Poker is a card game in which players make decisions without knowing the outcome beforehand. This makes it a game of chance, but successful players use a combination of probability, psychology and game theory to extract the maximum value from their winning hands while minimising losses from losing ones. This process is known as Min-Max.
Each player starts the round by placing a mandatory bet called a blind into the pot (representing money, for which poker is almost always played). Players can also choose to check (not place any money into the pot), call another player’s bet or raise it (bet a larger amount than the previous player).
After the players have placed their blind bets, 2 cards are dealt face-down to each player, hidden from the other players. These are the player’s hole or pocket cards. After this betting phase, 3 more cards are dealt face up and become community cards. Then another betting phase begins, starting with the player to the left of the dealer.
Poker offers many mechanisms by which players misinform each other about the strength of their hands, including how long they take to act. For example, a quick action is often a sign of a weak hand, whereas a player who stalls and contemplates their next move for a while usually has a strong one. As a result, players can strategically misinform each other and gain a substantial advantage. This is how the best players win.