Many poker players now start out by playing no-limit hold’em and this lesson is intended for those looking to make the transition to fixed-limit hold’em. We’ll focus on differences between the two games. While the betting rules are the main difference between the two formats, there are many other strategic differences.
- Texas Hold'em Cheat SheetOdds Based on Outs after the Flop. If after the flop, you have: Two outs: Your odds are 11 to 1 (about 8.5 percent) A common scenario would be when you have a pair and you are hoping your pair becomes a three-of-a-kind (a set).
- I like percent, as equity comes in percents, so no need to convert. For example, if you have to call $25 into a $75 pot, you can figure it in percent or odds. In percent, your price to call (25) divided by the total pot size if you do ($100) shows that your call will represent 25% of the pot, so you have to win at least 25% of the time to break.
After the flop in a no-limit Texas Hold’em game you’re facing a bet of $100 and the pot has a total of $500 in it including the bet. You have a flush draw and you’re convinced the only way you win the hand is if you hit your flush.
In its most rudimentary form the main difference between the two is that implied odds drive no-limit and in limit making or saving an extra big bet is what separates good players from their mediocre brethren. One might make the analogy of the first game being similar to a roller coaster and the second a carrousel. While some enjoy the thrill of speed, others prefer the comfort of the merry-go-round.
For those who have never really embraced limit play and look down upon it, rest assured that there are many pros that make six figure incomes playing limit hold’em without the roller coaster thrashing to their bankrolls that can accompany no-limit play.
The Key Strategic Differences
The following list of differences between the two forms of hold’em should give you an idea of what to pay attention to if you’re switching from no-limit hold’em
Starting Hands
While many unsuited big card starting hands are regularly and correctly played in limit, those same hands can get a player into a heap of trouble in no-limit. Hands such as AQ or KQ can be played aggressively in limit but they can be a disaster in the making in no-limit, especially if the stacks are deep.
Ability / Inability to Manipulate Pot Odds
This difference is obvious but worth noting. Many poker players who play both games will, on occasion, complain at the tables while playing limit that they cannot protect their hands due to the structured betting. Of course these same players, when turning over a losing hand, do not praise the game for allowing them not to have lost their entire stack.
There still are times when a bet and/or a raise can impact the odds offered opponents in limit and accomplished players are always aware of this dynamic.
The Odds
Certainly the knowledge and proper use of odds has a place in both limit and no-limit play. Due to the heightened emphasis on implied odds, no-limit players can many times continue a hand with the worst of it and ultimately prevail and profit handsomely. In limit play, pot odds take on a much more critical role and relying too heavily on implied odds to justify chasing a draw becomes a major downfall of certain players.
Limit is a more mechanical and structured game and adhering to the odds is a must to succeed.
Information
Players need to understand that while one can bet as much as he likes in no-limit, the size of his bets give away information to his opponents as to the strength of his holding. It is for this reason many no-limit players like to keep their bet sizing constant, to avoid giving too much information away. Of course when they play like this – they are playing like limit players. Ironic, don’t you think?
Protecting Your Hand
In no-limit one attempts to manipulate the pot odds to make it ‘incorrect’ for opponents to proceed with draws. Limit players need to focus to the times when being aggressive in an attempt to ‘thin the field’ will work and when knowing all reasonable hands will call your bet anyway. Then your bet/raise will only build a pot that will make it correct for opponents to play.
In limit play pot odds are critical, as implied odds do not take on the emphasis they do in no-limit. Players that fail to make adjustments based upon both the odds they are receiving as well as the odds their opponents are being offered by the pot will not fare well in limit play.
Bluffing
While many believe that bluffing in limit play is a fool’s errand, there is no question that a well timed bluff can work. While bluffs have a much better chance of success in no-limit play, you need to understand that the cost of failure in no-limit can be much higher.
Over the years limit gurus, such as David Sklansky, have advocated that in limit play losing a bet on the end is okay but losing the pot is a disaster. This dictum has led a legion of players to lose a lot of bets on the end and has lost favor in the current limit thinking. Today’s accomplished limit players are not as quick to pay off on the river fearing being bluffed out. This, of course, would indicate that there may well be more opportunities for river bluffs in today’s limit hold’em.
Just know your players, understand the image you have been projecting, assess the board and put yourself in their shoes to evaluate if your bluff is believable.
Stack Sizes
The size of your stack and also your opponents’ has a much greater importance in no-limit versus limit play. Playing with or against a deep stack in no-limit can make significant differences to your strategy. The threat that is evident by the amount of money behind a bet is much larger in no-limit. However it still exists in limit play. In addition, the amount of money a player has on the table also helps create an intimidating presence which can help create positive results in either form of the game.
The Goal
There should be consensus that the single most popular goal of playing poker is to accumulate more chips than you started with. However, in no-limit players are constantly on the lookout for opportunities to double up or take an opponent’s entire stack. In limit play, the accepted guideline for middle limits is to earn one big bet an hour over time. Individual sessions can spike wildly in either direction but a winning player, whether a dedicated amateur or professional, who keeps accurate records will be able to chart this one big bet an hour earn rate.
Conclusion
While the two games look very much the same on the surface they are very different. This will become even more apparent as your progress through our lessons on limit hold’em.
Many players tend to play just one of the hold’em variations, usually being the one they initially learned. There are many others that feel comfortable playing either format. There are then those that can excel at both formats and they are forces to be reckoned with. You should strive to be in this third class of players because they are truly poker players. This third group usually feels right at home with other poker variations such as stud, Omaha, razz and all the different formats. They are truly poker players not just hold’em players.
Related Lessons
By Tom 'TIME' Leonard
Tom has been writing about poker since 1994 and has played across the USA for over 40 years, playing every game in almost every card room in Atlantic City, California and Las Vegas.
In poker there are good bets and bad bets – the game is simply a way of determining who can tell the difference. This is where the concept of pot odds comes into play. Put simply, pot odds means is there enough in the pot to call a bet.
The fundamental principle of playing a drawing hand in poker is that you need a pot big enough to call. When we have a flush draw or a straight draw we will make our hand on the next card almost 20% of the time (19% for flush and 17% for the straight draw). That is, 20% of the time we will make our desired hand and 80% we won’t. The ratio 20 to 80 can be expressed as odds of 4-to-1. Therefore, if the pot is $80 we can almost call a $20 bet to break-even. I say almost because we have to make a profit so, a call of $20 is appropriate when there is more than $80 in the pot.
Know the Odds
You should already know how to calculate odds based upon the number of “outs”. If you don’t know the odds of hitting certain common draws then please go back and study our previous lesson on calculating odds and outs in poker. For the benefit of this lesson we’ll include the handy chart below:
Table: Odds and outs from the flop and the turn to the river:
We have created a printable PDF version of the poker drawing odds chart (opens in a new window). You will need Adobe Acrobat on your computer to view it on screen. We recommend you print the chart and be sure to memorize these odds, particularly the common draws – as your time is better spent analyzing your opponents’ play rather than attempting to perform mathematical calculations in your head.
Track the Pot Size
Part of the concept of pot odds is to focus on the calculation of how to figure the odds of your hand becoming a winner. The other part of the equation is to know how much is actually in the pot in order to know what odds it is offering you.
If you’re playing poker online then the size of the pot should be in clear view at all times – simple! If you’re playing poker live then it’s as easy as paying attention and using basic arithmetic to know the pot size at every step of the way. All one needs to do is multiply the total amount bet on each street by the number of active players and add that sum to the blinds if they are not participating in the hand. Hold that total in your head and add the subsequent total of the next street’s betting and you will always have the pot total available to calculate your pot odds. Here are some critical words of advice: know what is in the pot at all times. How else can you make proper mathematical decisions?
Calculating the Pot Odds
At this stage you should know the odds of hitting your card(s) and the size of the pot. The next step is to know what odds the pot is offering you. The best way to teach you is to use an example hand. Take a look at figure 1, below:
Figure 1
As you can see, we have 9 outs for the nut flush draw, so the odds of hitting our flush on the river are roughly 20% or 4-to-1 odds. There is $450 in the pot, and player 2 bets $150, which now makes the total pot $600. It’s going to cost us $150 to win $600. How do we calculate these figures to give us the pot odds? This is fairly simple as 600/150 = 4, so we have 4-to-1 odds for our money.
If we want to know the percentage then we add the bet (call amount) to the pot, to give us a total pot figure. In this example it would be: 150 + 600 = 750. Once we have this figure then we would have to perform the following formula: call amount / the total pot size. In our example this would be 150 / 750 = 0.2, or 20%.
Now we know the pot odds, should we call or not? In our example we can justify the call as we’re getting 4-to-1 pot odds and our odds of hitting and winning is also 4-to-1. But remember it’s a break-even call over the long term if we’re only counting the flush draw. Ideally we’d want the pot to be a little bigger or their bet to be a little smaller. However, if we believe that hitting either an Ace of King (giving us 6 additional outs) on the river would beat our opponent then we’d have more than enough odds to call the bet.
In poker, whenever the pot odds exceed the odds against making your hand, it pays to keep playing. When the odds against your hand coming in exceed the reward associated with it, it’s usually a bad deal. A simple way to think about this is as follows:
- When the prize exceeds the cost, you should call.
- If the cost is more than the money you figure to win, fold.
…did you know that AK flops a flush draw 11% of the time?
The new book Optimizing Ace King has a complete chapter on playing draws (along with chapters on playing pairs, turn & river play, and even ideal lines when AK totally misses the board).
As a bonus for being a Pokerology reader, use code POKEROLOGY at checkout to save $5 when you pick up your copy.
Let’s look at another example:
Figure 2
Here we have a straight and a flush draw, meaning we have 15 possible outs. The odds of hitting one of our outs on the turn is 31.9% or 2.13-to-1. The pot contains $36 ($24 + $12) and it’ll cost us $12 to call.
Are we getting enough pot odds to call? Let’s do the figures, first in odds…..$36 (total pot) / $12 (cost to call) = 3. Expressed as a ratio this would be 3-to-1 odds, meaning we’ll win once every 4 times. In percentage terms… the pot odds can be expressed as 25%. Our drawing odds are 31.9%. Since the pot is offering us better odds than our draw, we should call the $12 bet.
Let’s continue with this hand example. As you can see in figure 3, we didn’t hit on the turn, we check and our opponent then bets $60 into the existing $48 in the pot.
Figure 3
Are we still getting the correct pot odds to call in the hopes of hitting a straight or flush? The answer is no.
The pot odds are now 1.8-to-1 (108 / 60) or 35.7% in percentage terms. Our drawing odds are 2.07-to-1 or 32.6%. Since the pot odds are less than the odds of hitting, in this instance we should fold. To call a bet here we’d need the pot to be a little bigger or our opponents bet to be a little lower. He has priced us out with his overbet.
So, that old feeling we had, “There is a bunch of money in the pot, I call”, was and is a sound tactic. Now we know more precisely when it is profitable and when it is not profitable to go in on draws. Knowing pot odds does two things; it lets us concentrate on the other players and turns poker into a game of skill.
Make Your Opponents Pay
Let’s take a quick look at a situation when you’re the one with a made hand and you figure one or more of your opponents to be drawing. Understanding the concept of pot odds should help you to determine an appropriate bet size and charge your adversaries for their possible draws.
Imagine raising a bunch of limpers from late position, holding pocket Jacks. The big blind and the three of the original limpers all call your raise and the five of you watch a flop of :
You’ve hit middle set but there are both straight and flush draws staring at you along with four opponents. There is $86 in the pot and everyone checks to you. You are definitely going to make a continuation bet but you need to decide on how much. Allow me to provide a check list of criteria to think about that as you become more experienced will become so automatic as to not even require any conscious thought.
- Know the pot size – in this case $86.
- Acknowledge the texture of the flop and tendencies of your opponents in terms of potential threats to your holding. Limpers and callers are many times on draws.
- Know the odds to the potential draws the flop offers. In this case both flush and straight draws.
- Make a bet that will not offer the potential draws the correct odds.
- You should bet the size of the pot, $86, in order to make the odds being offered by the pot only 2-to-1 which would not be attractive odds for draws.
If it is true, and I believe it is, that the bulk of your poker profit comes from the mistakes of others rather than you own brilliant play, then identifying opponents that overpay to draw to their hands is critical information. Aside from just playing too many hands, one of the biggest and most expensive mistakes less experienced poker players commit is paying too high a price to try to make their draws. Ferret this information out by tracking the pot and watching showdowns and then you can determine how to manipulate the size of the pot against that opponent in a future hand.
Implied Odds
This is an extension of pot odds and represents the ratio of the total amount you expect to win if you complete your hand, to the amount you would need to call to continue. Put simply, you don’t have the correct odds to call, but if you reason that there’s a good chance that your opponent will bet again when you hit your draw, you might be getting the implied odds to call.
While implied odds are an important tool to be aware of, particularly in no limit hold’em, many less disciplined players abuse it by using it as a justification to chase draws that are not getting the proper pot odds. While pot odds can be calculated with total accuracy, calculating implied odds takes some guess work and knowledge of your opponents’ tendencies. It’s more of an art than a science.
Are your opponents mostly fish?
If yes, they tend to offer a lot of implied odds – but most players leave chips on the table by missing aggression AND using incorrect bet/raise sizes when they hit their hand.
To ensure you don’t fall into the same trap, sign up for CORE today and pay special attention to the lessons on:
· Value Betting (Level 1)
· Overbetting (Level 2: Postflop)
· Range Elasticity (Level 2: Ranges)
Enroll today for just $5 and see how pot odds (along with 100+ other concepts) fit into the entirety of your poker playbook!
Tournament Play
Pot Odds Poker
Much of what has been offered so far is beneficial for both cash games and poker tournaments. But you should approach opponents in tournaments that are desperate a little differently. In a cash game, being pot committed doesn’t really come into play. The term pot committed simply refers to a player who has half or more of his chips already in the pot so if he loses this pot he is pretty much finished anyway. This player will be calling, not based upon the pot odds, but due to his predicament. Players calling in tournament play without the correct pot odds does not necessarily indicate poor play. Calling may well still represent their best chance mathematically to move forward in the tournament and make some money. Hence the expression, do or die!
The reverse situation relative to pot odds can also occur in tournament play. Imagine being in a situation wherein you have the correct pot odds to call but folding could be the better option to advance. An example of this type of phenomenon would be holding the nut flush draw with one card to come with two other opponents already all-in by a monster stack late in a poker tournament. The pot could be offering you greater than the odds required to make the call mathematically correct but the fact still remains that you will miss your flush 80% of the time. If you were on the bubble with the big stack bully already having two other players all-in and you knew you would only prevail in the hand 20 percent of time – I think a fold would be in order.
Many believe that pot odds aren’t nearly as important in tournament play. This is especially true in the lower stake “fast” events that are typical in both live and internet play. These players focus on the odds of their opponents’ calling based upon the size of chip stacks. While some of this is true, if you begin to ignore pot odds because you are in a poker tournament, you will begin to slide down a slippery slope. If you are planning to make a decision that is not in accordance with good pot odds play, you should have a very significant reason.
Put in the Work
No Limit Poker Free
Knowing what and how to use pot odds is essential if you wish to become a winning poker player. Learning how to use these concepts to your advantage can put you well ahead of a vast legion of players that are just too lazy to put in the work. They are playing on feel and their gut instincts and proud of it. I’m happy they’re proud of this approach because I know they can’t be proud of their bankrolls. These “proud” players are the assets you need in both cash games and tournaments. Let them be proud – you should put in the work – you’ll be glad you did as you’ll end up with their bankrolls.
Related Lessons
By Tom 'TIME' Leonard
Tom has been writing about poker since 1994 and has played across the USA for over 40 years, playing every game in almost every card room in Atlantic City, California and Las Vegas.