The Poker Vault

The Game of Statistics, Psychology and Money Management

Poker is a game of skill. It’s a game of statistics, psychology and money management.

Some say Poker's a gambling game, a game of luck but that clearly isn't true. If it were, there wouldn't be poker champions, people who have clearly mastered the game and win hundreds of thousands of dollars, even millions, each year.

Yes, there is an element of luck as anyone who has suffered a ‘bad beat’ will tell you, just as there are elements of luck in any game and sporting event but overall, the luck aspect evens out and it’s the player who can make the most of the cards he’s dealt who will come out on top.

Word Series Of Poker

There are hundreds, possibly thousands of poker variants but the most popular is Texas Hold’em which is played in the WSOP - the World Series Of Poker - held annually in Las Vegas during which the winners can take away literally millions of dollars in prize money.

The world-famous game began way back in 1970 and although it took several years to achieve the popularity and cult status it enjoys today, it was always a high-rolling event.

Statistics

This is often the most difficult aspect of the game for beginners to get to grips with. It’s important to know what your chances of getting a winning hand are - and also what chances your opponents have of winning.

Beginners and ‘loose’ players often think that any two cards (in the case of Texas Hold’em, for example) can win. While that may be technically true, if you bet on every two cards you’re guaranteed to lose.

It’s important, therefore, to master the basic statistics of the game so you’ll know what chance you have of winning when you’re dealt pocket Aces. (It’s a great hand and one to go All In on but not a guaranteed winner.)

Money Management

It’s also important that you manage your ‘stack’, particularly in tournament games.

For example, as with any investment, it’s essential that you maintain your capital and not fritter it away on spurious long-shots.

When playing in a tournament, you need to hold on to your money in the early stages so you have enough to fight with in the later rounds. Let the others fight amongst themselves and knock each other out.

Make only the plays that, statistically, you’re likely to win.

Psychology

Psychology plays a part in games at all levels but more so at higher levels when a round is often decided after a few rounds of betting before the flop (the first set of community cards in Texas Hold’em) has been dealt.

There are many cases of players winning because they’ve spotted a ‘tell’, a sign or give-away by another player that they have a good or bad hand. This is the derivative of the phrase ‘poker face’.

It’s now such an essential part of the game that in high level games, player often wear shades and a baseball cap although in certain games, shades are certainly frowned on.

Playing To Win

Many poker players say they’d like to sit down and play with the greats but that’s a sure-fire way of losing money. Watch them play by all means, but if you want to win money, you want to play against the average and poor players. As WC Fields said - Never give a sucker an even break!

Heck, if you want to give your money away, give it to a good cause!

Passive/Aggressive

Two descriptions are commonly used to describe poker play - passive/aggressive and loose/tight.

A passive player limps in hoping to catch a card on the flop. Even when they have a good hand they rarely raise or raise only a small amount.

An aggressive player is one who bets aggressively, particularly when they have a good hand. If someone is trying to limp in, in the hope of catching a card, the aggressive player will make sure they pay for the privilege.

Loose/Tight

A loose player is often a calling station, going along for the ride in the hope of catching a card. They may make a big bet when it’s not warranted and are generally ‘loose’ with their money.

A tight player, on the other hand, is more careful. He generally doesn’t waste money on ‘what if’ hands and when he raises you can be sure he has a good hand - unless he’s bluffing!

Tight/Aggressive

The sort of player you want to be is tight/aggressive. When you have a good hand, raise it in order to get the most money from the other players as possible.

Of course, you also need to mix it up a little, bluff occasionally, and let them know you’re bluffing so when you do raise to the roof, they won’t be totally sure if you’re bluffing or not! And therein lies the art of poker.