David Sklansky Quotes

To repeat, all poker starts as a struggle for the ante. This struggle for the antes is what determines all future action. It is a struggle that increases and builds up, but it should never be forgotten that the initial struggle for the antes is what started the war. Players who do forget this, no matter how well they play otherwise, frequently find themselves in trouble. Most often they play too many hands in relation to the size of the ante; sometimes they play too few. The best way to evaluate the size of the ante is to think about it in terms of pot odds and expectation. Let’s say you sit down in an eight-handed $10-$20 game, and everybody antes $1. That creates an $8 pot. Starting with that $8, you should play your hand in terms of the odds you’re getting for each bet in relation to your expectation of winning. If you bet $10, you are laying $10 to win $8. If someone calls you, he is getting $18-to-$10. The fact that $1 or one-eighth of that ante money was originally yours is of no consequence. In truth, it is no longer yours. The moment you place your $1 ante in the pot, it belongs to the pot, not to you, and eventually to the winner of the hand. It is a common fallacy for players to think in terms of the money they have already put in the pot. They make a bad call because they called one or two bets on earlier rounds. However, it is absolutely irrelevant whether you put the money in there or someone else did. It is the total amount, no part of which belongs to you any longer, that should determine how you play your hand. In home games the dealer often antes for everybody. Some players play much more loosely when they are dealing, thinking that the ante is somehow theirs. But to play differently just because you anted, rather than someone else, is absurd. It is the same amount of money out there, no matter from whose stack of chips it came. On the other hand, when you have the blind in hold ’em, for example, you can and should play a little looser, not because that blind is yours, but because you’re getting better pot odds.

The size of the ante in a particular game determines how you play. The larger the ante in comparison to later bets, the more hands you should play.

Any time you make a bet with the best of it, where the odds are in your favor, you have earned something on that bet, whether you actually win or lose the bet. By the same token, when you make a bet with the worst of it, where the odds are not in your favor, you have lost something, whether you actually win or lose the bet. —David Sklansky, The Theory of Poker

$31. Meanwhile the One horse on top of the Four horse is paying $82 and the Two horse on top of the Four horse is paying $157, and it is going like this in most of the other combinations involving horse One and horse Two. Then, clearly, horse One is favored over horse Two in the exacta pool. But if horse Two is going off at lower odds in the win pool than horse One, something is out of kilter. You have found a discrepancy and may have a good exacta bet on horse Two (or a good win bet