Poker 101 A Penn Poker Event

1. Poker 101A Penn Poker Event Welcome new members and class of ’12

2. Poker 101: The Rules of NL Texas Hold ‘Em • Each player is dealt 2 cards (hold cards) • 1 Round of betting occurs now • Three Community Cards are dealt face up • 1 Round of betting • Another Community Card is dealt face up • 1 Round of betting • Another Community Card is dealt face up • Final round of betting • The player with the best 5 card hand using 0,1, or both of his Hold Cards plus the Community Cards wins

4. Basic Vocabulary • Blinds: the forced bet that rotates around the table. Each hand has 2 blinds: small and big • ThePot: Whatever money is at stake over the current hand • Bet: To put an amount of money in the pot • Raise: To bet more than the person before you bet • Call: To agree to the bet that was made • Fold: To surrender your cards and not put any more money in the pot • AllIn: To bet or raise for all the chips you have in front of you

5. See one, Do one , Teach one • Now that you’ve seen one, • Sit with a board member and play a few orbits • Then each player can narrate a hand to their table

6. Poker 101A Penn Poker Event Welcome new members and class of ‘12

7. Penn Poker • A club for people who like poker • All skill levels welcome • All commitment levels welcome • We like to learn, teach, and make money through poker • Our Events • Strategy Sessions • Student Run; anyone can host; a lecture/forum • Pro Speakers • Sweat Sessions/ Grind Sessions • The Penn Poker Open; The College Poker Open

8. Bad Beats / Successes • How we start our events: • Name / handle • Where you play, what you play • Bad beat / Success story

9. Ask questions, start debates • The reason we created this club was not to lecture, but to learn • If you have a question, ask • If you disagree or have a better way of saying/doing something, speak up

10. Outline • Vocabulary • Etiquette • Bank Roll Management • Position & Starting Ranges • Betting • Bluffing • Playing online and using HUDs and Rakeback

11. Vocabulary • Continuation Bet: A post flop bet made by the pre-flop raiser • Rake: The portion of each pot, or additional fee required of each tournament buy-in, taken by the casino • Outs: The (number) of cards that will make you the best hand when behind • The Nuts: The best possible hand (at a given time).

12. Etiquette • Often something that makes new poker players feel out of place • When in doubt, ask those sitting around you • Remember 3 things • 1) Don’t act out of turn • Just ask, “is it on me?” • Or…PAY ATTENTION • 2) Don’t apologize for bad beats • Sorry I won…..sorry I have your money ….sorry you suck…..sorry I sucked out • If you’re truly sorry, give the chips back • 3) Don’t slow roll if you won, • Don’t complain if you lost • Don’t gloat if you win

13. Etiquette In the Casino • Rules are strictly enforced • Verbal plays • String betting • Mucking/ Dropping cards / Keeping cards on the table • Table stakes (don’t pull cash out of your pocket mid hand) • You tip the dealer, the drink staff, and often the chip runners. • Be careful who you get in arguments with • Bad beat jackpots exist • Aces full of jacks or better beat by 4 of a kind or better, both hold cards must play • Chop it?

14. Bankroll Management • What is a bankroll? • The money you set aside to play poker • Why is it important? • Even if you play nearly perfect poker, it is still possible to lose for very long periods of time • What is proper bankroll management? • While pros disagree, the conservative poker community supports the following equation • (Big Blind of your game)*(2000) • At a $.10/$.25 game, your bankroll should be $500 (=.25*2000) • Tournament buy ins should never be > 2% of your total roll

15. Ten-Person Ring Game Position Chart Under The Gun Hi-Jack

16. Position Poker is a game of information. Early position leaves you vulnerable to being raised, bluffed, or both. Acting last gives you the most information and the last word on any betting, raising, calling or folding • The Blinds (SB& BB) • You have the worst post-flop position. Don’t play any mediocre or bad hands here pre-flop. Play only good ones. • Under The Gun (UTG) • You are first to act pre-flop. Keep your range tight but balanced. • Middle Position (MP) • You are in a decent position to open your range. • Button/Dealer (BTN) • The button acts last on every street. The button is by far the most profitable position in poker and you should take advantage of it by being looser and more aggressive from this position.

17. Starting Hand Ranges • Starting Hands • A starting hand range is a foundation for playing solid poker. It is a systematic chart that tells you what types of hands to play pre-flop from all the positions • They should vary • Based on the size and type of game you play • If the game is playing particularly loose, you might want to tighten your range. If the game is playing a bit tight, you should loosen your range.

18. General Starting Ranges 6 Max • Under The Gun • Any pair; AK, AQ,AJ, KQs • Middle Position • UTG + KQo • SB & BB • JJ+, AK • As you improve your ranges can broaden. • In the beginning, just keep it tight

19. Betting • Move your chips around. Make your presence known • Balance the interests of getting value with disallowing draws • Bets should be between 1/3 and Pot sized • All ins should be made cautiously, but not sparsely • You should think in terms of lines, not streets • You should always have a purpose and seek to understand your opponent's purpose

20. Bluffing • OH NO….WHERE’S MY FLUSH/SET/QUADS/BOAT?!?!?!? • Guess I’m going to have BUY MY WAY OUT! • ALL IN!!!!!!! • Bluffing should be kept relatively low and should decrease with the following: • A lot (3) of players in a hand • Being in early position • Not having anything to represent • Don’t bluff short stacks or deep stacks, fish, or noobs • ALWAYS ASK: What am I representing? • Make sure you’re telling a story that makes sense

21. Online Play • Online Vocabulary: • HUDs (Heads Up Displays) • Programs that monitor the other players statistics, most importantly • VPIP, PF, • Cbet and Fold to Cbet • Poker Tracker, Realtime (a free hud) • Rakeback: Players can register with various rakeback websites when initially signing up with an online poker room • These websites will refund a certain portion of the rake poker rooms take from both your cash game and tournament play • An excellent way for poker players to save considerable amounts money when playing online

22. Choosing a Site • … Is not illegal • Play on Full Tilt • Rakeback • Trustworthy • Play on Poker Stars • Good reward program • Trustworthy • Play on Players Only • If you’re paranoid about people using HUDs • Play on Absolute Poker / UB • If you like cheating, shitty RNGs, bad beats, inability to cash out, shit for rewards, death, misery, pain, etc.

23. Be Responsible • Only play with money you can afford to lose. • Ask yourself: if I lose, will my quality of life be compromised? • If you think you might have a problem go to • GamblersAnonymous.org • Click “20 questions” • Poker is not for everyone. Quitting is not failing.

24. Final Thoughts • If you like what you’ve seen and want more • Penn Poker has a Group Grind Session (steamy) on the 18th • The Learning Curve • Online play has become very difficult. Even if you’re a pro at your home games you might find yourself losing money consistently even at low limits online • Want to read more? • NL Hold’em: Theory and PracticeSklansky and Miller • Little Green Book Phil Gordon • Professional NL Hold ‘em • Twoplustwo.com • Pocketfives.com