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Pot Limit & No Limit Poker : Play Poker

BUSINESS

    In big-bet poker, it is very common for the business to be done when all the money has been wagered and there are still cards to come. In Las Vegas, this is often called a settlement.

    Since it slows down the game and confuses the outsiders, it isn’t encouraged even though it might be very common. For e.g. in Omaha the flop is J-10-4.

    One poker player has A-K-Q-9 and the other poker player has J-J-5-5. It makes no difference as this is so close to even money. The poker players might decide to split the pot.

    Against Frank Thompson, I once had a made straight on sixth street in seven-card stud poker with trips and four to a flush. All the money was in and we had seen many cards, several of them useful to them.

    We mutually agreed that I will take ₤5000 out of the pot and he will take ₤4000, then we would play for the rest. This took about five seconds. The manager at the Victoria Casino allowed us to do so even though it was not permitted.

    You cannot do anything once two poker players have reached an agreement. It they are told that it is illegal, they will simply settle up outside the building. Thus, all the poker players know about the going ons.

    To show the precise poker odds of two hands against each other, tables have been drawn up, especially for hold’em poker and Omaha (the later often wrongly). The underdog might win 40% of the time.

    Therefore, the favorite takes insurance against this happening, probably with a third party. He bets on his rival poker player, receiving 4-3 odds instead of the correct 3-2. The third party has done a good job.

    Without being in the pot, the third party has picked up a winning percentage, probably not even in the poker game at all. If you can afford a loss then only you are supposed to play.

    Therefore, the only reason for taking insurance or doing business is if you have the best of it. Why should you put all your money in the pot and then remove much of it after all the action has taken place?

    Remember that doing business wastes time. Time is money in poker, especially if you are playing a table charge. If this is not the case, still life is too short to wait around for two poker players to decide who has the edge and by how much. Pot-limit high-low split poker vanished due to insurance.

    To deal out the pot twice is one legitimate way to spread the risk especially in flop games such as hold’em poker or Omaha. For e.g. with one card to come, all the money is in.

    Then, for one half-pot, a card is burnt and a card is dealt faceup. This is repeated for the second half. If both the poker players agree, precise splitting does not need to be done.

    This reduces the slings and arrows of outrageous fortune and needs no discussion. Before coming to this arrangement, you do not even have to see your rival poker player’s holding. This can even be done in multihanded action pots.

    Some strong poker players believe that no such concessions should ever be made. As the weaker poker player has a chance of saving something from the wreckage, he will be more relaxed.

    Some poker players favor the choice of making the weak poker player feel at home. I feel that the latter opinion is right. However, I never start such discussions.



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