Noob question post here! :)
I have a really common question to ask and I've heard different answers from friends, proffesionals, my law teacher and a cop.
Is poker at home Legal or Illegal? If there is no rake involved? Any limit of buy in before the laws change? How bout people under the legal age of gambling?
thx
P.S Can someone tell me the terminology of all the types of odds, i want to make sure i've got it all done cold, i.e implied odds, card odds etc.
Is poker at home Legal or Illegal? If there is no rake involved? Any limit of buy in before the laws change? How bout people under the legal age of gambling?
thx
P.S Can someone tell me the terminology of all the types of odds, i want to make sure i've got it all done cold, i.e implied odds, card odds etc.
Comments
technically, you can hold a tournament for 300 people in a hall...but if you charge a registration fee, then it's not legal. If you pay to rent the hall, then the hall owers too, are breaking the law technically.
A loophole i'm curious about is:
what if there was no registration fee, but you were asked to buy a pair of shoelaces for $25? Surely there is no law against selling shoelaces for $25
if you're looking for terms to be translated, try being specific...there are too many to just toss out definitions.
cheers.
Wouldn't that be the same as charging for drinks? Or does the drink thing only apply to alcohol?
Pot odds are the comparison between how many bets are currently in the pot and how many bets you need to call to continue with the hand. For example, say you're playing 5/10 limit hold'em and the flop gives you a flush draw. Someone bets and lets say the pot is $30. It costs you $5 to call, so you are getting 5:30 odds, or 1:6.
Since the odds of making your flush on the turn are roughly 1:4, you should call. Anytime the time the pot is offering you better odds than those of making your hand it is a favourable situation. Of course, you shouldn't always call. If there is a high chance of someone raising behind you you need to figure out of it is still favourable to call. Also, it is sometimes correct to raise your draw if you can trap in other players for multiple bets. Ok, I know I strayed a bit but I think thats what you need to know about pot odds.
Now, implied odds are just like pot odds, but they take into account the bets that you will win on later streets if you make your hand. Again, lets say you're playing 5/10 LHE. You now flop an inside straight draw and again, someone bets. The odds of hitting your 4-outer on the turn are about 11:1, but you calculate your pot odds to only be 9:1. It looks like you should fold, but if you think that you will win some BB on the turn and river when you do make your hand, then it may be correct to call with the current unfavourable pot odds. Again, keep in mind that if there is a good chance of someone raising behind you on the flop you should fold since it will be costing you too much to continue, even with the implied odds.
Hope that helps.
This has been tried in so many ways it's mind boggling. The ACGO has basically clamped down on all possible exceptions to their rule. I am not going to try and find case studies and rulings, but I worked for 2 companies who attempted (and lost) something like 4 lawsuits with these sorts of approaches.
Also, another really noob question. Can you please explain exactly how pot betting works. I understand you can bet whats in the pot, but how does it work pre flop? blinds 1 -2, first to act can raise to 5? and second could then see the 5 and raise 8? is that it?
One last question. How come in split pots online they dont leave the odd chip denomination in the middle of the pot? Really stupid question i know, but seems like that would be the most fair way of doing things, instead of giving one guy the extra chip.