CardSharp

In this series I discuss topics that are well known within the gambling community, but that may be new to players who come to the game of poker from a non-gambling background.

A parlay is a bet where multiple things have to go your way for you to win the bet. The terms is most frequently used in sports betting. In a standard sports parlay, you can combine multiple team or total bets where you would normally lay 11:10 into one bet. Since it’s more difficult to have all the components come in than it is to win a standard bet, the house offers more attractive odds - usually they pay 13:5 for a 2 team parlay and 6:1 for a three team parlay. Note of course that these odds still have a built-in house edge as with any sports betting - you would get paid 15:5 and 7:1 respectively on a gentleman’s wager.

Parlays occur in poker all the time, but they’re not always obvious. Consider the following fairly common situation in limit holdem:

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In this series I discuss topics that are well known within the gambling community, but that may be new to players who come to the game of poker from a non-gambling background.

Previously I’ve written on the topic of odds. I want to expand on some of the concepts presented there and introduce the important concepts “risk & win”, “expectation” and “price”.

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In this series I discuss topics that are well known within the gambling community, but that may be new to players who come to the game of poker from a non-gambling background.

Imagine a race between two horses. Horse A is a remarkably reliable horse, and will always complete the race in essentially the same time. Horse B, on the other hand, is remarkably inconsistent. Sometimes it runs a very fast race, far faster than A, and sometimes it runs a very slow race, far slower than A. Which behavior horse B exhibits is random, and P(fast race) is 0.3 or the odds are 7:3 against horse B running a fast race.

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In this series I discuss topics that are well known within the gambling community, but that may be new to players who come to the game of poker from a non-gambling background.

A freeroll is a gambling situation in which you cannot lose money, but have a possibility of winning money. As you might imagine, such situations are usually quite attractive, and they come up in gambling and poker surprisingly frequently.

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In this series I discuss topics that are well known within the gambling community, but that may be new to players who come to the game of poker from a non-gambling background.

Gamblers have a funny way of talking about how likely it is that something will occur. Instead of citing the percentage chance that some event will occur, they cite the “odds” that it will occur. Odds notation works as follows: the odds that something will happen is the ratio between how many times it will happen and how many times it won’t. The bigger side of the ratio is always stated first, so you have to specify whether the odds are “in favor of” or “against” the event occurring. For example, if you have a race with 6 horses, and each is equally likely to win the race, then you could say the odds are 5:1 against horse #3 winning the race. On the other hand, if you had a race with 6 horses, and 4 of them were black, and all had an equal chance of winning, you could say the odds were 4:2 in favor of a black horse winning.

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