Poker Economics » Getting Started in Poker

Calculating Pot Odds Quickly and Accurately

economist — Tue, 10 Nov 2009 23:13:40 +0000

Have you ever had a tough time figuring out what the odds of making your hand really are? Poker math can be tough, but only if you let it be. There are a few rules that you can apply to make the math in poker VERY easy.

When facing a bet in No Limit Hold’em, or any poker game for that matter, you use pot odds to help you make certain decisions. This article will focus on situations where you are facing a bet on the Flop or Turn and are certain you need to improve to win the pot. Once you know how many outs you have and compare your “card odds” to your “pot odds”, you can then determine if it’s profitable for you to draw to the best hand.

Common Scenario

In a game of .10/.25 No Limit Hold’em you have the Kh and the 9h on a flop of Ah 4h Jd. The pot has $2.50 and you need to call a bet of .50 to see the Turn card. You have a draw to the Nut Flush which currently represents the best possible hand for this board. If the board pairs, you could potentially be drawing dead to a Full House. What you need to do now is determine if the pot is offering you the correct odds to draw to your flush.

The “Hard” Way

I use the word “hard” loosely as this is straight forward math and not too difficult. But when you are just starting out and are in the heat of the moment, or even multi-tabling, then you may find the following math cumbersome or time consuming to do in the short timeframe you have to make your decision.

Pot Odds: (total pot $):(call $)

You need to call .50 to win a $2.50 pot. This is represented as: 2.50:0.50 or 5:1 odds. (Divide 2.50 by .50 to get 5:1).

Card Odds: (cards left – outs):(outs)

To determine the odds against you hitting your flush card on the Turn is quite simple. Since there are 13 cards of each suit (13 hearts, spades, diamonds, and clubs), and 4 are already accounted for (the 2 in your hand and the two on the board)) then there are only 9 cards of those 47 remaining cards that will make your hand, whereas there are 38 cards that are another suit, and will not. So using the formula above we get 47-9:9 or 38:9 or 4.22:1 (Divide 38 by 9 to get 4.22:1).

In this case, the pot is offering you 5:1 odds and the odds against you hitting your hand are 4.22:1. Where the pot odds are greater than the card odds, you call.

An Easier Way

The Rule of 4 and the Rule of 2
There is a concept known as the Rule of 4 and the Rule of 2 which states that when you are facing an all in with two cards to come (all in on the flop) then you multiply your outs by 4 to get your approximate percentage chance of making your hand. If you want to know the percentage chance of making your hand on the next card, whether it’s the turn or the river card) you would instead multiply your outs by 2 then add 2.

This rough approximation is not without its shortcomings. When using the Rule of 4, the percentage chance becomes really unreliable with 10 outs or more. For instance: with 15 outs, the Rule of 4 gives you a 60% chance of making your hand when it is actually more like 54%.

To follow our example above we would multiply our outs (9) by 2 (plus 2when you have 8 or more outs) to get 20% to make our flush on the very next card. The bet we need to call, when represented as a percentage of the pot, is 20%. Based on this, our percentage odds to make the hand equal the odds offered by the pot so we call.

A Hybrid Approach: Mixing Solomon’s Rule and the Rule of Two

Solomon’s Rule: When Facing an All In on Flop
A more accurate way to estimate your percentage chance of making your hand when facing an all in on the flop is by using Solomon’s Rule. To use it, multiply the number of outs by 4 then subtract the number of outs in excess of 8. In the 15 out example above, Solomon’s Rule would be: ( 15 * 4 ) – ( 15 – 8 ) = 53%.

Rule of Two: When Facing a Bet on Turn OR River
The Rule of Two will be accurate enough to use when you want to determine your percentage chance of making your hand on the next card. It is made more accurate by adding 2 to the product of (Outs * 2) when you have 8 or more outs. So if you have 15 outs on the flop again and would like to know your percentage chance of making your hand on the turn: (15 * 2) + 2 = 32%.

Again, to follow our example above, and use the modifier, we now see that the percentage chance of hitting our flush is 20% while our call is just 16% of the pot to be won. An easy call.

A Note about Implied Odds

The scenario above is pretty straight forward but it doesn’t take implied odds into consideration. Implied odds are the odds offered by the amount you have to call against the amount in the pot plus the amount one stands to gain from bets made on future streets. If your opponent is likely to invest more money in the pot when you do hit your flush, then the strict call/fold guidelines according to straight pot odds (direct odds) can be loosened.

Common Pots Odds

Here is a chart that includes the actual odds and percentages for 1 to 20 outs. The Rule of 2 and Solomon’s Rule have been included to show its effectiveness.

Improve Your Game with Poker Coaching

economist — Thu, 01 Oct 2009 11:22:01 +0000

Poker coaching and training is the fastest way for beginners to learn how to improve their game. There are numerous poker coaching and training sites available on the internet for those who wish to improve their poker game. If you want to win consistently in poker it is essential for you understand the mechanics of the game as well as the strategies often employed in certain situations.

Poker Lessons

At poker coaching and training sites, the coaches offer their expertise to individuals who wish to master the game through a variety of methods. Video tutorials are helpful in that you can watch how the game unfolds and learn from each player. Coaches will also give their advice on a one-on-one basis so you can ask questions directly. Interaction with the coaches allows you to get more experience and learn more immediately. Poker coaching and training allows players to have an expert poker player instruct you every step of the way so your game can improve. Under their constant guidance you will soon be winning on your own.

If you are the type of poker player who is constantly playing and has the drive to improve your game, then why not ask for some guidance from the pros? They will be glad to be of service and with their in-depth knowledge and years of experience you are sure to learn a whole lot more than by reading books. A lot of professional poker players agree that in order for you to improve your game, a little guidance and observation from someone who really knows the game can prove to be beneficial. So how do you find the right coach?

Looking for Poker Coaches

At Poker Economics we will be running a series of reviews of popular poker training website so that you can choose the one that suits you the best.

Poker coaching and training will definitely give you the edge over the other players especially if you want to make a difference with your game. These experts have been playing poker for more than fifty years so they guarantee that you will learn new things from them. Why settle for basic poker strategies when you can get full knowledge and tricks to use from the best in the game?

7 Note Taking Tips to Improve Your Poker Game

What are Poker Networks?

economist — Fri, 21 Aug 2009 15:58:40 +0000

If you have been playing online poker for a little while and played at a handful of poker rooms, you may well have noticed that a number of them look remarkably similar.

For example, if you take a look at Titan Poker and Bet365 you can see that whilst they have differing colour schemes, the basic structure and design of the poker clients are identical. This is because they are on the same network and share the same software (and players).

So to put it simply, poker networks are collections of poker rooms (known as “skins”) on one network that share the same software and players.

What is the point in having poker networks?

Let’s say that you are just starting your own poker room. Imagine how difficult it would be to develop your own poker client, and then on top of that build a strong player base from scratch? After all, if there are little to no players sitting at the tables in your poker room you are going to have an incredibly tough time convincing other players to sign up and start playing.

At the end of the day, starting a completely fresh poker room from scratch in this day and age would be impressively difficult, almost verging on the impossible.

So this is where poker networks come in. Companies looking to start their own poker room can join an existing poker network, use the network’s software and share their player base. As a result, there are no concerns about developing a poker room client and the player traffic is healthy right from the start.

Which poker networks are the biggest?

The top 2 poker networks in order of popularity are:

iPoker
OnGame

Popular rooms on the iPoker network include; Titan Poker, Bet365 and VC Poker. Popular rooms on the OnGame network include; Tower Poker, bwin Poker and Betsafe Poker.

Other respectable networks include the Cake Network, Microgaming, IPN Network and the Entraction Network. These networks do not receive as much traffic as the two above, but they still have enough players at the tables to keep the most popular stakes active throughout the day.

An honorable mention goes out to the US-friendly Merge Poker network, which plays host to some great software and some pretty well-known poker room names like Carbon Poker and Aced Poker. However, for some reason the network just doesn’t get as much traffic as it should, which is a real shame in my opinion.

How do networks compare to independent rooms?

The biggest independent rooms are currently more popular than the biggest poker networks. The iPoker network is currently at #3 in overall traffic rankings, whereas PokerStars and Full Tilt Poker are #1 and #2 respectively.

However, poker rooms on networks are just as good as independent poker rooms, so there is no reason to give preference to independent rooms over rooms on networks or vice versa. The vast majority of poker rooms are part of a bigger network these days, so you would be restricting a lot of your options if you decided to avoid playing on a network.

A positive note about networks.

If you enjoy playing on a certain network like the iPoker network for example, there will be plenty of other similar rooms out there that use the same software and share the same players.

This means that you can move from one skin to another to take advantage of the new player bonus offers available at each, without ever having to get used to different software or migrate from the same opponents at the tables.

This is probably a little frowned upon by poker rooms, so don’t tell them I told you about doing this.

Poker networks conclusion.

Poker networks are great for new poker rooms to get started in the world of online poker. Even though the software and players on each skin at a network will be pretty much the same, the individual rooms are still able to offer their own unique promotions and bonuses to their players.

I personally have no preference when it comes to choosing between an independent room or a room on a larger network, and in all honesty neither should you. Just stick with the poker room that you enjoy playing at the most.

So aside from that, I guess you now know why some poker rooms out there look surprisingly similar!

No related posts.

Bad Beats Happen, Deal with It!

economist — Tue, 18 Aug 2009 21:10:21 +0000

Bad Beats (or suckouts) are a way of life for the online poker player. They happen to everyone who has ever played online poker and they aren’t going away anytime soon! The only thing you can do is shake your head and move on.

Over the long run, you will make more money from individuals who make bad plays against you than you will lose. The long run is not measured in hands or session or even weeks, but months and years. Poker is all about making plays according to percentages; and that translate to dollars over a large sample size.

A bad beat or suckout is a lost pot when all or most of the money went in when you were a substantial favorite. So if you are always substantially ahead when the money goes in, then unfortunately you will lose some of the time, but you will win most of the time.

Now, sometimes you can bring a bad beat upon yourself. This is something you need to address because it can be a fatal flaw in your game and cost you a lot of money. Here are a two common mistakes that can lead to “bad beats”:

Giving a free card: You give your opponent a chance to beat you by checking against a drawing hand. For example, you have Ac Ah on a 9s 7s Ad board. You have hit your set on the flop but the board has straight and flush possibilities. If you check and try to slow play, you risk giving your opponent a chance to beat you (assuming the board doesn’t pair).
Not understanding the Odds: Lets use the hands again in the example above and fast forward to the Turn. Since we shouldn’t check, how much should we bet with one card to come? If our opponent has a flush draw he is about 20% to make his hand on the river. If you make a 1/4 pot sized bet then he is getting adequate odds from the pot by calling. You need to bet at least 1/2 pot – 3/4 pot to take away his odds.

So the next time you get sucked out on do yourself a favor. Instead of going on tilt and losing a couple of buyins, just shake your head and deal with it!

How Sign Up Bonuses Work

economist — Tue, 18 Aug 2009 21:07:26 +0000

What to Look for and How to Clear Them

Almost all online poker rooms offer sign up bonuses to new players. These sign up bonuses are meant to entice players to try out the poker room for the first time. The poker room then hopes that they can retain the player even after the bonus has been cleared. This article will look at how sign up bonuses work including how the amount is decided, what to look for in a bonus and how to clear the bonus.

Bonus offers vary from room to room, but the majority of rooms offer some form of matching bonus that you have access to when you signup using poker bonus codes. This means that the bonus you receive is dependent on the size of your initial deposit. For example, Full Tilt offers a 100% up to $600 bonus. This means that you will receive a bonus amount equal to the size of your initial deposit, up to a maximum of $600. So if you make an initial deposit of $200, then you would receive a bonus equal to $200 as well.

Sign up for Full Tilt Poker and get a 100% Bonus up to $600

The main thing you want to look for in a bonus is player friendly clearing conditions. Almost all initial deposit bonuses will first be placed in a pending bonus account and the clearing conditions determine how quickly that bonus is released into your real money account. The easier the clearing conditions, the quicker the bonus is available for use and the more of the bonus you will be able to clear before the expiration date. When the bonus expires is another thing you need to look for. The longer you have to clear the bonus the better. How the bonus is released is also important. It is best if the bonus is released in increments, but if the bonus is released as a lump sum then you really have to pay attention to the expiration because it’s brutal when you have cleared the majority of the bonus, but then the expiration date hits and the entire bonus is lost. Overall, the three things you need to look for in a bonus are the clearing conditions, the expiration time frame and how the bonus is released.

To clear an online poker bonus you just simply have to play poker at the room. The amount of poker you need to play before you clear the bonus depends on the poker room’s bonus clearing conditions. At most rooms you receive some form of frequent player points for playing in cash games or tournaments. For example, at Full Tilt Poker you receive 1 Full Tilt Point for every $1 that is raked from a cash game you were participating in and 7 points for every $1 that is paid in tournament fees. At Full Tilt, every point that you earn clears $0.06 of your bonus. Your bonus is released in increments of $20 or 10% of your initial deposit amount and Full Tilt gives you 120 days to clear your bonus. Full Tilt’s clearing conditions are very fair and are quite player friendly compared to some rooms. A quick way to determine if a poker room’s clearing conditions are player friendly is to look at how much of your bonus is cleared for every $1 that you pay in tournament fees. If the amount cleared is above $0.30 then the bonus is player friendly. For example, at Full Tilt $0.42 of the bonus is cleared for each $1 that you pay in fees. By playing poker online you will be automatically clearing the initial deposit bonus, but the rate at which you clear it depends entirely on the room.

Sign up bonuses are great for players because they basically award free money to entice players to try new sites. If you are looking for a new poker bonus to clear make sure you investigate the clearing conditions, the expiry time frame and the bonus release structure. Sign up bonuses go hand in hand with proper poker bankroll management.

No Limit Hold ‘Em Starting Hands

economist — Fri, 07 Aug 2009 19:44:24 +0000

A starting hand is a term to describe the playable nature of the two downcards dealt pre-flop in Texas Hold ‘Em (see more poker rules here). There are numerous theories and charts on starting hand strategy ranging from tight play to aggressive play. The purpose of this article is to give the beginner a set of guidelines to follow to avoid difficult situations post flop.

Table Position is Key

The key to determining your starting hands for Texas Hold ‘Em lies in what position you sit at the table. At a full table of 9, the button is the last player to act in a given betting round and the small blind is the first (except in the first round where the UTG or under-the-gun player is first to act. The UTG player is the first player after the big blind.)

Check out our Poker Room Reviews and get started using these techniques online!

This is important as you can play with a wider range of hands in the later positions and should play a tighter set of hands in the opening positions.

Varying your Play

You should vary your play in terms of limp/call/raise to avoid giving away information about what you are holding. For instance, if you only ever raise AA/KK preflop in early position, then an observant opponent will know what you have when you raise preflop in early position.

Starting Hands Chart for NL Texas Hold’em

Early Position	Unraised Pot	When Raised
AA – TT	Raise Mostly	Reraise QQ+ ; Call rest
99 – 88	Raise Sometimes	Call
77 – 22	Limp Mostly	Call
AQ, AK	Raise Mostly	Call
AJ, KQ	Raise Sometimes	Call or Fold

Middle Position	Unraised Pot	When Raised
AA – 22	Raise Mostly	Reraise QQ+ ; Call Others
AK, AQ, AJ	Raise Mostly	Reraise AK; Call Others
KQ, KJ	Raise Mostly	Call
QJ, JT	Raise Mostly	Call or Fold
Aks – T9s	Raise Mostly	Call or Fold

Late Position (Folded Around)	Unraised Pot	When Raised
AA – 22	Raise Mostly	Reraise QQ+ ; Call Others
Ax	Raise Mostly	Reraise AQ+; Call Others
Kx	Raise Mostly	Call or Fold
Any 2 broadway’s	Raise Mostly	Call or Fold
Ako – 87o	Raise Mostly	Call or Fold

Late Position (Some Limpers)	Unraised Pot	When Raised
AA – TT	Raise Mostly	Reraise QQ+ ; Call Others
Axs	Raise Mostly	Call
AK, AQ, AJ	Raise Mostly	Reraise AQ+; Call Others
KQ, QJ	Raise Mostly	Call or Fold

8 Tips for Getting Started in Poker

economist — Fri, 07 Aug 2009 11:29:16 +0000

To be successful in online poker, it is important to understand the fundamentals from the start. Knowing the fundamentals of the game will help in many ways: It will help you avoid losing your initial deposit; instill good habits and help you appreciate the game of poker as a skill game.

Educating yourself with poker forums and poker books, as well as taking advantage of poker bonuses as they can go a long way!

If you want to maximize your chances of success in online poker here are 8 tips for getting started.

1. Hit the Books

In order to really understand the core concepts involved in playing poker, I would recommend reading as many poker books as you can get your hands on. There are poker books for all types of poker games and are cash or tournament specific. Here is a collection of books that will get you started:

2. Poker Training Videos

Reading books and forum posts can be dry at times so there are some great poker video tutorial sites you can turn to in order to help your game. Try out DeucesCracked for a 7 Day risk-free trial and you will start seeing results immediately.

3. Learn Basic Strategy

Before jumping into online poker, you should have a basic understanding of poker fundamentals. As you gain experience you will learn how and when to deviate from the basic strategy but if you stick to the following you will be off to a good start:

Positional Awareness

In games like Texas Hold’ Em, where the betting order is set by the movement of the dealer button, your table position relative to the button is vital. You should be tight and play less hands when in early position, and be looser and play more hands in late position.

Understand the value of starting hands

When deciding whether to enter the pot you need to take your starting hands into consideration. As a beginner you will need to make tough decision once the flop hits depending upon what type and how many players are still in the hand at that point.

If you play a tight game (by playing less hands) but higher quality hands, then you will have easier decisions to make after the flop. This is beneficial especially when you are playing against looser opponents as you will have a better hand than them more often once you get to the flop. See here for a Starting Hands Chart for No Limit Hold’ Em

Bankroll management

The essence of bankroll management is to have enough buyins for the table stakes you are playing at in order to limit your chances of going bust. If you are playing $0.10/$0.25 No Limit Hold’ Em with a $100 bankroll, then you could “go broke” with a mere 4 buyin downswing. Here is a more detailed explanation of proper bankroll management.

4. Listen to Podcasts

When you are sick of reading, or stuck in traffic, you can still stay informed. Poker podcasts allow you to stay up to date with the latest in the poker industry from news and gossip to strategy and tournament results. Here are some reviews of the best poker podcasts.

5. Take Advantage of Signup bonuses

One way to build up your poker bankroll quickly is through poker room signup bonuses. Based upon your initial deposit, you can double your bankroll by accumulating frequent player points to unlock your bonus.

6. Use PokerTracker

PokerTracker is software that allows you to analyze your play as well as your opponents. It imports your hand history files as you play and updates it’s database in real-time. The PokerTracker HUD (heads up display) will give you key statistics about your opponents at the poker table.

PokerTracker Features

Track your play as well as your opponents (Cash games and Tournaments)
Chart your poker bankroll over time
Replay hands to analyze your play
Track your Starting Hands selection by table position
More statistics than I could begin to list here!

7. Peer Support

Especially in the early stages of your poker life you should rely on peer support for advice and leverage the wisdom of crowds. Here are a few poker communities that are a valuable asset to any poker player:

8. Subscribe to Poker Economics

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