2009 September 14

In The Theory of Poker, David Sklansky introduced his now famous Fundamental Theorem of Poker:

I have a reputation as a tight player, but I'm not that tight. Yet there's a gentleman I've played against who is perhaps the tightest player I've ever met. I'm sure he leaves money on the tables, but I'm also certain that he never gets it in bad.

Let's call this man John. Gentleman John plays in the uncapped games in Las Vegas, but not the big games. Instead, he'll buy in for $10,000 in a $1-$2 no-limit hold 'em game. The next deepest stack, you ask? Well, that was me: I bought in for a measly $440.

Whether you play poker at a brick and mortar casino or online in the privacy of your own home, you have some lawmaker, some lobbying group, or some trade association, to thank for that ability. And if you want to continue to be able to play poker, you should be aware of what threats there are to that right and who is fighting to protect it for you.

Small edges can be beneficial to you and are more frequent than larger ones. On an hourly basis, they can render the most profit. When Mike states that "thirty small $1 edges are worth more than two large $10 edges," he is, of course, just pointing out the obvious. How do you go about acquiring small edges? Well, Mike has a tendency to play "out of position" many times because he observes his opponents and determines which players are likely to possess the weaker or stronger hands.

One of my favorite pieces of chip saving advice when in doubt about how to proceed when confronted by an opponent's bet or raise is... try giving them credit instead of your chips. In the long run it's a whole lot cheaper.

We poker players can usually think of many reasons for performing poorly. I find it instructive to look at many of these excuses for losing, and understand the sometimes humorous, if tortured logic, that justifies them. Even if this list doesn't help with your game-although it should-it will help you explain away your losses to people who have no business knowing about them anyway.

The movement to legalize Internet gaming has come mainly from the U.S. House of Representatives, most notably from Barney Frank (D-MA). Frank has so much seniority and the Democrats have such a large majority, that he can get any bill he wants through the House. But to become law, it must also pass the Senate, and be signed by the President. Barack Obama will not veto a bill from the Democratically controlled Congress.

Which means everything depends upon having someone shepherd a bill through the Senate.

Fred and I thought we were too well known at our local casino and so we needed another venue in which to book a win. A half-hour's drive brought us to a rival casino with an eight-table poker room. Fred signed up for $1-$2 no-limit hold 'em and I took an open seat at a low-limit hold 'em table.

There's an old saying that reads, "To thine own self be true." This is a must in poker because we need to evaluate ourselves on a daily basis to succeed. There are two key issues we must confront honestly. The first is money management, or our lack of it, and the next is our poker skill level.

We were sipping margaritas while watching a golden sunset from the fantail of Hobby's yacht, Lazybuns. I couldn't help but express my wonder and gratitude for such a beautiful sight. "Hobby, I know California is suffering from drought and forest fires are burning up north, but we're enjoying the best climate in the world."

"Geez, Joe, you ought to go to work for the Chamber of Commerce."

"No thanks, I'm just counting my blessings."