Poker Game Theory – 4 Ways Poker Game Theory Can Improve Your Play
Poker Game Theory And Math Are Actually Very Easy To Use, Here We Look At
Using
Game Theory to Improve Your Online Tournament Results.
Game theory is a branch of applied math which looks at competitive situations where 2 or more people have conflicting interests. This has been applied to global politics, economics and of course to poker. David Sklansky covered poker game theory in his seminal work ‘The Theory of Poker’ and Chris ‘Jesus’ Ferguson made this famous by using poker game theory rather than experience to achieve his phenomenal success.
The key to application of poker game theory is that there are ways to vary your poker strategy depending on your opponents and the individual situation. After all, any poker strategy which does exactly the same thing each time is very easy to exploit.
So we have 2 dynamics at work – on one side a mixed vs static strategy, on the other an Unexploitable vs exploitable strategy. Unexploitable strategies are defensive in nature, they will prevent you losing chips and will win small amounts. In order to win you need to play in such a way as to exploit your opponents weakness – this of course involves deviating from Unexploitable strategy yourself and is where Poker Game Theory really starts to get interesting.
Below are 4 common ways in which poker game theory can be put to use at the table.
Poker Game Theory Application #1 – Correct Bluffing Frequency
As made famous by David Sklansky the idea is that you should bluff with a busted hand on the river at the same frequency as the odds you are offering your opponent from the pot. Thus if the pot offers 4/1 at the river bluffing 25% of the time will mean your opponent loses the same amount whether he calls or folds. A great way to do this is to calculate the odds you will offer on the end of the hand when you bet and then randomize your bluffing by choosing a number of extra cards which do not make your hand. For example if you are offering 4/1 and have 8 real 'outs' to make your hand then choose 2 bust cards to bluff with.
Of course – this is the Unexploitable strategy. If you feel that your opponent either calls or folds more frequently than is correct you can adjust your bluffing frequency accordingly... adaping to expliot your opponents tendencies.
Poker Game Theory Application #2 – The Independent Chip Model (ICM)
 ICM simply represents your current chip stack in terms of dollar equity in the prize pool of the tournament. It is most commonly used in SNG play as the numbers are easier to calculate but also has applications at MTT final tables. When you or your opponents have short stacks in comparison to the blinds (less than 10BB is usually quoted) then it is possible to calculate a mathematically ‘correct’ range of hands to push all-in with or call an opponents all-in bet. Playing using ICM is an Unexploitable strategy, as long as you can put opponents on correct hand ranges for calling or pushing then you will profit from ICM based decisions over time.
As with any Unexploitable poker strategy there is a counter. Adjusting play based on stack sizes (especially the presence of very small stacks) or making mathematically ‘bad’ calls against regular opponents to prevent them correctly using this strategy in future are just 2 examples of poker game theory in action. For more on ICM see our SNG Strategy Articles section.
Poker Game Theory Application #3 – Stack Sizes and The Gap Concept
The gap concept suggests that one needs a stronger hand to call an opponents bet than you need to raise yourself. In a no-limit Holdem tournament the ‘gap’ is usually small when stacks are shallow compared to the blinds (since implied odds are far higher) and shrinks considerably as the game approaches the bubble.
Poker Game Theory suggests that opponents understanding of the gap concept can be exploited. This happens when you strongly re-raise a player who has raised a pot ahead of you when stacks are getting shallow. If your opponent understands the gap concept he may be open-raising with a wide range of hands. The second ‘gap’ – that between the hands he will open with and those he will call a re-raise with – may be very wide. If your opponent raises with 20% of hands but will only call with 5% he will fold to your re-raise 75% of the time.
Using mathematics to exploit this concept will gain chips in many tournament situations. This is particularly true when stack sizes are balanced in such a way as to commit your opponent to the pot. The danger of using such a strategy is that yet another opponent picks up a monster hand behind you – so best used from late position!
Poker Game Theory Application #4 – S.A.G.E. Poker System / Nash Equilibrium
Both the SAGE poker system and ‘Nash Equilibrium’ systems are designed for heads up play with high blind levels at the end of a tournament. While they work slightly differently there is a common theme between these systems that they represent Unexploitable poker strategy. That is, playing either system heads-up will mean that no opponent can gain an advantage in terms of chips won over you.
Again we come to the same conclusion, that applying poker game theory not only entails understanding of mathematical approaches, how to adjust your own play to counter errors your opponents make compared to the mathematical ‘norm’. In the case of these 2 heads up poker strategies this would involve deviating to take advantage of opponents playing either too tight or too loose in a heads-up situation.
Applying Game Theory is even more effective against weak opposition – find out which is the best place to find those easy to exploit opponentsin our Best Poker Tournament Sites section.
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