One of my students, Jim, is a consistent winner in low-limit hold 'em. Recently, while playing $3-$6 limit at a local casino, he was accused of greed.
Jim was on the button with A-9 of diamonds. He called the blind along with five opponents to see the flop. The flop brought two more diamonds, giving him four-to-the-nut flush and there were no pairs on the board to threaten a full house. A bet on the flop brought several callers when it was his turn to declare. Knowing that the card odds were 1.86-to-1 against his making a flush on the turn or the river, and expecting to get better that 2-to-1 pot odds on his bet, he raised. That's an "investment" with a "positive expectation." Three opponents called his raise.
Unfortunately, the turn was not a diamond, nor did it pair the board or his hand. Every one checked to Jim who bet out as a semi-bluff. If all of his opponents folded, the pot would be his. What's more, the odds against making the flush were about 4-to-1, so he was getting favorable implied pot odds considering the size of the pot.
Again, the poker gods did not cooperate and Jim missed his flush. There was a possible inside straight on the board, but no higher cards or pairs. All three opponents checked to Jim, and again he bet out-using the Esther Bluff tactic we discussed in our poker classes at the senior center. Jim was certain he only could win this pot by bluffing, and he knows the power of the Esther Bluff.
Two of his three remaining opponents quickly folded but there was still the lady to Jim's immediate right. She had been losing steadily and suffered several bad beats. Jim hoped she would fold too. She had enough chips to call his bet, but not much more. She hesitated, looked at her hole cards and then at the board. She started to toss her hand into the muck and then hesitated again. (Had she been in our Poker 101 class, she would have known to call.)
Undecided, she looked at Jim inquiringly, who wanted to encourage her to fold, no matter what she held. He calmly responded, "I have you beat. I'll show you my hand after you fold." The lady thought a moment and then showed her cards as she tossed them into the muck. Her medium pocket pair would have won the pot. When Jim showed his cards as promised, she saw that all he had was ace-high. She was visibly disturbed and muttered under her breath something about greed. Then she repeated it aloud... "greed!"
What is Greed? Many people consider greed to be sinful. Was Jim greedy? Did he play fair?
Being inquisitive, I checked the Wikipedia Encyclopedia: The "desire to increase one's wealth is nearly universal and acceptable in any culture, but this simple want is not considered greed. Greed is the extreme form of this desire, especially where one desires things simply for the sake of owning them-such as the desire to have great amounts of money as an end in itself." My Merriam-Webster Dictionary defined greed simply as, "desire beyond reason."
As to whether or not Jim played fair, one might say, "All's fair in love and war-and in the game of poker too. To the victor go the spoils. . ."
Comments?
George "The Engineer" Epstein is the author of The Greatest Book of Poker for Winners! and Hold'em or Fold'em?-An Algorithm for Making the Key Decision and teaches poker at the Claude Pepper Sr. Citizen Center in Los Angeles. Contact George at geps222@msn.com.
