Poker is a +EV game :) (1 Viewer)

[RIZAL]

I'd just like to encourage all Actuarial students to play poker (specifically Texas Hold 'em). This is one game where we have a slight unfair advantage due to our knowledge of:

* Permutations/Combinations
* Expected Value Analysis
* Risk/Return relationship
* CLT and standard deviation in cash flows

and our ability to card count. Given a solid grounding in the basics, combined with some actuarial techniques, this game is positive EV over the long term....more here:

http://www.actuarialoutpost.com/actuarial_discussion_forum/forumdisplay.php?f=63

 

[Supra]

lol nice post....a few of the first year actauries play poker...including ryan cck Ive even see them play in group study rooms...

 

[flyin']

Hahaa...

* Hold'em is a zero-sum game. So it depends where you play: if its with a bunch of like minded actuarials...
* Knowing the odds and being able to calculate risks means little if you can't bluff or call bluffs or read in general.

 

[redruM]

there is always going to be a risk of being dealt shocking hands involved on an idividual basis, but i am guessing you guys should be able to calculate that too

 

[RIZAL]

Yeah it is a zero sum game against those of the same skill level and a -EV game against those with a greater skill level.

But if my knowledge set of the game (including my ability to bluff/read) is greater than the knowledge set of the other players at the table, then over many hands played, wealth will be transfer to my chip stack.

So you need to find bad players in order to generate economic profit....they can be found at www.partypoker.com


Supra: Where do they play? Stakes?

 

[ND]

Hahaa...

* Hold'em is a zero-sum game. So it depends where you play: if its with a bunch of like minded actuarials...
* Knowing the odds and being able to calculate risks means little if you can't bluff or call bluffs or read in general.

It's the abilty to calculate odds and risks that gives you an idea of whether someone's bluffing or not (notice i said "gives you an idea"; there are very good people, and very low probability events do occur).

there is always going to be a risk of being dealt shocking hands involved on an idividual basis, but i am guessing you guys should be able to calculate that too

If you get a shit hand, you simply don't play it.

 

[bscienceboi]

I dont think many professional and more famous players of texas hold'em have a degree in actuaries.

Maybe take some psychology courses too.

 

[ND]

What do you play, NL?

 

[...]

so do you guys have a calculator ready and stuff..so once you get your hand, you just start to write scribbles on some scrap paper and punch some numbers on the calculator to decide how much to put on that hand?

 

[:: ck ::]

yeah.... no limit

 

[flyin']

so do you guys have a calculator ready and stuff..so once you get your hand, you just start to write scribbles on some scrap paper and punch some numbers on the calculator to decide how much to put on that hand?

It's not hard to count odds. No calculators. Plus, after a while, you know the odds more or less without counting.

 

[RIZAL]

*edited*

Sounds good mate, might have to pay you guys a visit for some NLHE we should start an Actuarial Series of Poker!

What sort of blinds do you play with? Are they increased every 10 or so hands? And is it winner takes all or 1st, 2nd, 3rd?

 

[fantasia]

hahahah you wont have enough time to go through all these calculations while playing poker.

usual poker players just simply calculate pot odds, outs and stuff.