Cold Calculated Analysis

I have played a lot at the Borgata with a regular who I consider to be a tough winning player.  He often plays $10/$25 and has a good sense of how to manipulate people into making mistakes.  This post is going to be a bit critical of him and a mistake I believe he made, but I believe his being so tough is a reason that he could have put me in a difficult situation and probably won the pot.  When I don’t mention stacksizes in a blog, it is because they don’t play a role in the hand, as in this case, we were each $3000 deep.

I open raise KsJs in early position to $40.   A weak player calls, the tough player mentioned above calls on the button, and the big blind calls as well.

The flop is a good looking Jd7c5s.  Checked to me and I bet $115 into the $160 pot.  The weak player folds, the tough player calls, and the big blind folds.  This is not a great situation for me because the tough player can have a wide range of hands including a better top pair than mine(AJ), a set, any good draw or any pair that doesn’t believe me.  He knows I play fairly tight and that I am unlikely to have better than one pair, and is also not afraid to put me in a difficult spot if a scary card comes (which is most of the deck, given that he can have a lot of hands).

The turn is the 4s giving me a flush draw to go with my top pair good kicker.  I elect to check here because the tough player knows that I have a lot of hands that now cannot call a raise and could raise hands that I beat such as 98, as well as hands that I have decent equity and good implied odds against with my flush draw.  He elects to bet $170 into the $360 pot and I know I am calling, but stop to think about what I believe he has.

My interpretation of what he has has a large impact on the decisions I will make on the river, so it is important to think about that before getting influenced by seeing the river.  I believe he is capable of betting a smaller amount(relative to the pot) with both his stronger hands(86, 77) that will bet big on the river as well as with hands like Jx that will probably check behind on the river if his hand doesn’t improve.  However I think he is more likely to bet a larger amount with a big hand(a set especially, since it is more likely to be outdrawn) with the hope that I will call and that he can make a large(r) river bet that might also be called.  I think to myself that I will be in a tough situation if he bets a lot of money on the river.  In any event, onto the river!

The river is the Tc, which is not a great card for me, since it puts a hand I was ahead of that everyone plays(JT) ahead of me.  I check and he thinks for a bit about betting, gathers chips, and eventually elects to check behind.  He says he has a Jack and I show my KJ and win.

This situation is one where he must bet on the river, and bet a lot!  The way the hand played out, it is fairly unlikely that I have a hand that can call a large river bet, and he has many more strong hands in his range that will make a big bet hoping to be called. Most of my hands are not stronger than one pair because there are few hands that would check and call the turn that he can beat(7x of spades and the Ace high flush draw are about the only ones that come to mind).   Many people would often continue to bet my hand as well as any hand that was two pair or better.  Hence, he should “turn his hand into a bluff” and hope that I give him credit for a strong hand and fold.  The fact that he thought for so long before checking indicated that he “knew” he should bet the river as a bluff.  As it was, I was able to pick up a $700 potby playing the hand optimally, and without having to make a tough decision.  That’s the way I like it!

I think most people would have checked the river in his shoes, but I think it is a sizeable mistake.  The fact that he had a decent hand hindered him from making the correct decision by allowing him to hope that his hand would be good on its own.  This is despite the fact that I would estimate that he wins only 10%-20% of the time on the river as the hand played out.

I feel that this type of thinking happens very often in people’s lives.  They are faced with decision and instead of doing cold calculated analysis of the best possible solution and taking that route, they hope that things will change despite the small odds that it will happen in the way they envision.  It does not matter how you got to the situation you are in or if you have been there before, all that matters is finding the best solution and using it.

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Freakanomics on Poker

This is the transcript of a podcast with Steven Levitt(one of the authors of Freakanomics) where he discusses the skill in poker.  In it, he discusses two studies he has done proving the skill in poker and its statistical significance.  Enjoy!

http://www.freakonomics.com/2012/09/20/why-online-poker-should-be-legal-full-transcript/

http://www.freakonomics.com/2012/09/20/why-online-poker-should-be-legal-a-new-marketplace-podcast/

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Small Edges Add Up

While I was playing poker in the Borgata during the Borgata Poker Open, I overheard a conversation between two players I play with regularly, and I realized how their nonpoker successes have allowed them to become even more successful.  These two players were discussing real estate and the player on the right said that he wanted to get involved and had found what he thought was a good property, but did not have the connections to go about managing and fixing it.  The left player said that he had successfully refurbished a few properties and that they might be able to help.  Because the player on the left had learned about the business of fixing properties and had spent time aquiring the skills and connections, a lead, and possibly a business deal, might have fallen into his lap.  It is also important to note how both players friendly and approachable demeanor at the table made a business relationship between them more likely.

This is an encouragement to meet more people, learn more about subjects on which you are unfamiliar and to become an expert on more, since the compounding effects can lead to something great.  Malcolm Gladwell has written at length about the compounding effect of advantages in What the Dog Saw, which should be required reading for anyone involved in business.

There are countless examples of this in poker, but I will stick with just two.  The first one is not tilting.  Not only does not tilting leave you with more money in your pocket, you then have more money to play in a bigger game if the situation should presents itself.  Since not tilting lets you play your A game more, you feeling more in control of the game, which prevents more tilting.  In addition, since you are winning more, your regular opponents may see that and shy away from putting you positions where you will have to make tough decisions.  This should make you even more money in the long run.  This goes into the effect of image at the table, which is so important, that it requires a much fuller discussion than can be done here.

The second examoke is something I hear about a lot at the tables: being suited.  If your cards are suited before the flop, you have about a 5% chance of making a flush.  From this, people reason that being suited is not worth that much more over not being suited.  They are very wrong!  While making a flush does not happen that often, when you do, you will often win the pot and be able to put in large bets with a probable winner.  In addition, flopping a flush draw is usually a good reason to stay in the pot, which might allow you to win by making an unexpected straight, a pair, or by bluffing your opponent.  While these additional advantages might help infrequently, they can mean the difference between winning and losing a pot, and between being involved and folding.  If you are a skilled player, being involved in more pots is an advantage as it allows your skills to be applied against your opponents skills more often.

Here is an example:  You raise from the big blind with either AsKs or AdKs and are called by the big blind.

The flop comes Ts5s2c.  Your opponent checks, you bet and he checkraises you.  When you have AsKs, you can call or reraise and continue on in the pot, whereas with AdKs, you probably have to fold.

Let’s say that your opponent just calls the flop and the 7s comes on the turn.  When you have AsKs, you can play a big pot knowing that you have the nuts and can bet confidently.  If you have AdKs, you have a draw to a one card flush(using one from your hand and 4 from the board, which is obvious to your opponent).  If you bet and now get checkraised, you have to fold when you have a decent shot to outdraw your opponent.

Let’s say your opponent just calls the flop and the 7d comes on the turn.  With AsKs, you can bet knowing that if your opponent calls, you have a good shot(3 aces, 3 kings, and 9 spades) to outdraw them on the river.  When you bet, your opponent might fold a better hand which is great for you, and it makes it tougher for your opponents to know what you have.  If you have the AdKs, you can bet the turn, but likely only have 6 cards to win(3 aces and 3 kings) to win if you are called.  This makes a bet less appealing, and if you decide to check, your opponent cannot fold a better hand, and likely will not fold a better one on the river.

There is plenty more that can be said about the above hand, and the subject of compounding advantages, but I will leave it off here.  Hope everyone is doing well!

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Is the River the Most Important Street?

Things have been going well over the past 2 days.  There are a lot of games and they are excellent.  I have been playing very well so far and would like to keep it up!

In answer to the title, not exactly, but its close.  In no limit hold’em, bets are usually anywhere from 1/2 to 1 times the size of the pot.  This makes the betting exponential and leaves the river(the last round of betting) as roughly equal to the sum of all the bets put in before it.  Also, there are no more cards to come, so the “luck factor” is eliminated and you are relying entirely on your ability to size up your opponent, his tendencies, and evaluate his hand strength.  Other streets are important, occur more often, and can compound errors(calling a big reraise with K9o for example) if played incorrectly, but the river is the street that you need to play correctly, because a few big errors can really cost you.  Note that a lot of bad players errors come on the river in that they call too many big bets in situations where not a lot of people bluff.

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At Borgata for the World Poker Tour

I will be in the Borgata for the next two weeks for the World Poker Tour tournament series.   I will try to update as frequently as I can, telling interesting stories and hands.  If you are going to be in Borgata in the next two weeks, come say hello!

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