Some poker forms such as Omaha, when using a big-bet betting structure, are usually played pot-limit. Others, such as lowball, are more often played no-limit. But hold'em, America's most popular poker form in the 21st century, is played quite a bit at both betting structures. Actually, a money game is more apt to be pot-limit hold'em while a tournament is more apt to be no-limit. Is this divergence mostly a matter of tradition, or are there reasons for it?
Many poker players do not seem to understand that there are more similarities than differences in the two sets of betting rules. (Both differ substantially from limit play.) Even so, there are some differences between them. Let's look at the advantages and disadvantages of each structure.
It cannot be denied that a constant barrage of bigger-than-the-pot bets takes some play out of a poker game. For example, when we first started playing Omaha in Nevada in 1983, the game was played no-limit. This state of affairs lasted only about a week, as many players realized that the nuts is out so often in Omaha that there was a constant stream of huge pot overbets that took much of the play out of the game. Hold'em players are not as bothered by constant overbets, but big preflop raises also have a stifling effect on strategy. Preflop and flop play become paramount, and turn and river betting are diminished. The better poker players do not like this, because the later betting rounds are where skillful decisions are more apt to be made, because there is more information available and less possibility of a drawout. So, frankly, pot-limit is recognized by the top players as being the somewhat more skillful poker form.
The drawback of pot-limit is the need to stop bets of greater than the pot size. Who is responsible for stopping an overbet? If only the player facing the bet, this creates difficulties. A new player can be taken advantage of, and even a veteran like myself can find the situation unpleasant, because to insist that a bet be reduced in size scarcely shows strength, and showing weakness by begging that the bet size be reduced is asking to be bullied.
It is better to have the dealers instructed to call all overbets of the pot down to the proper size. Unfortunately, many dealers are not competent enough to do this properly (or worse yet, are not even told by their supervisors that part of the responsibility of the dealer in a pot-limit game is to make sure all wagers are of legal size). The bottom line for a money game is that I prefer pot-limit if the dealers are competent and well-trained, but no-limit if they aren't.
Another aspect of the pot-limit vs. no-limit argument is that the term "no-limit" scares some people out of playing the game. No matter how much money they accumulate, they are never safe from being put all in on a bet. These easily intimidated souls are exactly the type of player we would like to attract to our games. This is, in my opinion, the main reason that most big-bet hold'em money games are pot-limit.
Most bets in a no-limit game are about the size of the pot, rather than big overbets of the pot size. Some no-limit games have frequent pot overbets preflop; others do not. Other than the occasional muscle-the-blinds overbets, the main reason an overbet occurs is because a player wants to get all in. One of the most important big-bet concepts is to know when you are committed to a hand regardless of who is in the pot with you or how much they bet, simply because you are in too deeply to get out, and have to go with your hand for the rest of your chips. A corollary of this is to put all of your money into the pot rather than an amount that commits you by its size but still leaves a nominal number of chips in your stack.
Here is an example of putting all of your chips in when committed anyway. You pick up A-K in a no-limit hold'em tournament. An opponent opens for the size of the pot. What should you do? The most important question is not who bet, how he acted when he bet, or your tournament standing. The critical factor is how much money you will have left if you only call. For example, if the player opened with a raise to $300 and you have a grand, calling the bet is a play that no experienced big-bet player would even consider. One does not call 30 percent of one's stack to try to hit the flop. You must move in or fold (moving in is the usual choice with A-K).
Here is a another example: You have nine grand in front of you and pick up pocket eights. The blinds are $500-$1,000, meaning a pot-size open would be $3,500. Should you raise, and if so, how much? To me, a raise seems automatic. You need to make a play for the pot and do not want to get called. If you open for $3,500 and get moved in, you should call regardless of who the player is. You are in too deeply to get out now. Ergo, the only proper play is to put your 9K into the pot all at once when you open, hope no one calls, and have something to fall back on if someone plays with you.
In tournament play, you are always struggling to stay alive. Being able to bet your whole stack even when the pot is exceeded is a useful tool that some players do not know how and when to use. So, for tournament play, I definitely prefer no-limit to pot-limit.
It seems to me that no-limit hold'em being favored for tournament play and pot-limit hold'em being favored for money play is neither an accident nor primarily the result of tradition. I have a pretty strong preference for the betting type I mentioned, and lots of other good players feel the same way. There are some variances in poker practices that are mainly the result of tradition – button movement is a good example. But the choice of no-limit hold'em for tournament play and pot-limit for money play is the preference of lots of knowledgeable poker people, and that is how the tradition for each hold'em betting structure got started in the first place.
Editor's note: Bob Ciaffone's new book Middle Limit Holdem Poker, co-authored with Jim Brier, is available now (332 pages, $25 plus $5 shipping and handling). This work and his other poker books, Pot-limit and No-limit Poker, Improve Your Poker, and Omaha Holdem Poker, can be ordered through Card Player. Ciaffone is available for poker lessons. E-mail thecoach@diamondcs.net or call (989) 792-0884. His website is www.diamondcs.net/~thecoach, where you can download Robert's Rules of Poker for free.