The Theory Of Poker

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The Theory Of Poker

This book introduces you to the Fundamental Theorem of Poker, its implications, and how it should affect your play. Other chapters discuss the value of deception, bluffing, raising, the slow-play, the value of position, psychology, heads-up play, game theory, implied odds, the free card, and semibluffing. Publisher’s Note: David Sklansky is working on a new book tentatively titled The Theory of Poker Applied to No-Limit. What follows is the first sample from this text. Also, this is not a complete chapter, but it should give you an idea of what is coming, probably in the summer of 2019.

When Mike Caro writes a book on winning, the poker world takes notice. And it should: Caro is the world's foremost authority on poker theory and psychology, and his work has influenced every professional player including Doyle Brunson, who relied.

Sklansky's Theory of Poker is a poker classic, for a serious player. Add SuperSystem, and then of course Cowboy's Full for a historical perspective, and you have a good brew to chew on. If you just need a crash-course in hold'em, then take a look at Hellmuth's (yes, indeed) basic book on Texas Hold'em. The Theory of Poker by David Sklansky has long been recognized as the foundational book for all of poker no matter what the game, and at the time of this writing is still the best selling book in poker. But that book, while applicable to many aspects of no limit and pot limit poker was originally written mainly with limit games in mind.

``Hold'em Poker for Up: Classic Books on Previous: Classic Books on

``The Theory of Poker'

Probably the single most important book ever written on poker is ``TheTheory of Poker' by David Sklansky [87]. Written in 1987, itwas the first book to correctly identify many of the underlying strategicprinciples of poker. These concepts are illustrated with examples fromTexas Hold'em, Seven-Card-Stud, Five-Card-Draw, Seven-Card-Lowball, andLowball-Draw, but they are equally applicable to all variations of poker.

While it is beyond the scope of this essay to present a complete overviewof poker theory, a few examples of essential concepts will be given forcontext. First, after explaining the nature of mathematical expectation,Sklansky states the overriding principle of the game, which he calls ``TheFundamental Theorem of Poker'.

Sklansky's Fundamental Theorem of Poker:

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.

The Fundamental Theorem is stated in common language, but has a precisemathematical interpretation. The expected value of each decision madeduring an actual game can be compared to the expectation of the correctdecision, based on perfect information. Each player's long termexpectation is determined precisely by the relative frequency and severityof these ``misplays'. On average, a player who makes fewer misplays thanher opponents will be a winning player. The theorem may appear to statethe obvious, but has many subtle implications to poker strategy, some ofwhich are illustrated in the text.

Other fundamental concepts introduced in this book include ``odds' (potodds, effective odds, implied odds and reverse implied odds), the value ofdeception, the danger of the free card, the semi-bluff, and the importanceof position. Each of these notions can be encorporated into a theoreticalframework for understanding the game, and could prove to be substantialstrengths for a computer algorithm.

Issues of practical importance are also addressed in the book, such asreading hands, understanding the psychology of poker, and evaluating theprofitability of a game. While these topics may be of a less theoreticalnature, they are among the many abilities required for play at the highestlevels. It is unclear to what degree a computer algorithm can excel atthese ``human' aspects of the game, or whether it is even necessary toattain world class strength.

Note that this classic book does not attempt to give a step-by-stepprocedure for playing each game, but instead teaches the player how tothink correctly about each situation that may arise. This requiresconsiderable effort on the part of the student, but once the principlesare fully understood, they are much more reliable, and can be applied toany form of poker, regardless of the particular characteristics or gameconditions.

Sklansky also includes a chapter on game theory, as it applies to bluffingand calling. This is done largely for the sake of completeness, and toshow that he is aware of such views. He then goes on to explain some ofthe limitations of such a system, and justifies the more pragmaticapproach to bluffing, described in a separate chapter.


Next: ``Hold'em Poker for Up: Classic Books on Previous: Classic Books on & Schaeffer
Thu Feb 12 14:00:05 MST 1998

The Theory Of Poker Book

by David SklanskyTwo Plus Two Magazine, Vol. 14 No. 12

Publisher’s Note: David Sklansky is working on a new book tentatively titled The Theory of Poker Applied to No-Limit. What follows is the first sample from this text. Also, this is not a complete chapter, but it should give you an idea of what is coming, probably in the summer of 2019.

The Theory Of Poker David

Slowplaying

To be honest, the original chapter on slowplaying in The Theory of Poker could lead you astray in deepstack no-limit or pot-limit poker. This is especially true for players who religiously stuck to my guidelines without thinking too hard about possible adjustments. That chapter was pretty much solely concerned with limit play, and some specific guidelines had you both slowplaying in spots where it might not be right to bet in no-limit and avoiding slowplays where it is sometimes right in no-limit.

To slowplay means to play more meekly on an earlier round than your good hand might indicate, in order to disguise your hand for the sake of future bets and to prevent the hand from ending immediately on that round. Thus, you check hands that seem to be worth a bet or just call with them rather than raise.

Quoting directly, The Theory of Poker gives five criteria that it says must all be true in most cases for a slowplay to be correct. They are:

  1. You must have a very good hand
  2. The free or cheap card you are allowing other players to get must have good possibilities of making them a second best hand.
  3. That same free card must have little chance of making someone a better hand than yours or even giving that person a draw to a better hand than yours on the next round with sufficient odds to justify a call.
  4. You must be sure you will drive other players out by showing aggression, but you have a good chance of winning a big pot if you don’t.
  5. The pot must not yet be large.

I think that most experienced poker players can pretty much see why these are accurate criteria for limit poker. If you have a monster, let you opponents partially catch up if there is too good a chance that early aggression will thin the field or win the pot immediately.

And this is also an argument for slowplaying in no-limit or pot-limit as well. It’s an excellent argument as long s the stacks are not deep.

The Theory Of Poker David Sklansky

But if the stacks are deep, there are at least two reasons to consider not slowplaying hands that you would slowplay in limit:

  1. Bet sizes are related to the size of the pot. In limit, if you belatedly realize that you could have gotten called all the way through, your decision to miss an early bet is not that catastrophic. But in no-limit or pot-limit, it often is. If there’s $100 in the pot and I bet the pot all three rounds I win $1,400 rather than the $500 I would get if I skip the first bet. Of course, real life is more complicated than this, but the general point should be clear. As a result, early slowplays with great hands should be made less often in no-limit when the stacks are deep. (In TOP, I point out that even in limit games the pure nuts should be slowplayed less often than slightly worse hands just in case you’re up against a great hand being slowplayed. That remains true in big bet games.)
  2. Catastrophic future cards are worse and good future cards are less plentiful. In no-limit, the next card is less likely to entice an opponent who has mildly improved to give you action than it would at limit. If the flop is the K52, followed by the T, two tens will lose more to your slowplayed three deuces in limit, but probably not no-limit. Meanwhile, if a four comes and gives you action, you could be in trouble. This concept is especially true in pot-limit Omaha. If the flop is the 833, and everyone checks to you, it’s usually wrong to slowplay eights full. Bet and hope to trap a trey that checked. If a card above an eight comes, you’re still probably okay, but not so much if you get action.

On the other hand, there are times to slowplay in no-limit with hands that would not be good enough to slowplay in limit. One reason is that your bets are giving your opponents lower pot odds. Another reason is that your opponent is more afraid of the next bet in no-limit than he is in limit. And third, is the fact that you are sometimes beat and your decision not to slowplay will thus usually cost you more money or, if you fold to a raise, the chance of drawing out.

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A common example of the above occurs on fourth street in no-limit hold ’em when you have perhaps ace-king and the board is the K972. Your opponent called your flop bet and checks again. It’s often right to check it right back with the intention of calling a moderate river bet and perhaps making your own moderate bet if he checks again.

In limit hold ’em, this play is rarely right. But in no-limit, it should be obvious that it’s often right against many types of players. For instance, the opponent who will fold two jacks on the turn fearing the river bet, but who will call the one bet after you check. Or the opponent who has a holding of ten-eight but who will frequently bluff when he misses. Or the person with a nine-seven who check raises you out of eight wins.


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The Biggest Limitations of Shove/Fold Poker Analysis
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Walter Tine’s Poker Odyssey, Part 4
by Andrew Brokos
Taking the Path of Least Resistance in Small Stakes Poker Tournaments
by Carlos Welch
Poker Faces in the Crowd: Brian Space
by Ben Saxton
Capitalism without Capital
by Felipe Garcia, CFA and Aaron Byrd, CFA

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