The Mathematics of Poker

by Bill Chen and Jerrod Ankenman

Book Overview

In the late 1970s and early 1980s, the bond an option markets were dominated by traders who had learned their craft by experience. They believed that there experience and intuition for trading were a renewable edge; this is, that they could make money just as they always had by continuing to trade as they always had. By the mid-1990s, a revolution in trading had occurred; the old school grizzled traders had been replaced by a new breed of quantitative...

• Format: Paperback
• Language: English
• ISBN: 1886070253
• ISBN13: 9781886070257
• Release Date: November 2006
• Publisher: Conjelco
• Length: 394 Pages
• Weight: 1.20 lbs.
• Dimensions: 0.8" x 6.0" x 9.0"

Customer Reviews

Absolute Rubbish

Waste of paper. Absolutely the worst book I have ever seen published . Absolutely useless.... I have read many poker books. I skimmed through this one and immediately through it in the trash.

If you take poker seriously, buy this book

I really didn't expect to like this book. Honestly, the only reason I bought it was because I like to read everything that my opponents possibly have read. I don't want them to have an edge simply because I slept on something. So I thought: "Fine, I'll read this book. But I'm not going to like it." Boy, was I wrong. This might be the most thoughtful and intelligent poker book that I have ever read. I learned poker by using my instincts, not math. So I expected to disagree with a lot of what this book would present. On the contrary, the opposite took place. Not only was I agreeing with the authors, it also reinforced what I had figured out intuitively on my own. Instead of contradicting my play, it reinforced that what I was doing was usually correct. I haven't taken a math class since high school pre-calc in 1998, and I did alright. I didn't understand ALL the math in these pages, but one doesn't need to. As long as you get the gist of what they're saying and can apply it to poker, which an intelligent person should be able to do, you'll be fine. If you find yourself lost without a map (which you probably will at some point in the book), take a break and come back to it. Flipping through this at your local book store, you might be intimidated by all the charts, graphs and equations. Don't be. Just buy it, read it with an open mind, and watch your poker game soar.

Bill, you gottta write a sequel

Wow, I'm very impressed with the book. I think it's touched ground that isn't available anywhere else. I'm sure that many programmers (myself included) have attempted to solve this game, and have discovered how burdensome the simple odds calculations are, nevermind the strategy and decision trees. Poker will not soon be solved by computers, like chess is. However, Bill Chen's ideas of "Toy games" help humans get insight into the character of the solution. Anyone picking up this text should be warned of several things: 1) It is not for beginners. Strong poker takes judgement and experience, and basic hand/situational values cen be best learned from Dan Harringtons books or Sklansky's No-Limit book. I've read over 20 poker books, and Harrington and Sklansky stand out as the best. Harrington's books are very practical, with detailed analysis of situations. 2) It is not for the timid, foggy headed, or undisciplined. The new concepts in his books require for you to stop and think. If your instinct is "gee, this sounds complicated", then give up now. Some people will have the same backlash that regular people have with math. If you're from the "Math is hard" philosophy, this is not for you. 3) This book does not read fast. You should read it 3 times slower than a normal book to really appreciate it. The math shold not just be understood, it should be questioned. 4) The book highlights theory behind game strategy, but does not connect the dots with real hands or real situations. It would be good to connect the check-call, check-raise, check-fold, bet-raise, bet-call, bet-fold, bluff, check-raise bluff, etc... thresholds with actual cards. What would be most cool is for software to perform this analysis, although I imagine only one-street analysis could be performed, but it would still be insightful. 5) Personally, I cannot recommend the first 40 pages of this book. They really didn't dig into the meat of the game and I found it quite mundane. That said, here are the good things I can say about it: 1) It is nothing like you've ever read in any other poker book before! Many poker books overlap eachother, reminding pot odds, hand values, tournament phases, etc. This book dives into the fundamental theory. The interesting math of poker is not related with mundane matters of probabilities, pot odds, etc. The interesting math is the math behind bluffing, calling, and value-playing. BTW, there is a math essay by Chris Ferguson about game theory and poker. 2) It will remind you about why you bluff. One of the most practical lesson I learned from this math is that if you are bluffing optimally, YOU SHOULD BREAK EVEN ON YOUR BLUFFS! That was revolutionary for me. If you're winning on your bluffs, you're not bluffing enough. If you're losing, you're bluffing too much. If you break even, you get paid most on your value. This is not exclusively true, but becomes more true the more solid your opponent is. If your

the T.O.P for the new millenium

This book is difficult for people without an advanced math background. It is a theoretical book that will evolve your thinking about the game. The content however is ground breaking as it is the only book that brings game theory into the game of poker. I am a 2-4nl online regular (6-tabling) and have every poker book worth mentioning. This is a must have!!! Having a master in theoretical physics obviously helped me understand the notation but I don't think you need to understand all math to get something from reading this book. It has lots of good stuff that can be applied like, how fast does my win rate (BB/100) converge to 95% probability. If you are interesting in game theory but not so familiar with the math, then I could recommend some of the less technical books on the subject (just search on game theory) and get a feeling for the subject. If you haven't already reached an advanced level in poker (or have a master in mathematics) I recommend that you first make sure you have read: Harrington, Sklansky, Supersystem II and Maybe Phil Gordon's green book.

Challenging but Superb.

I finished this book last week and was pretty amazed. I think, at least for non-mathematic experts like this reviewer, going through it a couple more times is the best way to make use of the author's endeavor. This book is not huge but its pages are swelled with information. It is broken down into five major parts; each of these support the central theme of maximizing average profit. By the second page of the Introduction--in which the common misconceptions of play are examined--readers will discern that there is no fluff in these 350+ pages. Parts II and III embody its intellectual core as they outline the mechanics of both exploitative and optimal play. Exploitative play is defined as maximizing expectation in lieu of your opponent's strategy; whereas, optimal play makes use of fundamentally sound strategies which are independent from your opponent's actions. While most players strive to be exploitative with their play, the better ones compete at a "near-optimal" level which is an evolutionary advancement over taking advantage of mistakes. Other than Roshambo [rock, paper, scissors] and the The Jam or Fold Game for no limit, many examples will not be familiar to the average person. A lack of familiarity is not a problem, however, because studying games like Clairvoyance, AKQ, Cops and Robbers, and Auction strengthen the mind and provide valuable perspective. Of course, novices should be forewarned to put off this purchase until they become fully grounded in the elementary facets of poker. This text does not address the majority of the decisions one makes at the table. In this way, Chen and Ankenman are more Plutarch than Sklansky by treating the mind as "a fire to be kindled, not a vessel to be filled." Poker fans may be worried about the difficulty of the math presented, and whether or not the possession of serious quantitative skills mandatory for getting something out of it. Not surprisingly, the answer is, "It depends." Assuredly, most members of the book consuming poker public meet the author's criteria in this area, which is the completion of eighth grade algebra. Although, what Chen and Ankenman may forget is that many of us no longer remember most of what we learned during those dark days of middle school. Understanding the proofs so prevalent hinges on the retention of information that might have been long deleted from our memory banks. Furthermore, a rudimentary background in statistics is also necessary for apprehending the meaning behind the equations. Those with no knowledge of statistics and algebra will be slightly stunned by the extent of the quantitative detail on display. The math impaired might become slightly demoralized, but the good news is that some amazing ideas are presented above and below the ubiquitous expressions. The sections concerning bankrolls, backing agreements, and tournaments will be of value to everyone as will the chapters devoted to the Risk of Ruin model, the use of math to improve play, and a no limi

A masterwork introduction to real world-class poker thought

I just finished my first complete reading of the book. It is absolutely extraordinary. Those looking for specific advice playing particular forms of poker will not be happy with the book (with one important, and possibly extremely profitable exception). Those who are looking to really understand the depths and complexity of the game, in all its forms, will be rewarded with an absolute masterpiece. I am a professional poker player, and I've read and studied everything worth reading (and many others not worth reading!) about poker many times. In my opinion, nearly all of the worthwhile stuff is 2+2 books, with a few important exceptions. As stellar as I believe the 2+2 books are, I feel that Mathematics of Poker (MoP) deserves its own category. Its major departure from most good poker books is to explore the notion of "optimal play" in a great deal of depth. The most powerful tool of this exploration is game theory, and the book contains an extremely rigorous application of game theory to poker using exemplifying "toy" games that illustrate strategic principles of real poker games. Except for what Sklansky has briefly written on the subject (Theory of Poker), this is the only book containing this kind of information that I am aware of. While the game theory sections seem to be causing the most comments, MoP also contains excellent sections on what the authors call "exploitive play". While optimal play intends to make our own play unexploitable, exploitive play intends to maximally profit from the deficiencies in our opponent's strategies. To do so, we must ourselves deviate from optimal play, which opens us up to be expolited ourselves (what the authors call counter-exploitation). The discussion of identifiying opponent's strategic weaknesses and developing maximally exploitive strategies is fantastic. Related to this whole discussion is the notion of strategic "balance", which is the bridge to the discussion of optimal play -- and the defense against counter-exploitation. I can't say the book has taught me any new "plays" or given me any one specific thing to improve about my game (I am not a tournament player, the domain of the important exception I mentioned above). Instead, this book has given me something orders of magnitude more valuable: a more sophisticated way of *thinking* about poker. One reading has already prompted me to think about some pretty important aspects of my game -- balanced strategy on the turn in cash NL holdem, in my particular case -- in an entirely different paradigm. This is absolutely NOT just another book showing you how to calculate pot odds and reminding you to consider future action or the chance you'll catch and lose (my opinion of Yao's "Weighing the Odds"). There is some new and very sophisticated stuff here. The book has introduced me to thinking about poker at the level beyond what's described in the existing literature. As soon as I finished the last page, I started reading it again... One final commen