Like all variations of poker, no-limit hold 'em looks like a card game. But it's not, really.
No-limit hold 'em is actually a game of wagering based on imperfect information that uses cards to construct the situations for wagering. Players make bets and call bets based on their estimate that their hand (which they see) will, in the end, be better than their opponent's hand (which they can't see). To make an informed estimate, they have to take four factors into account:
1. The likelihood that their hand will improve as more cards are dealt, which is pretty much a straight mathematical exercise.
2. An estimate of the hand their opponent may hold, which is an exercise in inductive reasoning, based on hands he has held in the past, his general style of play, and the bets he has made thus far.
3. The likelihood their opponent's hand will improve, another mathematical exercise, but complicated by the fact that their opponent's hand is not known for sure.
4. The money odds being offered by the pot.
When a good no-limit hold 'em player plays a hand, he looks at his cards, looks at his opponents, considers the betting, and makes an educated guess whether to check, bet or call, raise or fold. In many hold 'em hands, one factor becomes so important that the other factors don't require much thought. For example:
1. A player holds a hand so strong that he doesn't really care what his opponents have.
2. A player holds a hand so weak that he thinks he's sure to lose a showdown.
3. The pot odds are so large that he can play the hand with almost any holding.
Don't make the mistake, however, of assuming that even these hands are easy to play. In no-limit hold 'em, there are no trivial hands. Since you don't have to show your cards down to win, under the right circumstances any hand can be a winner.
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