Poker Quiz #3: Incorporating New Information

In poker, being able to update your assessment of a situation based on new information is vital. For example, in a game of Texas Hold’em, having a good understanding of what your opponent would do with different hands on the flop in can help your decision-making on the turn. If...

Poker Quiz #2: Base Rates and Combinations

The use of base rates comes up often in poker, and can be useful when making decisions to fold, call, or raise. Most poker games involve hidden cards, but this does not mean we have to blindly guess what these cards might be. By using knowledge of the distribution of...

Poker Quiz #1: Expected Value

The idea of expected value is one that comes up often in poker and trading discussions. Expected value is the sum of the probability of each possible event times that event’s payoff. For example, if you were to flip a fair coin where you got paid $2 for heads and lost...