Poker is arguably one of the most popular gambling oriented pastimes. There is admittedly some tactics that go into the game, and they can be applied to other areas of betting as well. Here’s how.
Find value bets.
Poker player essentially has two choices. They either make value bets – or they bluff, and a lot of good money comes from the former. The fundamental key to any successful wager is to find an opportunity for a value bet, which gives you an edge over your opponent or bookie. When the odds offered to reflect a probability that in reality is less than the probability of occurrence, a value bet can take place.
There are reportedly more ways to shuffle a deck of cards than there are atoms on earth. A poker player has no control over what combination of cards he receives, and although a large portion of the game is based on luck, there is also quite a bit of skill and strategy that goes into it, that an individual lowly develops with experience. It takes tact to know when to put all your chips in, to call a bluff. The same can be applied to any field of betting. Although chance does play a huge role, you need to plan and strategize. Whichever world of betting you may be involved in – football or cockfighting – there are multiple strategies you can employ to increase your chances of winning.
Calculate the odds.
For a poker player to completely ignore pot odds and base his moves purely on instinct can be disastrous. Now, no one’s encouraging you to learn how to count cards, bet devolving a basic mathematical formula to calculate the odds to bring you the most value is encouraged. Knowing the odd and probabilities when making any bet can give you an advantage.
Study the opposition.
It pays to know who you’re betting against. Experienced poker players will take their time to get to know their opponent, their habits, and mannerisms, find patterns and weaknesses, pick apart their ways. Know who you’re betting against. How do they stack up against your choice? What have been the outcomes of previous encounters? Are they any factors that could give them an edge over your pick? Study the playing field, and make your decisions accordingly.
Know when to hold ‘em, know when to fold em.
Successful poker players know when to raise or to go all in. When they’re dealt a bad hand, they know it’s time to call it quits. All of this is based on circumstance. Like poker players, to be a smart punter, you must know what to bet on, when to bet on it, and where to draw the line, and how to go about doing just that.