1
Q
Polarized/poled
A
- Only strong or weak
- The nuts or nothing
2
Q
Merged/condensed
A
- A range of primarily middle-strength hands
- eg KQ or 99
3
Q
Capped/uncapped
A
- describes whether or not a range contains nut hands
- eg 654 board: BB may have all possible suited and unsuited combos of 87, while we only have 87s as preflop aggressor
- We are capped, and BB is uncapped
4
Q
Bounded/unbounded
A
- Describes whether or not the range contains air hands
5
Q
Linear/randomized
A
- Describes the structure of a player’s hand selection, calculated or constructed vs random
- Helps identify opponents who have studied GTO or are exploitative
- Most players are exploitative - allow biases to drive decisions
- When people look like they’re doing things randomly, they are
6
Q
GTO/Nash/unexploitable
A
- a strategy with no inherent weaknesses
7
Q
Exploitative/exploitable
A
- non-GTO, either targeting or exemplifying a weakness
8
Q
Value bet
A
EV comes from high pot equity
9
Q
Bluff
A
- A bet whose EV comes from high fold equity
- Equity is our guiding light e.g. checkraising an OESFD vs a gutshot - high equity vs low equity hands
10
Q
Expected Value (EV)
A
- Long-term profit/loss, expressed as +/-EV
- The foundation of all profit
- the reason poker is a skill game
11
Q
Equity vs EV
A
- Equity: share of the current pot that our hand/range will win on average
- If over 10,000 tournaments, your ROI is 100%, you expect to make your buyin + 1 buyin back (EV)
- Our goal is to utilize equity effectively to generate EV
- We want an unfair share of equity via aggression
- Equity is valuable if we see the river
- EV is valuable based on line taken
12
Q
How is EV Calculated?
A
13
Q
EV in a broader context
A
14
Q
Direct Pot Odds
A
- Simplest form
- Villain bets $30 into a $50 pot, making $80
- Our odds are $80 to $30, or 2.66:1: 27%
- We need 27% equity to break even
15
Q
Bluff Odds
A
- Opposite of direct odds
- How often bet needs to work to win the pot
- Player bets $30 into $50
- $50-to-$30, or 1.66:1 - 37.5%
- Bluff needs to work 37.5% to break even
- GTO players pride themselves on not overfolding (but may end up overcalling)
16
Q
Implied odds
A
- Hard to quantify
- Chips we expect to win in the future
- Maximized vs players who can’t make big folds
- Villain’s range must be strong for us to expect them to put more chips in
- Decreases as stacks get shorter
- Less important in modern game, because runners play much wider ranges
17
Q
Reverse Implied Odds
A
- Chips we may lose on future streets
- Relevant in deep stacks with strong but not-nut hands
- eg: weak flush draws, low end of the straight, top pair on middle/low board vs EP open
- The hand can call on every single river, but it’s not the best hand on all rivers, and that’s problematic
18
Q
What is GTO play?
A
- The correct ‘unbeatable’ strategy
- Constrained by reasonable calculation parameters
- Generates a situation where both players are ‘exploiting each other’
- In rock-paper-scissors, GTO is to throw each 1/3 of time randomly. If the other player deviates, GTO will win.
- Nash Eqb used by solvers
- Unexploitable, but in reality, exploits present themselves
19
Q
Auto-Profit Threshold (APT)
A
- Bet/(Pot+Bet)
- Bet $100 into $200 on river = 33%
- If villain folds to our bet more than 33%, betting is +EV
- If checking is 0 EV and betting >0, then betting>checking
20
Q
Minimum Defense Frequency (MDF)
A
- We don’t want villain’s bets to auto-print money
- We must defend our range to prevent APT
- But can’t defend too much
- MDF = 100% - APT
- Pot/(Pot+Bet)
- Villain bets $100 into $200
- $200/($100+$200) = 2/3
- If we defend <67%, villain auto-profits
21
Q
Manipulating Opponents with APT
A
- We have nut low on river, so check = 0 EV
- We think villain folds to 50% pot bet 50% of time
- Thus, betting > checking
- Small bets force villains to call a lot, even with weak range
- Large bets can expose their weaknesses in picking good bluff-cathcers (This is ME!)
Solve 4 Why Primer Course
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