Poker, Gambling, Star Trek & The Economy

So I was watching an episode of my favorite TV show of all time:  Star Trek The Next Generation.  It was the one where the crew finds some people who had been frozen, drifting in space waiting for technology to find cures for their ailments.  Captain Picard and his crew find, thaw, and cure the people, one of whom is a self-righteous, rich tycoon of some sort who believes he still has the money and power to throw his weight around, which ultimately tests Picard’s patience.  It is explained to him that the traditional concept of money no longer exists, that mankind has found solutions to things like poverty and want.  In short, mankind had matured past the need for money.  (I have to wonder how likely that will ever be?)

At any rate, I had to think about that.  The game of poker more or less requires an economy.  There’s been a lot of talk about Phil Ivey winning some rather huge prop bets during the 2009 WSOP, which would have the effect of moving much of the money that exists within the high stakes poker community to one person, and could put a dent in that specific economy.  The thing is, I’ve seen episodes of STTNG where crew members (including Data) are sitting around a poker table playing poker.  They clearly can’t be wagering any kind of money; they must simply assign themselves equal amounts of chips and see who ends up with the most at the end of the night.

I can’t honestly say that I’m attracted to the idea of playing for free; however, I am attracted to what has to be the motivation.  Mankind has apparently matured past the need for money (that pretty much kills the action in Vegas and Atlantic City).  Poker, therefore, must be more of an intellectual game, where players test their knowledge of statistics and human nature, to try and maximize their odds of winning.  Of course that’s what I do at the felt; however, money seems to change things.

One of the first things you learn about bankroll management is not to think of poker money in terms of things you can buy.  I remember one of my first $300 losses, thinking “geez, I could have bought an iPod with that!”  You have to keep a bankroll that is separate from the rest of your living expenses and money.  You can’t compare your losses or winnings to things you could buy.  I take a certain amount of money and use it on occasion (like travel expenses to Vegas) when I want, but for the most part it is completely separate from my living expenses.

To think of poker as an intellectual pursuit, without concern for the monetary value of the bets you are making is, I believe, the best way to play poker.  When you focus on the statistics and math, and make decisions based on the numbers and of course the way your opponents play, gives you the best chances to maximize expectation.  When you stop and say to yourself “if I raise with my pocket Aces, that’ll cost me $64 and I might lose!”  You’re already losing.

Kings full of Aces up against Aces full of Kings (or, getting as much money in as possible when you’ve got the worst of it):

I had a  hand the day before yesterday that cost me almost an entire rack of chips.  I wouldn’t have played it any differently, and yet in that specific instance I lost.  I’m on the button with Ace King offsuit, and the player just to my right raises preflop.  I reraise, making it 3 bets to go in a 3/6 kill pot which means it was 6/12.  I think the blinds came along for the ride, and the player to my right just calls.  So far I had invested 3 x $6 = $18 and with 4 of us in the hand there was a total of 4 x $18 = $72 in the pot so far.

The flop comes Ace of Diamonds, King of Clubs, King of Hearts.  Of all the flops I could hope for with Ace King, this is #4:

1. First on my list would be Ace, Ace, Ace giving me quad Aces.
2. Second on my list would be King, King, King giving me quad Kings.
3. Third on my list would be Ace, Ace, King, giving me a full house with Aces full of Kings.
4. Fourth on my list would be Ace, King, King, giving me a full house with Kings full of Aces.

Everyone checks the flop and I decide to just play this one fast and bet out, which is another $6, meaning I have now invested $24 into the pot.  All 3 of the other players call, meaning the pot now contains $90.

The turn is a blank – I think it was the 2 of hearts or something like that.  It couldn’t have helped anybody too much.  Everyone again checks, and I bet out – this time the betting rounds are double, so I add another $12 to my total meaning I have now committed $36.  The blinds fold and to my surprise the person to my right raises me!

I stop to think about it for a minute.  Clearly I can’t just call here.  Of all the hands I could put him on, I beat most of them.  He didn’t cap (reraise making it 4 bets to go) so pocket Aces is less likely, but still some people play that way.  He could have Ace Queen or even Ace Jack or Ace Ten.  His bet looked so much like a blind steal that he could be sitting on just about any Ace.  I beat all of those.  He could actually have Ace King – which means we tie (now that would make a great story!)  He could have pocket Kings.  Ugh that would really suck, but again, he didn’t cap the betting preflop.  Then again, not everybody plays the way I do, and I’m certainly not afraid to get as much money in as possible preflop with pocket Aces, Kings, Queens, or even Ace King suited.  I’m a little more aggressive than many of the other players.

He could have pocket 2s.  I’m still way ahead of that.  So at this time I’m thinking there are really only 2 hands I’m afraid of – pocket Aces and pocket Kings.  I can’t just call, I have to reraise, which means Add another $24 to my total (now $60).  My opponent NOW caps, and with that single move I’m pretty much convinced I’m up against pocket Aces or Kings.  Wow that sucks.  I’ve just committed $72 to the pot, and make a crying call on the river making my total $84.  He turns over pocket Aces and I show Ace King.

There was no way I was going to do anything but lose money in that situation.

I decided to take a few days off and try to forget about that.  I have, as of yet never lost a hand as good as quads to something like a straight flush or a royal – but I think I might lose sleep over that.  :)