The fundamental theorem of Poker

Hi all,
Back to Poker !

The fundamental theorem of Poker, introduced by David Sklansky, states that every time you play your hand the way you would if you could see your opponent's cards, you gain, and every time your opponent plays his cards differently from the way he would play them if he could see your cards, you gain. This theorem is the foundation for many poker strategy topics. For example, bluffing and slow-playing (explained below) are examples of using deception to induce your opponents to play differently than they would if they could see your cards. There are some exceptions to the fundamental theorem in certain multi-way pot situations, as described Morton's Theorem.

The relationship between pot odds and odds of winning is one of the most important concepts in poker strategy. Pot odds are the ratio of the size of the pot to the size of the bet required to stay in the pot. For example, if a player must call a $10 bet for a chance to win a $40 pot (not including his $10 call), his pot odds are 5-to-1 (20% probability). To have a positive expectation, a player's odds of winning must be better than his pot odds. If the player's odds of winning are also 5-to-1, and if he plays the pot five times, his expected return is to break even (losing four times and winning once).

So go ahead and play your hand !