Value (poker)
Encyclopedia
In poker
, the strength of a hand (how likely it is to be the best according to the rules of the game being played) is often called its value; however, in the context of poker strategy
the term is more often used to describe a betting tactic, a bet for value. This bet (or raise) is intended to increase the size of the pot, by inducing opponents to call. A bet for value is in contrast to a bluff
or a protection
bet (though some bets may have a combination of these motives).
For a bet for value to be correct, a player must have a positive expectation
, that is, he will win more than one bet for every bet he puts in the pot. Note that pot odds do not matter in this situation, because the factor here is whether it is more profitable to raise or call, rather than to call or fold. Betting for value can apply to both made hand
and drawing hand
situations, although in the latter situation it is less often correct, as the drawing hand's chances of winning are generally lower. Many made hands will win the pot more than 50% of the time, therefore a value bet is usually correct, even heads up.
For example, in a game of Texas hold 'em
, a player has 8♣ 6♠ with a flop of 9♥ 7♦ 2♣, The player has an open-ended straight draw and so has eight outs (four 10s and four 5s). With 47 unknown cards, the player will make the straight approximately one time for every five times he doesn't, thus a bet is profitable if six or more of his opponents will call the bet (he will win once (+6 bets) and lose five times (-5 bets) out of every six hands like this, resulting in an expectation of +1 bet). If he thinks that fewer than six opponents will call the bet, he would lose money and must simply call.
Poker
Poker is a family of card games that share betting rules and usually hand rankings. Poker games differ in how the cards are dealt, how hands may be formed, whether the high or low hand wins the pot in a showdown , limits on bet sizes, and how many rounds of betting are allowed.In most modern poker...
, the strength of a hand (how likely it is to be the best according to the rules of the game being played) is often called its value; however, in the context of poker strategy
Poker strategy
Poker is a popular card game that combines elements of chance and strategy. There are various styles of poker, all of which share an objective of presenting the least probable or highest-scoring hand. A poker hand is a configuration of five cards, either held entirely by a player or drawn partly...
the term is more often used to describe a betting tactic, a bet for value. This bet (or raise) is intended to increase the size of the pot, by inducing opponents to call. A bet for value is in contrast to a bluff
Bluff (poker)
In the card game of poker, a bluff is a bet or raise made with a hand which is not thought to be the best hand. To bluff is to make such a bet. The objective of a bluff is to induce a fold by at least one opponent who holds a better hand. The size and frequency of a bluff determines its...
or a protection
Protection (poker)
Protection in poker is a bet made with a strong but vulnerable hand, such as top pair when straight or flush draws are possible. The bet forces opponents with draws to either call with insufficient pot odds, or to fold, both of which are profitable for the betting player...
bet (though some bets may have a combination of these motives).
For a bet for value to be correct, a player must have a positive expectation
Expected value
In probability theory, the expected value of a random variable is the weighted average of all possible values that this random variable can take on...
, that is, he will win more than one bet for every bet he puts in the pot. Note that pot odds do not matter in this situation, because the factor here is whether it is more profitable to raise or call, rather than to call or fold. Betting for value can apply to both made hand
Made hand
In poker, a made hand is one that does not need improvement to win, in contrast to a drawing hand. For example in draw poker, if you have two pairs, and your opponent is drawing for a straight or flush, you are said to have a made hand because even though you will be drawing a card just as he...
and drawing hand
Draw (poker)
A poker player is drawing if they have a hand that is incomplete and needs further cards to become valuable. The hand itself is called a draw or drawing hand. For example, in seven-card stud, if four of a player's first five cards are all spades, but the hand is otherwise weak, they are drawing to...
situations, although in the latter situation it is less often correct, as the drawing hand's chances of winning are generally lower. Many made hands will win the pot more than 50% of the time, therefore a value bet is usually correct, even heads up.
For example, in a game of Texas hold 'em
Texas hold 'em
Texas Hold 'em is a variation of the standard card game of poker. The game consists of two cards being dealt face down to each player and then five community cards being placed face-up by the dealer—a series of three then two additional single cards , with...
, a player has 8♣ 6♠ with a flop of 9♥ 7♦ 2♣, The player has an open-ended straight draw and so has eight outs (four 10s and four 5s). With 47 unknown cards, the player will make the straight approximately one time for every five times he doesn't, thus a bet is profitable if six or more of his opponents will call the bet (he will win once (+6 bets) and lose five times (-5 bets) out of every six hands like this, resulting in an expectation of +1 bet). If he thinks that fewer than six opponents will call the bet, he would lose money and must simply call.