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Maximum Payoffs

 

Practically all casinos have a limit to what they will pay out for any particular round of play. For example, if the maximum payout is $25,000, then a player who has bet $100 on each betting circle and has been dealt a royal flush would only be paid $25,000, instead of the correct $300,000. Even if he had only bet $10 on each circle, a more likely scenario, he would not get $30,000 and so would be $5,000 short of the correct payout. Therefore, it's important to know just what the maximum payout is in any casino where you play Let It Rides. There should be a sign at the table indicating the maximum payout. If you can't find the information there, ask the dealer or floor man and bet accordingly.

An easy way to calculate the payment you'll receive for a royal flush is simply to divide the maximum payout by 3,000. If the payout is $30,000> that's easy-$10 is the most you should bet for a correct payout. If the maximum payout is the more usual $25,000, then dividing this by 3,000 gives you $8.33. In order to receive a correct royal flush payout you shouldn't wager more than $8 in any betting circle. Don't be shy when asking about the maximum payout-it can even be less than $25,000, all the way down to $10,000. It may also be as high as $100,000 at the Horseshoe in downtown Las Vegas.

What should -you do if you are about to sit down at a Let It Rides games and find that the maximum payout is only $10.000 with a required minimum bet of $5. Don't sit down. Find a casino that offers the optimum value for your wagers.

 
Categorizing Opponents
 
A rational player tends to make decisions based on ideas about his chances of winning money. He may be making mistakes and may have bad judgment about his money-winning potential, but winning money is his goal. An irrational player makes decisions based on emotional needs, rather than on financial considerations.

Deal with categories of players do so along only two dimensions: tight/loose and aggressive/passive. In fact, one book, The Psychology of Poker (2000) by Alan Shoonmaker, is devoted entirely to this two-dimensional analysis of players. But, like a two-dimensional model of space, a two-dimensional model of poker players simply lacks depth. It's a superficial view with only superficial usefulness.

The Psychology of Poker isn't really about the psychology of poker. It presents a framework for categorizing players as aggressive/passive or tight/loose. It's a standard framework, one that almost all poker writers use. Shoonmaker borrows from the literature on management styles and takes the standard stereotypical poker player categories further than most. You might say he takes it too far. His focus on the individual opponent helps somewhat on how to react to a loose player as an isolated opponent, but doesn't help much in showing things such as how to adjust to having many loose callers acting before you (position).
 
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