How to Play Poker Like a Billionaire
Poker is a card game in which players bet chips on the strength of their hands. The game may involve two to 14 players and is usually played with chips of various colors. A white chip is worth the minimum ante or bet, while red chips are worth five whites. The game may have one or more betting intervals, after which the cards are revealed and the winner takes the pot. While luck plays a large role in any given hand, the long-run expectations of a player are determined by actions chosen on the basis of probability, psychology and game theory.
A good poker strategy involves minimizing losses with weak hands and maximizing winnings with strong ones. To do this, a player must be willing to bet a significant portion of their chips against players with inferior hands. The value of a poker hand is in inverse proportion to its mathematical frequency; therefore, the more unusual the hand, the higher its value. Players can also bluff, by betting with a weak hand but hoping that others will call the bet.
Jenny Just, a self-made billionaire and co-founder of PEAK6 Investments, says that her years of learning the game of poker have taught her valuable lessons about risk management and strategic thinking that she applies in business. She advises newcomers to poker—and people in general—to take more risks sooner, even if some of those risks fail. This will help build the comfort with risk and lead to better outcomes over time.