The Myths Of Poker

Bloggers / Chris Edwards / 25 November 2008 / Leave a Comment

About two years ago I was coming home from a late night session of poker in my local casino. My taxi driver was bright and friendly and we enjoyed a pleasant conversation for most of the journey, until he asked the dreaded question; 'How much did you lose?'

When I asked why he assumed I had lost he said that most people he picks up from the casino had lost, especially the student types like myself. I informed him that I had won money that evening, not by betting on numbers against the house, but from playing poker.

'Well, its just another way to gamble. Anyone winning in a casino is lucky'. I laughed at him and tried to tell him that I was not gambling and that my win was purely skill based. We argued over the matter for the rest of the journey home. If you were to ask several random people, players on non players, their thoughts on the game you would get answers from both sides of the debate.

New or non players will tell you that poker is a game of luck and that it certainly is gambling. Naive poker players will then argue the exact opposite. However, students of the game or general gambling theory will tell you it's a combination, poker is a game of luck and skill. In their groundbreaking text 'The Poker Mindset', Ian Taylor and Matthew Hilger state that accepting these realities is the first step to thinking like a true professional.

Poker is a game of luck for one important reason. You cannot decide what cards are dealt. It does not matter how good you are (or think you are), you have no say on the matter. Therefore in the short term, just like any form of gambling, luck is the deciding factor in someone winning. Because of this, good players don't always win, but they win the majority of the time by consistently making mathematically correct plays. Therefore, in the longer term skill is the deciding factor in being a regular winner.

However, because of the luck factor on each individual hand, each bet is still a gamble as very rarely will you be a 100% favorite to win. There is still a chance you can lose, but the best players will reduce those chances. One of the best quotes on the matter was written by Anthony Holden in his famous 1990 book Big Deal.

'A gambler who bets on casino games is someone who wagers unfavorable odds. A poker player, if he knows what he is doing, is someone who wages favorable odds.'

Good players will continue to reduce the amount of risk involved by betting small amounts in relation to their available poker money, or bankroll. This means that inevitable unlucky losing sessions will not force them to stop playing. A person using poker to really gamble might risk all his money in one game and even if he is the best player, he can still lose.

It is the luck factor that consistently draws people to the game. Anyone can win at any one time, but sooner or later, the better players will always end up with the money.

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