Every time you play a hand differently from the way you would have played it if you could see all your opponents' cards, they gain; and every time you play your hand the same way you would have played it if you could see all their cards, they lose. Conversely, every time opponents play their hands differently from the way they would have if they could see all your cards, you gain; and every time they play their hands the same way they would have played if they could see all your cards, you lose.

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<span class="mw-page-title-main">Badugi</span> Draw poker variant

Badugi is a draw poker variant similar to triple draw, with hand-values similar to lowball. The betting structure and overall play of the game is identical to a standard poker game using blinds, but, unlike traditional poker which involves a minimum of five cards, players' hands contain only four cards at any one time. During each of three drawing rounds, players can trade zero to four cards from their hands for new ones from the deck, in an attempt to form the best badugi hand and win the pot. Badugi is often a gambling game, with the object being to win money in the form of pots. The winner of the pot is the person with the best badugi hand at the conclusion of play. Badugi is played in cardrooms around the world, as well as online, in rooms such as PokerStars. Although it hasn’t had its own tournament per se at the WSOP, it is featured in the Dealers Choice events as well as in the Triple Draw Mix. The 2023 WSOP event does have a Badugi tournament scheduled.

The following is a glossary of poker terms used in the card game of poker. It supplements the glossary of card game terms. Besides the terms listed here, there are thousands of common and uncommon poker slang terms. This is not intended to be a formal dictionary; precise usage details and multiple closely related senses are omitted here in favor of concise treatment of the basics.

Baduci is a combination of Badugi poker and deuce to seven triple draw, and uses hand values similar to lowball. The pot in this game is split much like high-low split between the best Badugi hand and the best 2-7 triple draw hand. The betting structure and overall play of the game is nearly identical to a standard poker game using blinds. A players' hand contains five cards, where only four cards are used to determine the best Badugi hand and five cards are used to determine the triple draw hand. During each of three drawing rounds, players can trade zero to five cards from their hands for new ones from the deck.

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Draw poker is any poker variant in which each player is dealt a complete hand before the first betting round, and then develops the hand for later rounds by replacing, or "drawing", cards.