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Poker: More You Win The More You Lose ?

1/14/10 - Research by a sociology doctoral student at the prestigious Cornell college in the United States is making the headlines, mainly because its conclusions appear to present a dichotomy: The more hands players win, the less money they're likely to collect, especially when it comes to novice players.
 
But research report author Kyl Siler says this is only because it presents a conclusion that at first hand appears to be counter-intuitive, but in fact coincides with the findings of other behavioural studies.
 
Siler, whose study analysed 27 million online poker hands, explains that the multiple wins are likely for small stakes, and the more you play, the more likely you will eventually be to take a hammering by occasional but significant losses.
 
This finding, Siler said, "coincides with observations in behavioural economics that people overweigh their frequent small gains vis-à-vis occasional large losses, and vice versa."
 
In other words, players feel positively reinforced by their streak of wins but have difficulty doing the "cognitive accounting" to fully understand and accept how their occasional large losses offset their gains.

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The study was published online in December in the Journal of Gambling Studies and will be published in a forthcoming print edition later this year. Siler used the software PokerTracker to upload and analyse small-stakes, medium-stakes and high-stakes hands of No-Limit Texas Hold'em with six seats at the table.
 
The game has simple rules and "any single hand can involve players risking their entire stack of chips," Siler said.
 
Siler's research also found that for small-stakes players, small pairs (from twos to sevens) were actually more valuable than medium pairs (eights through jacks).
 
"This is because small pairs have a less ambiguous value, and medium pairs are better hands but have more ambiguous values that small-stakes players apparently have trouble understanding," said Siler, a long-time poker player himself.
 
The research project not only examined the "strategic demography" of poker at different levels of stakes and the various payoffs associated with different strategies at varying levels of play, but also "...speaks to how humans handle risk and uncertainty," said Siler, whose look at online poker combines aspects of behavioural economics, economic sociology and social science theory.
 
"Riskiness may be profitable, especially in higher-stakes games, but it also increases the variance and uncertainty in payoffs. Living one's life, calibrating strategies and managing one's bankroll are particularly challenging when enduring wild and erratic swings in short-term luck and results."

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Siler concluded that in online poker: "The biggest opponent for many players is themselves, given the challenges of optimizing one's mindset and strategies, both in the card game and the meta-games of psychology, rationality and socioeconomic arbitrage which hover beneath it."



Gambling News :

NHL Odds: Forsberg Faces Elliott in Nashville - The last time the Nashville Predators played against the Calgary Flames, Calgary had a 4-1 lead five minutes into the second period. Nashville responded with four back-to-back goals, including a hat trick from centreman Filip Forsberg. Both teams went into overtime with five goals, and Calgary defenseman Mark Giordano (12 goals, 22 assists) scored the winning goal.

Sit & Go 2.0 launched online exclusively at Americas Cardroom - Get ready to cheer like a champion before the first flop is even dealt. The much-anticipated Sit & Go 2.0 is now launched online exclusively at Americas Cardroom and Sit & Go players are reaping the benefits of the next evolution of poker.

NBA Odds: Hawks, Wiz in Southeast Showdown - The Washington Wizards (42-27 SU, 36-32-1 ATS) can pretty much secure the Southeast Division title with a win Wednesday night over the Atlanta Hawks (37-32 SU, 31-38 ATS). Tip-off is at 8 PM ET on ESPN; the Wizards lead Atlanta by five games with less than a month remaining before the playoffs.

Mega Moolah progressive jackpot Hit Again - Microgaming’s Mega Moolah progressive jackpot slot has been hit yet again at just over €6.6 million!

NBA Odds: Clippers Try to Slow Down Bucks in LA - Milwaukee Bucks small forward Giannis Antetokounmpo and Los Angeles Clippers power forward Blake Griffin are two of the most talented and versatile forwards in the NBA. The two lead their teams into battle on Wednesday in Los Angeles.

NCAAB Odds: SMU Hosts Tulsa With AAC Title on the Line - There aren’t too many college basketball teams more profitable than the SMU Mustangs (25-4 SU, 18-5-1 ATS). They host the Tulsa Golden Hurricane (14-14 SU, 15-12 ATS) this Thursday night, tipping off at 8 PM ET on CBSSN.

NHL Odds: Canadiens Welcome Islanders Tonight - The Montreal Canadiens (32-20-8) welcome the New York Islanders (28-21-10) on Thursday (7:30 PM ET on SNE). After getting their first victory under new head coach Claude Julien, the Canadiens will look to build on that momentum against a red-hot Islanders team.

NHL Odds: Reeling Flyers Seek Relief in Pittsburgh - #nhl The Philadelphia Flyers have been a bit off since the holidays. They’ve won just eight games since the Christmas break, and now they’ve got a tough one coming up this Saturday night against the Pittsburgh Penguins.

Dollars to Donuts Slot Launch - Firstly, it's a classically styled, easy playing 3-reel with five pay lines featuring a traditional icon set of bars and sevens.

Secret Symbol Slot - RTG will soon release 'Secret Symbol', a 5 Reel Video Slot on 3/15/2017.

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