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first.
So, in a short-handed game, you'd play your position along the same theories
I discussed in a full game - except the values of the hands go up a few
notches. The trouble hands become better hands because you don't figure to be
up against A-A, K-K or A-K nearly as often as you might in a Ring game.
You simply play more in line with a big-card theory in a short-handed game. I
mean, the bigger your cards are ... the better hand you'll have. For instance,
two Aces or two Kings is just a mountain in a short-handed game ... and you
could play them real fast. But, in a Ring game, you might play either hand a
lot slower because there could be a lot of people taking a Turn to beat those
big Pairs. That wouldn't be the case in a short-handed game. Consequently,
they're much more valuable hands than they are in a Ring game. What you're
trying to catch in a short-handed game is big cards in position.
Chapter Three:
Insurance
Many times when you're playing No-Limit Hold 'em a player will have all his
money in the pot before or on the Flop (or even on Fourth St.). Since there are
cards to come and since no more betting can take place (if it's a head?up
situation), both players will generally turn their hands over so that Insurance
can be considered.*
Insurance is a side-bet that's usually made between the two players involved
in the pot or between one of the players involved and an Insurance Man who
may or may not be an active player. The player with the hand having the best
potential to win the pot is offered (or asks for) some Insurance. Taking
Insurance is a way to protect your investment in the pot. But, it's always a bad
bet (unless a mistake is made). As it is in life away from the Poker table, the
Insurance Man won't be giving away anything. When he lays you a price on
your hand ... he'll be getting the best of it. The price you'll be getting will
always be considerably less than the true price your hand is worth. (See the
Appendix and below.) The difference between the true price and the actual
price the Insurance Man is willing to lay is his Vigorish (edge or Commission).
*There's no rule that says you must turn your hand over, but such a request
is rarely (if over) refused.
I used the phrase "best potential to win the pot" because it's not always the
best hand on the Flop that has the best winning potential. For example, if the
Flop was 7c-5d-4d and you had the 7d-6d ... you'd be the favorite (about 2 1/3
to 1) over an opponent with a Pair of Kings (say, the Ks-Kh). You'd have 20
cards in the deck that could win for you with two shots to catch any one of
them.*
I try not to take Insurance myself. I try to lay it because the best (potential)
hand always has to take the worst of it. For example, if you're a 3 to 2 favorite
... well, the best you can usually get is 13 to 10 (or maybe 7 to 5). So why take
it? That's the edge you're looking for to start with. If you take Insurance ...
you're giving up your edge.
Through the years, I've heard a lot of discussion about whether you should or
shouldn't take Insurance.
My advice is to lay the Insurance ... but don't take it.
You can't argue with mathematical facts when you have the best of
something. If you can lay 7 to 5 on a 3 to 2 shot ... you should do it. But you
shouldn't take 7 to 5 when you're a 3 to 2 favorite. It's that simple.
However, I can understand that if a man was on a short bankroll...well,
perhaps then he should take Insurance. I guess it would be O.K. to take the
worst of it so you could stay in action. But, if your bankroll warrants it ...
don't take Insurance - lay it.
I used to talk about a related subject with a very big (and very successful)
gambler I've known for many years. He said "if a man came in and offered to
lay me 10 to 1 on the flip of a coin for all the money I had in the world ... I
WOULDN'T take it." He said he just couldn't liquidate everything he's got -
all of his property and his cash. He wouldn't risk losing it all. It would be over
a million dollars. He wouldn't do it even if he thought he could get hold of
another million.
*Your Straight-Flush draw gives you 15 wins and you have five more wins
with the 3-Sixes and 2-Sevens that are still In the dock. Of course, the
assumption here Is that your opponent's hand doesn't improve.
But, I'd do it. I surely would. I'd just have to. I couldn't pass up the
opportunity to take 10 to 1 on an even?money shot. I'd do it because I have
enough confidence in myself that I'd be able to come up with another million
if I lost.
Chapter Three:
A Final Word
Of course, I'm sure you understand that all the numerous possibilities have by
no means been exhausted. No-Limit Hold 'em is a highly complex game. It's
hardly possible (and certainly not practical) to attempt to discuss the
enormous variety of situations that could occur. And, as you now know, there
are certain questions I couldn't answer definitively because even I don't know
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