PHIL IVEY

POKER
F U N DA M E N TA L S
GUIDE

MASTERCLASS
 FUNDAMENTALS GUIDE

THE RULES OF POKER

Text courtesy of Pokerstars.com

TEXAS HOLD’EM POKER

The four major variations of Hold’em are distinguished from
Driven by the popularity of televised poker, Texas Hold’em one another by their betting limits:
(more commonly, “Hold’em”) has become the world’s most
• Limit Texas Hold’em: There is a predetermined betting limit
popular poker game, both in live casinos and online. We’ll go
on each round of betting.
into more detail below, but here are the key points you need
to know: • No Limit Texas Hold’em: A player can bet any amount, up
to all of their chips.
• Every player is dealt two cards, for their eyes only
• Pot Limit Texas Hold’em: A player can bet any amount, up
• The dealer spreads five cards—three at once, then
to the size of the pot.
another, then another—which can be used by all players to
make their best possible five-card hand • Mixed Texas Hold’em: The game switches between rounds
of Limit Texas Hold’em and No Limit Texas Hold’em.
• Before and after each card(s) is revealed, players take turns
to bet. To stay in the hand and see the next card, all players THE BLINDS
must have put the same amount of chips in the pot as one
In Hold’em, a marker called “the button” or “the dealer
another
button” indicates which player is the nominal dealer
• The best poker hand wins the pot (See “Hand Ranks”) for the current game. Before the game begins, the player
immediately clockwise from the button posts the
It’s a simple game to learn, yet it has the potential to be “small blind,” the first forced bet. The player immediately
played with a seemingly infinite variety of strategies, tactics, clockwise from the small blind posts the “big blind,” which
and nuance. is typically twice the size of the small blind, but the blinds
can vary depending on the stakes and betting structure
THE RULES OF TEXAS HOLD’EM being played.
Before you begin playing Hold’em, you’ll want to learn
the rules. In Hold’em, each player is dealt two private cards In Limit games, the big blind is the same as the small bet,
(known as “hole cards”) that belong to them alone. Five and the small blind is typically half the size of the big blind
community cards are dealt faceup, to form the “board.” All but may be larger depending on the stakes. For example, in
players in the game use these shared community cards in a $2/$4 Limit game, the small blind is $1 and the big blind is
conjunction with their own hole cards to each make their best $2. In a $15/$30 Limit game, the small blind is $10 and the
possible five-card poker hand. In Hold’em, a player may use big blind is $15.
any combination of the seven cards available to make the
best possible five-card poker hand, using zero, one, or two of In Pot Limit and No Limit games, the games are referred to
their private hole cards. by the size of their blinds (for example, a $1/$2
Hold’em game has a small blind of $1 and a big blind of $2).
Depending on the exact structure of the game, each player
may also be required to post an “ante” (another type of
forced bet, usually smaller than either blind, posted by all
players at the table) into the pot.

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MASTERCLASS
 THE TURN
Now, each player receives his or her two hole cards. Betting
action proceeds clockwise around the table, starting with When the betting action is completed for the flop round, the
the player “under the gun” (immediately clockwise from the “turn” is dealt faceup on the board. The turn is the fourth
big blind). community card in Hold’em (and is sometimes also called
“Fourth Street”). Another round of betting ensues, beginning
PLAYER BETTING OPTIONS with the active player immediately clockwise from the button.
In Hold’em, as with other forms of poker, the available
actions are “fold,” “check,” “bet,” “call,” or “raise.” Exactly THE RIVER
which options are available depends on the action taken by When betting action is completed for the turn round,
the previous players. If nobody has yet made a bet, then a the “river” or “Fifth Street” is dealt faceup on the board. The
player may either check (decline to bet but keep their cards) river is the fifth and final community card in a Hold’em game.
or bet. If a player has bet, then subsequent players can fold, Betting again begins with the active player immediately
call, or raise. To call is to match the amount the previous clockwise from the button, and the same betting rules apply
player has bet. To raise is to not only match the previous bet, as they do for the flop and turn, as explained above.
but to also increase it.
THE SHOWDOWN
PREFLOP If there is more than one remaining player when the final
After seeing his or her hole cards, each player now has the betting round is complete, the last person to bet or raise
option to play his or her hand by calling or raising the big shows their cards, unless there was no bet on the final round,
blind. The action begins to the left of the big blind, which in which case the player immediately clockwise from the but-
is considered a “live” bet on this round. That player has the ton shows their cards first. The player with the best five-card
option to fold, call, or raise. For example, if the big blind was poker hand wins the pot. In the event of identical hands, the
$2, it would cost $2 to call, or at least $4 to raise. Action then pot will be equally divided among the players with the best
proceeds clockwise around the table. hands. Hold’em rules state that all suits are equal.

Note: The betting structure varies with different variations After the pot is awarded, a new hand of Hold’em is ready
of the game. Explanations of the betting action in Limit to be played. The button now moves clockwise to the next
Hold’em, No Limit Hold’em, and Pot Limit Hold’em can be player, blinds and antes are once again posted, and new
found below. hands are dealt to each player.

Betting continues on each betting round until all active LIMIT, NO LIMIT, POT LIMIT, AND
MIXED TEXAS HOLD’EM
players (who have not folded) have placed equal bets in
the pot. Hold’em rules remain the same for Limit, No Limit, and
Pot Limit poker games, with a few exceptions:
THE FLOP
Now, three cards are dealt faceup on the board. This is LIMIT TEXAS HOLD’EM
known as “the flop.” In Hold’em, the three cards on the
• Betting in Limit Hold’em is in predetermined,
flop are community cards, available to all players still in the
structured amounts. Preflop and on the flop, all bets and
hand. Betting on the flop begins with the active player
raises are of the same amount as the big blind. On the turn
immediately clockwise from the button. The betting options
and the river, the size of all bets and raises doubles. In Limit
are similar to preflop, however if nobody has previously bet,
Hold’em, up to four bets are allowed per player during
players may opt to check, passing the action to the next
each betting round. This includes a (1) bet, (2) raise, (3)
active player clockwise.
reraise, and (4) cap (final raise).

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MASTERCLASS
NOTES ON THE SPECIFIC RULES OF
Maximum raise: The size of the pot, which is defined as the
NO LIMIT TEXAS HOLD’EM BETTING
total of the active pot, plus all bets on the table, plus the
The minimum bet in No Limit Hold’em is the same as the size amount the active player must first call before raising.
of the big blind, but players can always bet as much more as
they want, up to all of their chips. Example: If the size of the pot is $100, and there is no previ-
ous action on a particular betting round, a player may bet
Minimum raise: In No Limit Hold’em, the raise amount a maximum of $100. After that bet, the action moves to the
must be at least as much as the previous bet or raise in the next player clockwise. That player can either fold, call $100,
same round. As an example, if the first player to act bets $5, or raise any amount between the minimum ($100 more) and
then the second player must raise a minimum of $5 (total the maximum. The maximum bet in this case is $400—the
bet of $10). raiser would first call $100, bringing the pot size to $300,
and then raise $300 more, making a total bet of $400.
Maximum raise: The size of your stack (your chips
on the table). In Pot Limit Hold’em, there is no “cap” on the number of
raises allowed.
In No Limit Hold’em, there is no “cap” on the number of
raises allowed. MIXED TEXAS HOLD’EM
In Mixed Hold’em, the game switches between rounds
POT LIMIT TEXAS HOLD’EM of Limit Hold’em and No Limit Hold’em. The blinds are
The minimum bet in Pot Limit Hold’em is the same as the size typically increased when the game switches from No Limit to
of the big blind, but players can always bet up to the size of Limit, to ensure some consistency in the average pot size in
the pot. each game. The betting rules on each round follow the rules
for that game, as described above.
Minimum raise: The raise amount must be at least as much
as the previous bet or raise in the same round. As an exam-
ple, if the first player to act bets $5, then the second player
must raise a minimum of $5 (total bet of $10).

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 FUNDAMENTALS GUIDE

TRADITIONAL HIGH
POKER HAND RANKS
Text courtesy of Pokerstars.com

straight flush: Five cards in numerical order, Note: The ace may be used at the top or bottom of the sequence, and
all of the same suits. is the only card that can act in this manner. A,K,Q,J,T is the highest
(ace-high) straight; 5,4,3,2,A is the lowest (five high) straight.
In the event of a tie: Highest rank at the top of the
sequence wins. three of a kind: Three cards of the same rank, and two
The best possible straight flush is known as a royal flush, unrelated side cards.
which consists of the ace, king, queen, jack, and ten of a suit.
A royal flush is an unbeatable hand. In the event of a tie: Highest-ranking three of a kind wins. In
community card games where players have the same three of
four of a kind: Four cards of the same rank, and one side a kind, the highest side card or, if necessary,
card or “kicker.” the second-highest side card wins.

In the event of a tie: Highest four of a kind wins. In commu- two pair: Two cards of a matching rank, another two cards
nity card games where players have the same four of a kind, of a different matching rank, and one side card.
the highest fifth side card (“kicker”) wins.
In the event of a tie: Highest pair wins. If players have the
full house: Three cards of the same rank, and two cards of same highest pair, highest second pair wins. If both players
a different, matching rank. have two identical pairs, highest side card wins.

In the event of a tie: Highest three matching cards wins the one pair: Two cards of a matching rank, and three unrelated
pot. In community card games where players have the same side cards.
three matching cards, the highest value of the two matching
cards wins. In the event of a tie: Highest pair wins. If players have the
same pair, the highest side card wins, and if necessary, the
flush: Five cards of the same suit. second-highest and third-highest side card can be used to
break the tie.
In the event of a tie: The player holding the highest-ranked
card wins. If necessary, the second-highest, third-highest, high card: Any hand that does not qualify under a category
fourth-highest, and fifth-highest cards can be used to break listed above.
the tie. If all five cards are the same ranks, the pot is split. The
suit itself is never used to break a tie in poker. In the event of a tie: Highest card wins, and if necessary, the
second-highest, third-highest, fourth-highest, and smallest
straight: Five cards in sequence. card can be used to break the tie.

In the event of a tie: Highest-ranking card at the top of the

sequence wins.

PHIL IVEY TEACHES POKER STRATEGY

5 TRADITIONAL HIGH POKER HAND RANKS
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 FUNDAMENTALS GUIDE

OVERVIEW OF POKER MATH

Text courtesy of Pokerstars.com

OVERVIEW: POKER MATH

opponents can have a full house yet.) There are 13 cards of
Poker is a game that demands several skills to be used at each suit in the deck. You hold two of them, and another two
once, and the best players also use some basic mathematics are on the board. Four of the 13 hearts have therefore already
to help them make the correct decisions. It is not necessary to been dealt, meaning that there are still nine hearts left in
have a really complex mathematical mind to play poker—so the deck.
don’t be discouraged—but there are a few elements to the
game that all players should learn. This means you have nine cards that can improve your hand
to a probable winner. You have nine outs.
We have already seen how the relative strength of a poker
hand can increase or decrease as flop, turn, and river are Example with a straight draw:
dealt. For example, is a big favorite against You have and the flop is . Now
preflop, but becomes a huge underdog if the flop any ace or nine will complete your straight. There are four
comes . aces and four nines in the deck, so you have eight outs.

If you have a hand that is probably behind, but has the If one card is missing to complete a straight, you have four
potential to improve to a winner, you need to decide whether outs. For example, if your hole cards were and
it is worth continuing with it through the various streets, and the flop was , your outs would be
how much you are prepared to pay to do so. .

This article explains the calculations required to make the Example with a straight draw and overcards:
right decision about “drawing hands,” i.e., hands that will You have and the board is .
need to connect with later community cards to win. One of the four queens in the deck will make you a straight.
If your opponent has a middle pocket pair, e.g., ,
The first step is to identify the cards that will improve your then you have additional outs, as any king or any jack would
hand (known as “outs”). Once you have managed that, you give you a higher pair.
can move on to calculating how they might help you.
In this case, the number of your outs would increase to 10
CALCULATING OUTS (four queens, three kings, and three jacks).
“Outs” are the cards left in the deck that improve your hand
and will help you win the pot at showdown. The best way Example with a set against a flush draw:
to demonstrate what we mean by outs is to look at a few If you hold and hit a set on a board showing
common examples: , you have a pretty strong hand. But it is not
definitely a winner and could already be behind if any of your
Example with a flush draw: opponents has two spades in his or her hand.
You are holding and the flop is .
If another heart appears on the turn or river, you make a However, you still have the chance here of improving your
flush, and unless another player has a full house or better, hand even further. There are seven cards that could make
you will win the hand. (The board isn’t paired, so none of our you a full house or better (a seven, three remaining twos, and

PHIL IVEY TEACHES POKER STRATEGY

6 OVERVIEW OF POKER MATH
MASTERCLASS
three remaining jacks), or the turn and river could be the The straight draw example again:
same rank, which would also give you a full house. You have and the flop is . You
have calculated eight outs so far (four aces and four nines).
Example with a straight and a flush draw:
You hold and the board is . But how will your outs change if one of your opponents
has two hearts, e.g., , and is therefore drawing
You have both an open-ended straight draw and a flush to a flush?
draw. This means you have nine outs to make the flush and
eight outs to make the straight. At the same time, you have In this example, two of your outs, i.e., and ,
to consider that two cards are counted twice (in this case the would give your opponent a better hand—even if you hit
and the ), which have to be subtracted. Therefore your straight.
you have a total of 15 outs here.
This means you have to discount both cards from your outs.
HIDDEN OUTS You would now only have six outs, which significantly
Although the term “out” typically refers to a card that reduces your chances of winning the hand.
improves your hand, there are also sometimes “hidden
outs,” which help you because they reduce the value of your In general you should take a pessimistic approach when it
opponent’s hand. comes to discounting outs, as it is better to discount one out
too many than one too few!
Example of hidden outs:
You hold and your opponent has . POT ODDS AND EXPECTED VALUE
The board is . Not only would the three In cash games, you simply have to determine whether
kings and the three aces give you a higher two pair than your a call is “correct” in a mathematical sense. This means
opponent, but any six or five would help as well. determining whether you would make money or lose money if
you made the same decision in the same situation an infinite
This is because with a five or six, the board contains two pairs number of times. You compare what you would expect to win
that are both higher than your opponent’s pocket threes, with what it will cost you to stay involved in a pot.
meaning that the fifth card, the kicker, would decide the
outcome of the hand. Your ace is the best possible kicker. When your expected value is positive, you should stay in
the hand.
In this instance, you have 12 outs, six of which are hidden.
This may sound complicated, but it need not necessarily be
DISCOUNTED OUTS so. Calculating your expected value is a two-stage process,
Advanced players don’t only calculate their own outs when involving calculating your “pot odds,” explained below, and
on a draw. They also ask themselves what hand their oppo- then comparing that figure with the odds you have of hitting
nent has, and whether one of the cards they hope to appear one of your outs.
might also give the other player an even better hand.
POT ODDS
Cards like these are known as “discounted outs.” Pot odds are defined as the ratio between the size of the pot
and the bet facing you. For example, if there is $4 in the pot
and your opponent bets $1, you are being asked to pay one-
fifth of the pot in order to have a chance of winning it.

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A call of $1 to win $5 represents pot odds of 5:1. Comparing ratios to determine expected value:
After you have found the two ratios, you must compare
If you are asked to pay $1 to win $10, you have odds of 10:1. If them against each other—the odds of you winning the hand
you need to find $3 to win $9, you have 3:1 and so on. (based on your outs) compared with the pot odds offered on
your call.
(Note: The size of the pot refers to the chips that are
already in the pot, as well as all the bets made in the current If the pot odds are higher than your odds of winning, you
betting round.) should call (or raise, in exceptional circumstances). If your
pot odds are lower than your chances of winning, you
Once you have determined the pot odds, you need to should fold.
determine the odds of hitting your draw.
Here are a couple of solid examples:
ODDS OF HITTING YOUR DRAW
The chart below shows a list of the most common draws you Example with the nut flush draw:
face in Texas Hold’em and the approximate chance you have You have the nut flush draw (nine outs) on the flop and the
of hitting them. pot is $4. Your opponent bets $1. There is now $5 in the pot
($4 + $1), and it is $1 to call. The pot odds are therefore 5:1.
The first column (Outs) shows the number of outs you have; According to the chart, your odds are 4:1 to hit your flush
the second column (Odds Flop to Turn) shows the chance draw. The pot odds are higher. You should therefore call.
of hitting the draw on the next card; the next column (Odds
Flop to River) shows the odds of hitting on the turn or river, You can see why this call is correct by looking at the long-
i.e., on either of the next two cards. term picture. If you make this call four times, mathematics says
that you will hit your draw once. That means you will win $5
for every $4 (4 * $1) you invest. That is good business.
outs odds flop to odds flop to example
turn river
1 45:1 22:1 Smaller set vs. Higher set
Example of pot odds with a straight draw:
Higher pocket pair vs. Smaller
You have a gutshot straight draw (four outs) on the flop and
2 22:1 11:1
set there is $25 in the pot. Your opponent bets $5. There is now
3 15:1 7:1 One overcard $30 in the pot ($25 + $5), and it is $5 to call. Your pot odds
4 11:1 5:1 Gutshot straight draw are therefore 6:1.
5 8:1 4:1 Middle pair vs. Higher pair
6 7:1 3:1 Two overcards
However, according to the table the odds of winning the
7 6:1 2,5:1 Gutshot straight draw plus
overcard hand are 11:1. You don’t have the right pot odds to call here
8 5:1 2:1 Open-ended straight draw and should therefore fold.
9 4:1 2:1 Flush draw
10 4:1 1,6:1 Gutshot plus two Again, a glance at the long-term picture reveals why this is
overcards
so. In this instance, you would need to play ten times in order
11 3:1 1,4:1 —
to win $30. But those ten calls would cost you $50 ($5 * 10),
12 3:1 1,2:1 Gutshot and flush draw
13 2,5:1 1,1:1 —
and so this is not profitable.
14 2,4:1 1:1 Straight draw plus two
overcards
15 2:1 1:1 Flush draw plus two overcards

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How to play against an all in: Avoiding results-oriented thinking:
If an opponent moves all in on the flop, you can make the Even if you have made a correct calculation of your expected
same calculations as described above, but this time look at value, the fact remains that you will often make a correct call
the Odds Flop to River column. If your opponent is all in, you yet still lose the pot. We have factored into the calculation
have the advantage that no further bets are possible. that, for example, you will not hit a flush draw on three out of
four occasions.
If you call, you therefore get to see not only the turn, but also
the river without having to risk more chips. But you must remember that the key determining factor in
these calculations is whether or not you are getting good
Example of odds with a straight draw against an all in: value on your call in the long term. Cash games
You have an open-ended straight draw (eight outs) on the are essentially endless, and you can rebuy if you lose your
flop. There is $50 in the pot and your opponent moves all in chips. We are therefore looking at the decision in the abstract
for $25. You therefore have pot odds of 75 to 25 ($50 plus the and determining whether this would be a profitable play if
$25), and it’s $25 to call. you made it time and time again.

When simplified, the pot odds are 3:1, and if you call you get It is a mistake in cash game poker to base your decisions only
to see both the turn and the river. According to the column on the results of one particular hand—or even one particular
Odds Flop to River in the odds table, the odds of winning the session. Sometimes you might make a good call and lose;
hand are 2:1, and because the pot odds are higher, you should sometimes you will make a bad call and win. But don’t allow
make the call. the specific result to alter your decision-making. You should
base it in mathematics.
CONCLUSION
Calculating odds and outs can seem difficult and time-
consuming, especially if you are a beginner. But this process
is critical to make the right decisions. If you continually play
draws without getting the right odds, you will lose money in
the long run.

There will always be players who don’t care about odds and
call too often. These players will occasionally get lucky and
win a pot, but mostly they will lose and pay for it.

On the other hand, you might be folding draws in

situations where the odds are favorable. If you use the
strategies in this article consistently, you can avoid mistakes
and gain an edge over your opponents.

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 FUNDAMENTALS GUIDE

TABLE POSITION

Under the Gun +2 Middle Position 1

Under the Gun +1 Middle Position 2

Under the Gun Middle Position 3

Big Blind Cutoff

Small Blind Button

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 FUNDAMENTALS GUIDE

GLOSSARY OF TERMS

balanced range (n.): An unexploitable range that includes coin flip (n.): When two hands are all in together preflop
both strong hands and weak hands with potential. Even if your with similar equity. For example, a pocket pair against two
opponents know what your range is, they won’t be able to overcards.
exploit it if it’s perfectly balanced.
cold-call (v.): To call a single preflop raise.
barrel (n.): A bet on a postflop street.
cold-calling range (n.): The range of hands with which
barreling frequency (n.): The frequency at which you bet you call a single preflop raise.
the turn and follow up on the river.
combination (n.): A specific set of hole cards. Note that
blocking bet (n.): A small bet designed to stop your oppo- suit is important here. is not a combination.
nent from making a large bet that is difficult to call. is.

board texture (n.): The characteristics of the flop—whether connect with the board (v.): How well your hand hit a
wet, with many draws and nutted hands possible, or dry, particular board. This is measurable in terms of equity.
without draws and no hand better than a set possible.
continuation bet (n.): A bet made by the player who
brick (n.): A turn or river card that is expected to have no made the last bet or raise. This term is often abbrevi-
impact on the outcome of the hand. ated “c-bet.”

call (v.): To match an opponent’s bet. continuing range (n.): The range of hands with which
you call or raise a bet from another player.
capped range (n.): A range that doesn’t include many of the
strongest hands possible. deuces (n.): A pair of twos.

check (v.): To defer your right to bet for the moment. double up (v.): When you go all in and win enough chips
to double your stack.
checked around (adj.): When all players check on a
postflop street. draw (n. and v.): The hand you’re trying to make. For
example, if you are dealt a two and a three, and the flop
checking range (n.): The range of hands with which includes a four and a five—you’re drawing a straight.
a player checks.
dry board (n.): When the table’s shared cards do not
check-raise (v.): To check postflop and then raise a bet from present many opportunities for drawing hands. For
another player. example, a “rainbow” flop with three different suits, which
does not open up the possibility of a flush draw.

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MASTERCLASS
edge (n.): When you have more equity than your opponent. in position (adj.): When you act after your opponent.

fire a barrel (v.): To bet. lag (n.): Loose aggressive player. They play a wide range of
hands in an effective manner.
fire multiple barrels (v.): To bet on multiple streets.
lead into (v.): In a heads-up pot, to make the first bet
fire three barrels (v.): Making a bet on the flop, turn, and on a postflop street. Implies that your bet is directed
river. at an opponent.

flop (n.): The first three shared cards that are dealt. lead out (v.): To make the first bet on a postflop street.

fold equity (n.): The equity you gain when your opponent leak (n.): A habit that loses you money.
folds. The more frequently your opponent will fold, the more
fold equity you have in proportion to the pot size. limp in (v.): To enter the pot before the flop by simply match-
ing the big blind’s bet, rather than raising.
game theory optimal (gto) poker (n.):
A defensive playing strategy that aims to make you unex- loose player (n.): A player who plays a wide range preflop.
ploitable to your opponents.
loose range (n): A range of hands containing many combi-
get run over (v.): To be aggressively pushed out of nations. Used interchangeably with “wide range.”
many pots.
low-card wet board (n.): Boards with many
gutshot draw (n.): When you have four out of the five cards possible draws, but ones that don’t involve high cards, such
needed for a particular draw, but are missing one. as , , and .

hand range (n.): All the hands a player has in a specific maniac (n.): A player who plays too many hands in an overly
situation. This changes as the hand progresses. aggressive fashion, mostly without a plan.

heads-up pot (n.): A pot with two players. metagame (n.): The integration of your playing history with
your opponents into your decision-making process.
hero call(n.): When a player has a relatively weak hand but
suspects that their opponent is bluffing, so they decide to call min-raise (n.): A raise that is double the previous bet. Preflop
that opponent’s bet on the final round of betting. this is twice the big blind.

high-equity draw (n.): A draw that has many outs. multi-way pot (n.): A pot with three or more players.

hole cards (n.): The two cards you’re dealt. These are also nitty (adj.): A conservative, tight style of play.
described with the term “pocket.” For example, if your hole
cards are , you have “pocket aces.” the nuts (n.): The absolute best hand possible.

initiative (n.): The player who made the last bet or raise is nutted hand (n.): A hand that almost always rates to be
said to have the initiative. the best. You can also describe a player holding such a hand
as “nutted.”

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12 GLOSSARY OF TERMS
MASTERCLASS
open limp (n.): When the first player enters the pot by choice. slow play (v.): To refrain from betting or raising in the hope
This doesn’t include the blinds, as those are forced bets. Used that your opponent will do the betting for you. Also, to give
interchangeably with “open raise.” your opponent a chance to make a better hand in order to
extract more value.
out of position (adj.): When you act before your opponent.
small ball (adj.): A style of poker that minimizes risk by
outs (n.): Cards you need to complete your draw. consciously keeping the pot small unless the player has a
strong hand.
overbet (n.): A bet exceeding the size of the pot.
speculative hand (n.): Hands such as suited connectors and
overcards (n.): Cards that rank higher than any card on small pocket pairs. They don’t make a good hand very often,
the board. but when they do it’s likely to be the best hand.

overpair (n.): A pair that ranks higher than any possible pair sticky player (n.): An opponent who usually doesn’t fold
on the board. marginal hands in the hope of completing their draw.

pay off (v.): To call a big bet. straddle (n.): A voluntary bet made after the blinds have
been posted but before the hole cards are dealt.
peel (v.): To call a bet or raise so you can see one more card
on the board. street (n.): A segment of play. Any card that is dealt or any
betting round.
polarized (adj.): When a range consists of only strong
hands and very weak hands. The more polarized a range, the tag (n.): Tight aggressive player. They play around 20 percent
stronger the value hands and the weaker the bluffs. of hands and open raise around 17 percent. This type of player
is likely a professional.
range advantage (n.): An advantage in which your range of
hands compares favorably to another range. three-bet (v.): To reraise another player’s open raise preflop,
or to reraise over the first raise on a postflop street.
the river (n.): The fifth shared card.
tight range (n.): A range of hands containing
set (n.): Three of a kind when the player is holding a few combinations.
pocket pair.
tilt (n. and v.): A poor mindset that leads a player to make
shove (v.): To bet all of your remaining chips. costly mistakes.

show down (v.): To physically reveal your cards to trap (v.): To refrain from betting or raising in the hope that
your opponents. your opponent will do the betting for you. Also, to give your
opponent a chance to make a better hand in order to extract
showdown (n.): The moment after the final round of betting more value. Can be used interchangeably with “slow play.”
when the last players left in a hand reveal their cards to
determine the winner(s). treys (n.): A pair of threes.

PHIL IVEY TEACHES POKER STRATEGY

13 GLOSSARY OF TERMS
MASTERCLASS
trips (n.): Three of a kind when the board is paired and the wet board (n.): A coordinated board with multiple draws
player holds one card of the same value. possible. This term can apply to the board at any stage,
regardless of how many cards are down.
the turn (n.): The fourth shared card.
wet flop (n.): A flop with many possible draws available.
turn your hand faceup (v.): When you let other players
know almost for certain what you have. You don’t literally flip whale (n.): A big fish who plays too many hands in a passive
your cards over, but you may as well have done so. manner without any skill. They are always likely to call big
bets with weak hands.
value bet (n.): A bet where you expect to have more equity
than your opponent. wide range (n.): A range of hands containing many combi-
nations. Used interchangeably with “loose range.”
value hand (n.): A hand that you can bet with and expect to
be called by worse hands frequently enough to show a profit. winning player (n.): Any profitable player.

PHIL IVEY TEACHES POKER STRATEGY

14 GLOSSARY OF TERMS
MASTERCLASS