While some people think poker is all about luck and bluffing, it’s actually a game of strategy, risk management and confidence. Self-made billionaire Jenny Just, co-founder of PEAK6 Investments, learned this lesson when she sat down to play poker with her daughter a few years ago. “I realized it’s the same skills and mentality that you need to be a good business woman,” she says. “You have to be able to read your opponents.”
The first step in learning how to play poker is understanding the rules and hand rankings. Even the highest-level professional players in the world use these basics to win.
Each round of betting in a poker game begins when one player puts up a bet (known as a ‘call’) by placing chips into the pot equal to or greater than the amount put up by the player before them. Other players can choose to call, raise or drop out of the hand. The person who has the highest ranked hand when all bets have been called wins the pot.
During the first round of betting, you will be dealt two cards face up by the dealer. You must then decide whether to stay, hit or double up. If you don’t believe your hand is high enough, you can say hit and the dealer will give you another card. This will add to your two personal cards to create your final hand of five.
In addition to your personal cards, there are also three community cards that every player can use. These cards are known as the flop, turn and river. The order in which these cards are revealed determines the strength of your final poker hand.
Once the flop has been revealed, a second round of betting takes place. At this point, you can still raise your bet if you have a strong hand and want to put pressure on other players.
When the river has been revealed, a third round of betting takes place. You can raise your bet again if you have a strong hand and believe other players will fold. If you’re feeling confident, you can even bet out of turn to make other players fold if they have a weak hand.
If no one has a winning hand, the dealer will win the pot. There are a few other poker etiquette rules that you must keep in mind while playing. These include only gambling with money that you’re willing to lose and tracking your wins and losses if you’re serious about improving your game.
Once you’ve mastered the basic rules, you can move on to more advanced strategies. The best way to learn these is by watching experienced players and analyzing their actions. The more you watch and analyze, the better your own instincts will become. Many of these nuances are subtle, but can make all the difference in the world. For example, if you notice that a player is scratching their nose or fidgeting with their chips it’s likely because they have a weak hand and are trying to scare other players into folding.