Rewards and Risk In Poker
Balance is very significant in playing poker. You should know if a reward is worth it if the risk involve is so high. Sometimes an excellent reward came with a very high and dangerous risk, so you need to think twice before making a decision. Take this two examples in mind:
Example 1 – A very affluent man approach you and ask you to play a round of Russian roulette for him. He is offering you $1,000,000 just to play it.
In this situation you have 5 out 6 chances of defeating the game and winning the offered million. The catch would be there is 1 out of 6 chances that you are going to be dead. Good rewards but a great risk. I myself don’t want to end up dead just to get a million dollars.
Example 2 – You’re one lucky person ‘coz you won $5,000,000 in the lottery. At this point the same man at example 1 challenge you to a coin flipping contest. If the coin toss results will be head then he will give you $10,000,00, double your money and if its a tail then you’ll give him $5,000,000.
At this example you’re offered very high odds. 50% chance to win $10 million dollars. However, you also had 50% chance of losing $5 million dollars to the same man. I think if the rich man offered a lesser amount of money as bet, you could have tried your luck into this. But an all or nothing situation like this does not attract better individuals.
The example above are not really the same in playing poker but there are sort of the same. Sometimes just ti make a good decision you’re going to give up a positive EV.
One example would be this:
If you got a free roll in a world tournament and end up being short in chips and a person away from the bubble, then its time for you to make a decision that will be advantageous for you. You can make the money and get a considerable $50,000. You have been also informed that someone have beeb eliminated. And if you lose this certain hand, you’ll end up with no money because you have lesser chips than the other players.
Your hole card is a pocket of Aces. If you decided to fold you’ll win $50,000. But if you play and lose you’ll get nothing. But if you play and win you got triple winnings.
The dilemma here is that even there is a reward triple or double your chips, its not enough if you lose $50,000 dollars if you lose the hand. Another thing to consider is that even if you win, you still don’t have the chance of increasing your stat into the tourney ladder.
You should always take the risk into consideration when you are playing poker. If the rewards are high but the risk of winning the reward carries a big risk then its better to fold your hand and not to take the risk at all.
Remember that in a tournament especially if you are deep stacked, there is always a better time to win a pot. So that’s where you have to place the money.
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