in Las Vegas had two tables of pai gow poker, both
of which had signs saying "Surrender allowed;
keep half your wager and fold your hand." With
proper strategy, surrender at pai gow poker gives
you an edge over the casino of 1.2% (after paying
the 5% commission). The maximum bet was $1000. Proper
strategy for surrender at pai gow poker is contained
in Optimal Strategy for Pal Gow Poker.
is an integral part of poker. More precisely, it is
an integral part of every single bet or raise you
make, since every bet or raise carries with it a chance
of winning a pot immediately, ~regardless of your
cards. (Note that this is not true of a call.) Knowing
when to attempt a bluff depends heavily on your perceptions
of your opponents, their perceptions of you, and the
circumstances of the hand.
Some aspects of bluffing can be modeled using expected
value, since every time you bluff, you are making
a bet that has a certain chance of winning a pot of
a certain size. If it were possible to quantify the
chance of a bluff succeeding, bluffing strategy would
simply be a matter of making a bluff whenever it had
a positive expectation. In the real world, of course,
no precise odds of winning can be assigned to a bluff,
because you have incomplete knowledge of your opponents'
holdings and inclinations. Even so, the expected value
model does illuminate the fact that bluffs only have
to succeed a certain fraction of the time-hased on
their pot odds-to generate ca net profit. In other
words, you aren't a bad poker player if you get caught
bluffing sometimes, or even most of the time. It only
takes a few successes to come out on top.