Suppose the probability that your cards beat his is 50%.

Therefore, you should fold, since your expectation for calling is negative. Your expectation for folding is always $0. By calling, you expect to lose $150 in the long run.

Suppose the probability that your cards beat his is 10%.

When you win, you profit 3 times what you risk losing.

In this example, we say that you are getting 3-to-1 odds to call.

Or, you can fold, resulting in a payoff of $0.

If his cards beat yours, you get $0 back.

If your cards beat his, you win the whole pot of $500 + $250 (that he just put in) + $250 (that you just put in) = $1000.

You may call his $250, in which case cards are flipped over:.

Suppose the pot has $500 in it, and your opponent bets another $250.

In class we will run through an example to illustrate the terminology you should know.

Other good terms to know for positions are cutoff (right of the dealer), hijack (right of the cutoff), under-the-gun (the person left of the big blind first to act preflop).

if all players check, then the betting round ends). On each postflop betting round, the small blind is first to act, and the dealer is last to act.

Know that preflop, the big blind is last to act.

There will be a small blind and a big blind each hand.

Check-raising means checking and then later raising in the same betting round. Understand the terms bet, raise, call, check, fold, and all-in. You should know how betting in poker works.Know the terms straight flush, four-of-a-kind (or quads), full house (or boat), flush, straight, three-of-a-kind, two-pair, pair, high card know preflop, postflop, flop, turn, river. Obviously, you should know the ranking of the poker hands, and how cards are dealt in texas hold’em. Study Materials Good to Know Before MIT 15.S50 Begins Poker / Texas Hold’em Rules

Small stakes no limit hold em