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Ballys Park Place has a 5/5/10/15/20 game with a .50 ante, $2 bring-in,
and the first raise to $7.
* * The Sands has a
5/5/10/15/15 game with a .50 ante, $2 bring-in, and the first raise to
$5.
If we examine the
chart above, look at the last column (Ratio of P to IR). As the limits
escalate, we see that the size of the antes and forced bet in relation
to the first bet increases -- except at $10-20, $25-50, and $40-80. This
is not just by accident. There is a very justifiable reason; namely,
that this helps to perpetuate the game by serving as an "equalizer" of
skills to some degree. Let me explain.
Poker games are
optimally designed to allow an equitable mix of skill and luck
--- which will be mutually satisfactory to the majority of players. In
other words:
- Good players must
believe that superior skill will be rewarded with profit, while:
- Novice players
must believe that on any given day, they have an opportunity to win.
Less-skilled players
may come to the poker table believing today is their lucky day. Maybe it
will be. Perhaps the novice will win, and the pro will lose. So, with
just the right mix of skill and luck, everyone is inadvertently
satisfied with the general structure, and the game flourishes. But a
disproportional amount of either too much skill or too much luck (except
at the lowest limits, perhaps -- which are more recreational in nature)
can destroy a game and its popularity.
This is one reason
why there are relatively few no-limit holdem games spread anymore. The
good players win all the money and the game dies out. This has created
similar problems for Atlantic City's $40-80 stud game, where the ante is
"too low" to sustain the game (Note: With the escalation in stakes, the
ante at $40-80 should probably be about $7-8; however, this would
require different chip denominations and would slow up the game
significantly).
Proper structure
guarantees two things -- continuance and continuity. The ideal structure
encourages roughly an equal balance of skill and luck -- which allows a
random course of events to occur, giving all players the opportunity to
win. The true secret is what should be obvious:
Skilled players will still get the money. But along the way,
less-skilled players will have enough wins to sustain themselves,
including an occasional "big score" that allows and even encourages the
losing player to continue playing.
For example, a
recreational player might be willing to accept losing $5,000 a year and
is prepared to play indefinitely, so long as he is not destroyed
financially. But if that same player loses a more substantial amount in
a single year, let's say $25,000 -- he might get discouraged and quit
playing altogether. So, designing a proper structure with this in mind
for all playing levels is the ideal objective.
Now, let's examine
how betting structures influence game conditions and strategy. What
follows are some general observations about each betting structure, with
my thoughts tailored toward how the structure influences strategy and
general circumstances. Once again, I'm using Atlantic City's seven-card
stud games as the basis of my comments:
$1-5 (and similar
low limit games, including $1-3 and $1-4) -- Stealing the
ante/forced bet is meaningless here, and clearly inadvisable, since the
initial raise up to $5 wins only a single dollar (the forced bet). There
is no incentive to risk five times the pot on a steal. Therefore, this
low-limit structure encourages early multi-way action and lots of
chasing. Betting a moderate amount on third-street (perhaps $2-3) with
the best hand and hoping to get called is generally advisable in all but
the loosest games. Thereafter, one must rely on the ability to outplay
opponents on later streets to win at this level. Even that may no be
possible in the long run, since the rake is prohibitive.
$5-10 -- The first
raise, if successful, returns 120 percent on the investment (risking $5
to win $6). This makes stealing and occasional semi-bluffing
strategically correct. However, one should note that once a player has
limped-in for $2, he is all the more likely to call a raise for "only"
another $3. Play at this level is obviously more tricky than at the
previous limit. Since there is now an opportunity to "mix it up"
somewhat on third street, knowing your opponents and other fundamental
stud strategies (recommended by authors Roy West, George Percy, and so
forth) are essential.
$10-20 -- There are
usually a large number of $10-20 stud games going throughout Atlantic
City. Some observers believe $10-20 poker games (which applies to holdem,
also) are popular because the $10-20 limit is a financial crossroads for
so many players. Poker players moving up to higher limits play at this
level. So too, do players that may be struggling and are stepping down.
For this reason, you see many different skill levels at this structure.
This is the first of three structures where the P to IR ratio actually
decreases from the previous limit.
Therefore, at $10-20
tight play is generally advisable. Ante steals must be successful more
often, since the size of the pot is only 110 percent of the initial
raise -- compared with $15-30, where an ante steal returns 140 percent
to the raiser. However, tight play is not always advisable. A marginal
hand where all the cards are live can usually be played for only $3 (if
the pot has not been raised), since the implied odds of larger bets on
later streets promises value for a hand that has a reasonable chance to
improve.
$15-30 -- Note that
the escalation in structure makes this a very different game. The antes
double (from $1 to $2) although the stakes increase only 50 percent. At
this limit, we begin to see a game of multi-level thinking. When pots
are contested, there is often heads-up play. At 15-30 and higher,
re-raising the initial raiser (and sometimes betting on the come) is
often correct, just to gain information. This is something one can
almost never do successfully in most low-limit games (since you will
inevitably be called just about every time). $20-40 -- again, as the
ratio of P to IR increases, more aggressive play is generally advised.
However, at this
limit it is probably a good idea to point out that when so many players
seem to be playing aggressively -- which tends to occur in so many
$20-40 games -- it is sometimes best to play in a more conservative
style, taking a "contrarian" approach (that is, if most players are
playing tight you can loosen up -- and if most players are playing loose
you should play tighter). One successful $20-40 stud player I know
points out that since so many players are aware of the power of
aggressive play -- and less-skilled players are enticed into calling so
frequently, by what seem to be huge pots -- he often shifts gears in
these games towards tighter play.
Structure influences
strategy in at least one other important way: $20-40 games use multiple
red $5 chips. This makes some pots appear very large, having the effect
of making some players susceptible to making some very loose calls.
Indeed, if the game is very loose, in some cases it may be proper to
continue with long-shot draws that would otherwise be thrown away at
most other levels.
$25-50 -- This is
the second instance where the Ratio or P to IR decreases from the
previous limit. I call special attention to this game because the
structure here calls for significant discussion. First, this structure
is a relatively new phenomenon in Atlantic City (this game was spread
during 1998 but is no longer common). I initially noticed this game
because of the tremendous level of interest it created among dedicated
middle-limit stud players.
For example, the
waiting list for the $20-40 games would often be modest; yet, the
waiting list for the $25-50 sometimes went on for hours. Why was this
so? I believe the reason lies primarily in the lure of the game's basic
structure. Skilled stud players who are patient have a tremendous
advantage here, more so than at comparable limits. Since the ante is
only $3, skilled players have an opportunity to see more hands for less
money.
Keep in mind that
the ante and forced bet in $25-50 is the same as $20-40, but the stakes
are higher. Since the antes are relatively low, tight players will not
be penalized in accordance with the general escalation of stakes for
their tight play. This usually means the game will not last. It remains
to be seen how long this game will continue, since skilled players have
such a tremendous advantage (as predicted, this game fizzled out in late
1998 and has not been seen since).
$30-60 -- Since the
initial pot is relatively large ($50), it is proper to limp-in (call
$10) with some very marginal hands, particularly when there is potential
to improve (A-K in the hole, for example -- when all cards are live).
However, because of the generous overlay for the initial raiser ($30 to
win $50, or 166 percent) raised pots are fairly common. There is simply
too much of an incentive to steal. By consequence, this makes the
initial raiser more suspect. Oddly enough, this sometimes creates more
action since the initial raise is often not respected. Again, we see the
same dynamics here as in the $15-30 game, where there is frequent
heads-up play between two aggressive players.
$40-80 -- This is
one of the more interesting games about which to comment. However, sadly
enough -- in Atlantic City, this game has all but died out (see comments
about the $25-50 which apply). Again, note that this is the third game
where the Ratio of P to IR actually decreases. Atlantic City's structure
differs so remarkably from Las Vegas that these $40-80 games are quite
simply not the same game. In Las Vegas, the ante is a whopping $10,
which makes pots initially much larger ($40 more than in Atlantic City,
where the ante is only $5).
Therefore, $40-80
games in Las Vegas tend to be looser (some might say "wilder") because
calling an initial $40 (with a realistic chance of improving, or
catching a scare card on fourth street) to win a much larger pot is
sometimes justified. Raising to $40 with the high card up -- to win a
pot nearly double the size -- is a powerful strategy. However, many
other players also know this -- which makes early re-raising and huge
pots much more common in Las Vegas.
Yet, in Atlantic
City, very tight, solid, by-the-book play usually works best. Although
the stakes are the same, the ante alone makes it one extreme versus the
other. There are some exceptions, of course, but generally playing these
two games couldn't be more different (Note: I am not familiar with the
$40-80 structure in California -- but I presume it mirrors that of Las
Vegas).
CONCLUSION: When
discussing strategy, there will inevitably be some issues which cannot
be resolved. But we can probably agree that mastering seven-card stud
requires a substantial degree of knowledge and experience. The truly
great stud players make strategic adjustments depending upon game
conditions. They can also maximize their advantage by first
understanding, and then adjusting to the game's basic structure.
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