Poker bankroll management, building and strategy – online poker guide

Caribbean Poker Classic 2008; success in the 400$ +40$ buyin tournament

Saturday, November 29th, 2008 | Caribbean Poker Classic 2008 | 4 Comments

This article is a part of the Caribbean Poker Classic 2008 series. Follow the link to read more about how I got to go on the trip in the first place.

Tournament stats:
• Buyin: 400$ + 40$
• Starting players: 97
• Starting stack: 4000
• 1st 12800$
   2nd 6400$ 
   3rd 4900$
   4th 3750$
   5th 3000$
   6th 2250$
   7th 1900$
   8th 1500$
   9th 1130$

We both decided to play the 400$ tournament; me paying the full buyin and Artur paying the difference from the 300$ + 30$ tournament he had already registered for online. The tournament started at 9 pm so until then there was plenty of time to explore the ship and check out activities such as casino, fitness centre, surf machine and enormous free buffets (see the pictures below for samples of the good life aboard a cruise ship).

One of the pool areas

The Flowrider

Ahh that’s life

Artur the human spider

Kicking ass on the Casino Poker table

Freedom of the seas at night

As for the tournament I was placed at a table with players that appeared mainly tight/conservative with one or two more active players who raised about 2 times pr. round (too early to say whether they were tight/conservative players being dealt good hands, or more loose/aggressive players). I recognized one of my opponents from my previous tournament where I had him pegged as a solid player capable of playing his opponent as well as his hands. Needless to say I did not want to enter into too many pots with him without having the goods; especially because he had position on me.

On a more curious side note many players on the trip asked about my nick on Interpoker. I have a nick there, but have never played limits more than 0,25$/0,50$ since I mostly play tournaments and in fact not that many on Interpoker. Many of the players on the trip belonged to the 5$/10$ and 10$/20$ limits and I had the feeling they would not take me seriously if I disclosed my small stakes nick. My standard answer to their questions therefore was that I mostly played tournaments and usually not on the Cryptologic network, which is actually more or less the truth.

Moving on the action here’s a list of the hands I played during the first three hours of the tournament:
• Raised 3xBB in late position with A4 suited and got one caller behind. Flop was 10 5 4 none of my suit. I bet half the pot to signal strength but got another call. At this point I was pretty sure my opponent had something, so was happy to see the hand go check check to the river. He showed 10 3 for a great preflop call. This hand cost me a good portion of my starting stack.
• Raised again to 600 (3xBB) with AQ and 2700 chips left in my stack after my raise. The solid player who I mentioned before moved me all in and I folded coming to the conclusion that I didn’t want to put the tournament at risk in a situation where I might be 50/50 to win the hand at best.
• I was dealt JJ and moved all in on a raise in front of me. The initial raiser called with AK and I survived a Q10x flop to double up.
• I reraised a raise from the UTG position with AA hoping he would see my move as an attempt to steal the pot (I had reraised him earlier with AK and taken down the pot preflop) and move all in. He unfortunately folded.

My status after the first three hours of poker was a 9000 chip stack with 200/400 blinds and 50 antes. My friend Artur was not doing quite as well despite of his early chip lead on his table. He was down to about 2500 chips and needed to make a move soon. Coincidence would have it that my table was broken up after the break and I was moved to Artur’s table. In my next article you will hear about how I secured my place on the final table and how Artur got busted out in a sad yet amusing hand.

Artur and I on the same poker table

You could be posting your articles on the Poker Bankroll Blog. Read all about it here.

Tags: Caribbean Poker Classic 2008

Caribbean Poker Classic 2008; First day of poker tournaments

Tuesday, November 25th, 2008 | Caribbean Poker Classic 2008 | No Comments

Bet you’re dying to know how I did in my first poker tournament on the cruise. Well I’ll keep you in suspense for a couple of paragraphs. Our first encounter with the Freedom of the Seas cruise ship deserves some words along the way.
My story actually starts with our cab driver Muhammed who drove us to ship. In general cab drivers are really friendly in the US and my friend Artur has developed a great tactic on how to get them started talking. He does “snus”, which is small packets of tobacco that you place under your upper lip, and the first thing he does when meeting a new taxi driver is to ask whether they want a shot. It works like a charm and every time opens an avalanche of conversational topics.
Muhammed got started when Artur sighed loudly in the cab. “Are you an old man or what?” Muhammed asked. Artur replied that we had been out drinking yesterday and that it was hot outside, hence the sigh. The comment about drinking really got Muhammed fired up and he began to give my friend a long moral lesson on why drinking and smoking and not doing any exercise would reduce his performance with women. To my great amusement the entire 20 minute cab ride was centred on my friend and how he should do better in life. After criticising my friend’s pictures of the scenery we passed along the way Muhammed went into overdrive when we told him we were going to play poker on the boat. Stories of people loosing their homes and crying in his cab came flying out and the verbal abuse of my friend first stopped when a X-mas song started playing on the radio. This seemed to distract Muhammed who started to complain about the song instead: “La la la la la la la la la…what the fuck is this la la la la”. We left our best taxi driver yet with a good tip and then proceeded to checking in on the ship.
I will upload pictures of the ship later, but it is safe to say that we have never seen anything like it ever before. It’s 100% luxury through and through.

Ready for action

I decided to play tight and conserve my chips up to the 1,5 hour mark, if necessary make a single rebuy, and finally purchase the 100$ add on.

Me taking notes at the table

 
• QJ suited, called in position, folded to one of the many raises by Jason
• AJ suited, called in position, folded to one of the many raises by Jason
• 10 10, reraised Jason all in and he called with 8 2 off suited. I won the hand
 

 
• Reraised Jason all in from the big blind with A2, he called with J7, and I won with high card.
• AA, raised to 800 (app 3x BB), everyone folded.
• QQ, raised to 800 (app 3x BB), everyone folded.
• AK, raised to 900 (app 3x BB), everyone folded.
• Reraised a preflop raise all in with QQ and got called by AJ. Winning this hand would give me a very healthy stack of 10000+. Unfortunately my opponent caught an Ace on the flop, and I was down to around 2500 chips with large blinds (my M was around 4)
• I pushed all in with A3 and was called by A6, which ended my tournament as number 70 out of 97 after playing 4 hours.
 

Tags: Caribbean Poker Classic 2008

Why the cards matter least – Poker Strategy Part 3

Monday, November 24th, 2008 | Poker Articles, Poker Strategy | 1 Comment

Submitted by McTap, this article is a part of the Poker Strategy series.

In this article I will discuss your seat position at the table. If you have not read the previous articles in this series, check out Part 1 and Part 2 at your convenience.

Position of a player at the table depends on the position of the dealer button. This then leads to the fact that your position at the table is key since, in my opinion, the later you are to act, or closer to the dealer button you are, the more information is available to you, which should have a big effect on your poker strategy and how to play your hand.

Early Position

If you are one of the first few players to act pre-flop and after the blinds, then hand selection is key as there are many players left to act after you who could call or raise your bet with a better position than you. Although it happens quite frequently, limping from early position is a poor choice, as there will likely be a raise from players after you. Raising from this position is better as it tells your opponents that you have a hand that you are willing to play. Sometimes you will get action and this will leave you out of position on the flop/turn/river, but many times you will steal the blinds and antes (if there are any). The thing that many people do from early position is that they have a tendency to limp with AA in hopes of getting the later position players to raise and build the pot for them. Be careful of doing this because if nobody raises the pot after you, several opponents may decide to limp in. This then puts you out of position(OOP) against many opponents, leaving your AA very vulnerable when the flop hits the felt. Sure you are ahead pre-flop but once those cards hit, many different card combination’s could be beating you, and the more players in the pot, the more likely someone’s hand hit the flop nicely. So be careful if you plan to use this strategy, and don’t complain if you Aces get cracked because you weren’t the aggressor pre-flop. One thing that can be done from early position, is the option to bluff. If you have managed to portray a tight image to your opponents (image will be discussed in a future article) then bluffing can come into play as your opponents will probably put you on a strong hand since you acted and raised from early position. If you attempt to bluff and are called by a later position, you must realize that you are now at a disadvantage as your opponent(s) will be able to see what you do on each round of betting before making their decision, while you will be betting/bluffing without any new information from your opponents.

Middle Position

If you are in middle position, then hand selection widens, especially if nobody has entered the pot before you, giving you more flexibility to play more hands. Although this is a better position than early position, be wary of the late positions. One way to limit the number of late position players is to always raise when you play a hand in middle position. This will force late position players to shorten their hand ranges if they so chose to play against you. Another thing to be aware of is the “squeeze play” when sitting in middle position. As the name suggests, it is about being forced out of pot by a late position player who raises after you have called an early position bet/raise. This proves that raising instead of limping/calling from middle position is a better play. One of the strong points of middle position is that you have position on the blinds and the early position players, allowing you to assess their possible holding hands and make proper decisions from there. So keep in mind, if you hand is marginal and you want to play it, raise it, otherwise there might be a raise from a player in late position putting you in a tough spot. Play smart from this position and you should do well.

Late Position

Late position is probably the strongest position to be at the table, as you get to act last (or close to last) on every round of action, allowing you to acquire significant information from all the actions of your opponents before you. Because you get to accumulate a fair bit of information before you act (# of limpers/bettors and/or callers), hand selection is the widest from this position. Speculative hands like 1 or 2 off connectors, or any 2 suited cards, in hopes of flopping a straight or flush, or common played hands from this position, but remember, just because you have a great position, it is not a license to constantly play trash hands. It is more about playing your opponents ranges than your own hand. Late position is also a good place to steal the blinds and antes, especially if nobody has entered the pot before you. If you plan on playing from late position with some opponents already in the pot, raising a non-aggressive pot is the correct thing to do as it gives you a chance to take control of the table by keeping other raises in check, especially from those who like to steal pots. Otherwise check your pot odds before deciding to just limp, as a later position could play the way you should have played, aggressive.

Blinds

  
Finally there are the blind positions. If late position is considered the best, then the blinds are the worst. This is because you will be 1st or 2nd to act on every round of betting with no, or little, information on your opponents hands. Although you have a poor starting position on the flop/turn/river, pre-flop you have the opportunity to make a decision based on the action of all the players at the table. If you plan to raise from the blind position, try to keep in mind the pot odds you will be giving your opponents who have a better position on you. If you min raise, you are very likely not going to get anybody to fold. A raise of close to the total pot is ideal, as this does not offer proper odds for your opponents to call, unless of course, they hold a monster hand.

To recap, when thinking about position and what to play, the general rule is to play strong hands in early positions, while loosening up your range the later your position. This then gives you a better your chance of making a winning play, such as a flush or a straight.

Although poker seating strategy is an advanced player concept, the basics are simple enough for anyone to remember and take advantage of when the opportunity arrives. Practice focusing on your position each and every time you play and those opportunities will start to present themselves. What might sound trivial, but knowing your position at the table, at all times, is key. Try not to get caught up in your hand and ignore the fact that you are playing out of position.

Good luck at the tables.

Blind vs Blind

Check out PokerStrategy.com for an Instant Bankroll of up to $150

You could be posting your articles on the Poker Bankroll Blog. Read all about it here.

See the complete list of poker sites online.

Tags: Poker Articles, Poker Strategy

Rags for Riches: New World Champ

Thursday, November 20th, 2008 | Poker Tournament | 1 Comment

New World Champ

If you’re like me, or say, millions of other people across the globe that live and breathe poker, than you probably hold a subscription to a poker ‘rag’: a magazine or publication built around us – poker players. Hidden beneath the covers of these rags are stimulating interviews, intriguing concepts and news that – along with a good time, can bring a little perspective to a world of 52 cards… and some riches to boot!

Here’s what you should know this week -

After months of nail biting anticipation, the World Series of Poker resumed with this years Main Event final table on Sunday and a new champion was born the following day. Breaking records this year proved to be no challenge! After 15 hours of play (a new record long time), 22 year old Peter Eastgate was named the winner, becoming the youngest Main Event Champion in WSOP history – dethroning Phil Hellmuth who was 24 at the time of his win in 1989.

Eastgate, hailing from Odense, Denmark, had one previous final table finish at the 2007 Irish Poker Open and noteable showings in the European Poker Tour, Copenhagen and the ’07 Paddy Power Irish Open. His latest accomplishment of taking home a championship bracelet and $9,152,416 US will probably dominate his resume from now on now though.

Peter Eastgates winning hand: A♦ 5♠ in the pocket; A♦ 2♦ 3♥ 4♣ 5♠ wheel straight win.

Oponent Ivan Demidov, holding 4h-2h, limped along with Eastgate preflop and checked to Eastgate on the flop (Ks-3h-2d). Eastgate came out firing and Demidov called. Demidov then check-raised the turn 4c which made him two pair, but Eastgate just simply called with the straight. At the river, 7s Demidov pushed all-in an Eastgate promptly showed the winning hand to take it down.

More Highlights:

- Erick Lindgren was the recipient of the 2008 Play of the Year Award. (Won a bracelet for $5,000 Mixed Hold’em/Made 3 final tables.)

- Nikolay Evdakov made a record 10 money finishes.

- Tiffany Michelle, from PokerNews.com was the last woman standing in the main event; 17th place finish.

- Celebrities turned out and left early: Jason Alexander, Nick Cannon, Jose Canseco, Mekhi Phifer and even Jennifer Tilly all busted out on day one.

- Reversing the tide, participants were up this year after a sligh decline at the 2007 WSOP. Toal entrants this year: 6,844.

- No tears for Phil Helmuth, he may have lost his youngest main event winner title, but he did also manage to pick up a record for 41 career final tables.

Wishing you all Big Flops and Bigger Pots!

Check out more from Delik James at:

Gamblers Chronicles

Tags: Poker Tournament

Double Up or Die: A Strategic Approach to No-Limit Hold’em Tournaments

Saturday, November 15th, 2008 | Poker Tournament | No Comments

Submitted by Houston Slim, this article is a part of the Poker Tournament series.

During this week that we celebrate the final table (finally!) of the World Series of Poker Main Event, we should take the time to remember one of the legends of the game that left us too soon.  The late, great Stu Ungar was the only man ever to win the Main Event three times.  Not only did he win in back-to-back years in 1980 and ’81, he also came back to win again in 1997.  His talent extended beyond poker, as he was also considered the greatest gin rummy player ever.  In fact, he was so good at tournament gin, nobody would play against him and his action dried up. He took on poker out of necessity and, legend has it, his first Main Event win was also his first no limit hold’em tournament of any kind.

Sadly, Ungar died from a heart attack brought on by cocaine abuse at age 45.  Despite winning millions of dollars at the poker table, he squandered his fortune on bad investments, sports betting and casino table games.  However, his genius at the poker table was admired among legends of the game such as Doyle Brunson, Phil Hellmuth and Johnny Chan.  Many poker experts agree that, if Ungar had lived to see this era of poker, he would be even more dominant against these larger fields than he had been against the best players in the world.

One aspect of Ungar’s winning strategy was that he would avoid playing hands in the early rounds of a tournament.  His line of thinking was that, with so little in the pot at the start, there was no point in risking a substantial portion of his stack for such a low return on investment.  When the blinds went up and each player was forced to place an ante bet before the deal, then Ungar loosened his starting hand selections.  The higher blinds and the “dead money” of the antes made for a more substantial reward.

Such a tournament strategy can be very useful, especially for beginners.  An interesting fact to remember is that, in the history of the World Series of Poker Main Event, no player who has led after Day One has ever won the tournament.   In other words, it doesn’t matter how much of a lead you have after the first round or at the first break.  The key is to stay tight during the first few rounds, watch your opponents, then attack when the pot carries enough for you to add substantially to your stack.

Another key to loosening your starting hands once antes come into play is that, if the action folds to you and you take the pot uncontested, you earn more than just the blinds alone.  In a typical tournament structure, the sum of the antes usually equals one big blind.  For example, in a multi-table tournament on Full Tilt Poker, the first level with antes has blinds of 120 and 240 with an ante of 25.  At a table with nine players, the antes sum up to 225.  Thus, if you can take down the blinds and antes, you earn 585 (120 + 240 + 225) instead of the 360 you’d get with the blinds alone.

As these blinds and antes increase relative to your stack size, these pots offer even more encouragement to gamble with what are usually considered sub-standard starting hands.  While many players will be hesitant to risk all of their chips on anything less than a quality hand, you must be willing to “double up or die” if you want to accumulate chips, especially if you want chips to play with at the final table.  Remember, although making the money in a tournament is nice, making a final table is much more rewarding.  For example, if a tournament offers one hundred times your buy-in for first place, you can miss the money ninety-nine times, win once, and still break even!

For those players who consider missing the money a “failure”, you should change your expectations and look for opportunities to increase your stack, gamble, risk, and “double up or die”.

By Houston Slim

You could be posting your articles on the Poker Bankroll Blog. Read all about it here.

Tags: Poker Tournament

Caribbean Poker Classic 2008; Miami update

Saturday, November 15th, 2008 | Caribbean Poker Classic 2008 | 1 Comment

This article is a part of the Caribbean Poker Classic 2008 series. Follow the link to read more about how I got to go on the trip in the first place.

Walking around in Miami at night is a bit of a culture chock from what I’m used to in Denmark.
Is not every day I get approached by gangsta wannabees first wanting to sell me rap music and then following my polite no start whispering “cocaine” in my ears.
I think it is safe to say that Miami is a melting pot of many different cultures for better and worse.
But hey, who cares….today I got to drive a 200+ horsepower Ford Mustang on semi abandoned island roads, and I don’t even have a drivers licence
What a great way to have your first driving lesson.

The Ford Mustang team:-) 

On a side note the drive to Key West today was really long, so when we finally arrived to our destination we only stayed there for about half an hour to enjoy a meal at Denny’s, and then we drove back again.
My friend and I have agreed to rent a supercar for a day if we win big on the cruise.

 
As for poker I only have one story to share with you. My friend is a master of doubling and tripling his money (no bankroll management here) and losing them all again in a blink of an eye. His actions at the tables yesterday were no exception.
The mission statement was clear: “If I could only double my money on Interpoker then I would have enough to register for the 330$ tournament on the boat”. The venue was Starbucks on Ocean Drive Southbeach Miami.
With his 140$ he opened two 1/2$ tables and quickly got up to around 250$…then a series of bad hands left him with less than 200$ and I went back to the hotel to sleep (partly because I was tired and partly because I hate seeing people losing). At this point Starbucks was also about to close; luckily it turned out that they never turn off their Wireless Internet, so my friend could continue playing outside. Bless you Starbucks!!
After some time, my friend came back and gave a recollection of his project.
Apparently he had managed to increase his roll to 317$, but then made the fatal decision to play a 20$ “all in lottery” heads up.
Basically you are automatically all in with your first hand in these heads ups, so they really are a lottery, and have nothing to do with poker.
After losing the 20$ all in lottery he decided to play a 50$ all in lottery still with the aim of reaching 330$.
After losing three 50$ all in lottery in a row he was back to square one and decided to go for broke on a 2/5$ table.
20 minutes later he had 347$, registered for the 330$ tournament on the boat and increased his remaining 17$ to 50$
Sometimes he makes me wonder whether bankroll management is really necessary…..

You could be posting your articles on the Poker Bankroll Blog. Read all about it here.

Tags: Caribbean Poker Classic 2008

Caribbean Poker Classic 2008; the pokerbankrollblog t-shirt

Wednesday, November 12th, 2008 | Caribbean Poker Classic 2008 | 3 Comments

This article is a part of the Caribbean Poker Classic 2008 series. Follow the link to read more about how I got to go on the trip in the first place.

I’m really busy packing right now for my trip, so there’s only time for a short comment. I received the Poker Bankroll Blog T-shirt today which I will be wearing at the poker tables. I hope to get some good contacts to people that might be interested in writing articles for our blog.

Below are some pictures of the T-shirt in action. I am actually very pleased with the result….what do you think?

Tags: Caribbean Poker Classic 2008

Rakeback – Shared method vs. Contributed method?

Wednesday, November 12th, 2008 | Poker Rakeback | 5 Comments

This article is a part of the Poker Rakeback series.
First off all, poker rooms don’t tell you how much rake you pay when you sit at the table! You only see the total amount of rake taken out from each pot. To make sure you get the correct rakeback amount your individual rake payment is recorded, and rakeback is based on these calculations.

There are two main ways that poker rooms use to calculate your individual rake payment; the shared method and the contributed method.

Shared method:
In the shared method, rake is alienated between all players that were dealt cards. Each player does not have to put money to the pot to get assigned rake, and it does not matter if you fold pre-flop!

Contributed method:
In the contributed method, players must put money into the pot to get assigned rake. The rake amount a player gets credited with is in proportion to the amount of his pot payment.

The fact that you have a share in pots won by others, and ultimately paid some of the other guys’ rakes as well, doesn’t really matter, when it comes to calculating your own rakeback. It’s easy just play and your rakeback will grow hand by hand!

Every player must have a rakeback deal, visit this site to get your own rakeback deal right now at PokerBRB!

You could be posting your articles on the Poker Bankroll Blog. Read all about it here.

Tags: Poker Rakeback

Rags for Riches: Bush’s Midnight Drop

Sunday, November 9th, 2008 | Poker News | No Comments

Rags for Riches:

Bush’s Midnight Drop

If you’re like me, or say, millions of other people across the globe that live and breathe poker, than you probably hold a subscription to a poker ‘rag’: a magazine or publication built around us – poker players. Hidden beneath the covers of these rags are stimulating interviews, intriguing concepts and news that – along with a good time, can bring a little perspective to a world of 52 cards… and some riches to boot!

Here’s what you should know this week -

Firstly, I must mention and congratulate Barack Obama for winning the Presidency of the United States by near landslide figures this past Tuesday, November 4th! The Will of the people has been heard and the overall feeling in the States and across the world is one of optimism and hope for better days. One of these hopes, at least among American poker players, is that gambling rights will be protected and inane federal laws restricting such rights will cease. However, with just over seventy days left in office, President Bush has a “midnight drop” in mind for online gaming!

Looking to finalize regulation and implement the 2006 Unlawful Internet Gambling Enforcement Act (UIGEA), which makes it illegal for financial institutions to handle transactions between U.S. residents and online gambling companies, the US Treasury forwarded these regulations this week to the Office of Management and Budget in it’s final step to impede upon its citizens rights.

The UIGEA has met with opposition however from groups like the Poker Players Alliance (of which I am a member), as well as Democratic leaders, which will obtain majority power in all branches of government beginning in January of 2009. This includes Rep. Barney Frank (D-Mass.), the chairman of the House Financial Services Committee, who says the UIGEA is one of the “stupidest laws” ever passed and promised to work to allow legal online gambling transactions to continue.

In my opinion, this law goes far beyond stupid, as it doesn’t define what EXACTLY would be considered an illegal transaction and could cause many financial institutions to block ALL online gambling transactions in fear of prosecution due to the vagueness of the UIGEA’s wording.

Controversial last minute bills are commonly attempted to be pushed through at the last minutes of an outgoing president’s administration – often referred to as a ‘midnight drop’.

Fear not though fellow American poker lovers, with the influx of Democratic leaders in Washington – these petty, unwarranted and flat-out ridiculous laws will go away soon and we will have the freewill to do whatever we choose with our own money and time – even if it’s playing the best game on earth: Poker!

Source: PokerPages.com

Check out more from Delik James at:
Gambler Chronicles
Quad Seven Poker

You could be posting your articles on the Poker Bankroll Blog. Read all about it here.

Tags: Poker News

Poker ev; calculating the winning plays

Saturday, November 8th, 2008 | Poker Articles, Poker Mathematics | 7 Comments

This article is a part of the Poker Mathematics series.

This article is number 3 in a series of 3 articles covering the (in my opinion) most important mathematical aspects of poker:

• Calculating pot odds: see Poker pot odds; all you need to know
• Calculating poker probabilities: see Poker probabilities; all you need to know
• Calculating expected value: see +EV poker; making the winning plays

Having explained how to calculate poker pot odds and poker probabilities in my two previous articles we now move on to applying these concepts to improve your poker game by making the winning plays every time. The concept you will need to learn is EV, which is short for expected value.

We recommend these poker bonus deals

In poker, EV is a measure of how much you will be payed back on average on a 1$ bet:

• EV < 1 – If you always play hands with an EV of less than 1 you will lose on average
• EV = 1 – If you always play hands with an EV equal to 1 you will break even on average
• EV > 1 – If you always play hands with an EV of more than 1 you will win on average

Needless to say it should be the goal of any poker player to make plays that always belong to the EV > 1 category.

When it comes to calculating your EV for any given poker hand that the European decimal odds system, which I favor, excels.

Simply multiply the decimal pot odds you are given by the probability that you will win the hand, and you have your EV. Simple as that.

When using the European decimal odds system it is also easy to calculate either the pot odds or probability needed to break even (EV = 1) from the following relationships:

• pot odds = 1/Probability
• probability = 1/pot odds

Here are some examples of how these calculations work in real situations:

• You have 15 outs on the turn to win the hand and you have to call 700 into a 1500 pot. What is your EV for the given situation? Well the probability for winning the hand is (15*2+1)% = 31% = 0,31 using the easy rule of thumb. Your decimal pot odds are (1500+700)/700 = 3,14. This gives an EV of 3,14*0,31 = 0,97. Therefore you will on average lose 3 cents for every dollar you bet by making this call.
• In the example from above, what decimal pot odds do you need to break even? The answer is 1/0,31 = 3,23.
• You are holding a pair of eights and the flop is high cards. To win the hand you need to hit a set on either the turn or the river. What pot odds do you need on the turn and the river in order to break even? Again using the easy rule of thumb the probability of hitting your set on the turn is (2*2+1)% = 0,05, so you need a pot odds of 1/0,05 = 20 in order to break even. The same applies to the river.

We recommend these poker school and poker tools

Even though these calculations are straightforward you will need some practice to be able to perform them fast enough at the poker tables. Therefore you might want to make a set of guidelines to memorize. The list below will get you started:

• If your single opponent bets the pot on the flop your pot odds are 3 for calling to see the turn card. Therefore you need a probability better than 33% to make the call and win in the long run. This corresponds to approximately 16 outs.
• If your single opponent bets half the pot on the flop your pot odds are 4 for calling to see the turn card. Therefore you need a probability better than 25% to make the call and win in the long run. This corresponds to approximately 12 outs.
• When you flop a flush draw and want to see a turn card you need pot odds 5,2 to break even.

For those of you using the fractional odds system I would recommend that you convert your pot odds to the decimal system when calculating your EV values. For conversion between the European decimal odds system and the UK fractional odds system see poker pot odds; all you need to know.

Having now covered the basics of the poker mathematics essentials I will move on to the more advanced concepts of implied and reverse implied odds in later articles. The combination of a sound understanding of poker mathematics with bankroll management for poker should give you an edge against many opponents at lower limits.

You could be posting your articles on the Poker Bankroll Blog. Read all about it here.

Tags: Poker Articles, Poker Mathematics