Poker is a game of chance and skill in which individuals compete for an amount of money or chips contributed by all players (called the pot). The game has many variants, but most share a common structure. In each round of betting, players may fold (drop out of the hand), call (match or raise another player’s bet), or raise (“put in more money than a previous player”).

One of the most important concepts to understand about poker is how the game works mathematically. Mathematicians John von Neumann and Oskar Morgenstern analyzed a simplified variant of the game in their foundational 1944 book Theory of Games and Economic Behavior, proving that an optimal strategy exists.

The most successful poker players have a deep understanding of the game’s fundamentals, including how hands map to specific combinations and how positions influence the way in which you play the game. In addition, they are skilled at observing tells from their opponents and leveraging that information to make better decisions.

Observing the play of experienced poker players exposes you to different strategies and playing styles, which can expand your knowledge base and give you new ideas to incorporate into your own game. It also allows you to see the pitfalls that experienced players encounter and learn from their mistakes, as well as how they overcome challenging situations. This will allow you to become a more profitable poker player in the long run. Thinking in Bets: A Poker Player’s Guide to Decision Making