Real Poker: Denying Equity

A lot of poker literature incorrectly states there are only two main reasons to bet; to obtain value from an inferior hand when your opponent(s) call, or to fold a superior holding to yours and win the pot. Sometimes these concepts overlap as in when you bet a draw with cards to come, hoping for a fold, but the additional value in the possibility of making the best hand increases the wager’s expected value (EV).

And while there are many other reasons to bet, there is one major reason that should always be factored into your analysis; to deny your opponent(s) any equity their hand may possess. Denying an opponent(s) equity is achieved by instigating folds with cards to come and thereby removing any chance of their winning.

For example, you raise preflop with the A 10 in no-limit and are called by an opponent who holds the Q J. For whatever reason, you know that is exactly their holding. The flop comes 3 3 2. You know this particular opponent will fold that holding to any one-third pot size wager. Should you bet? You won’t get called by a worse hand or obtain a fold from a better hand. However, by betting and folding his hand, you remove the around 26 percent equity his hand holds over yours. That equity is sizable in a raised pot, and removing it can be worth taking some risks for.

That is a clear example. Of course, in real poker battles you won’t know your opponent’s exact holding. That said, it’s important to include this concept into weighting your betting decisions. How much, or at what propensity to bet, is a situational decision, based on your hand strength, the pot size, your opponent’s range, the odds of your opponent’s folding certain portions of that range, how the folding portions of that range fare against your holding, and how the hand will likely play on future streets.

An instance of this concept in action is the often-stated rule of always raising first in, one I don’t abide by. Yes, raising gives you the chance to win the pot (blinds) without a fight, thereby denying all your opponents any equity their hands may hold. And it some situations it can discourage an opponent from raising even further. But in many situations, particularly at lower limits, the chance of winning the pot outright is minimal at best. And utilizing a play to discourage a raise against opponents who won’t raise anyway is pointless. And there are other downsides to raising: You may increase your propensity to get raised off your hand, and you’ll often reduce your current and future pricing.

By that, I mean that if you raise first in, particularly with a hand that plays well with volume, you are likely increasing your probability of getting raised off, or reducing the implied price of your holding. You may eliminate hands and players that would improve the pricing of your holding should they call a smaller bet and fold to a larger one. An example of this is when you hold pocket fives, the value of aggression is low, you’re unlikely to win the blinds, and raising will eliminate poor players calling with hands such as unsuited Broadway hands that are likely to contribute equity-rich bets to the pot when you flop a set. Raising in a such a situation just lowers your pricing both pre- and post-flop.

Denying equity is an important concept to keep in mind when formulating your decisions. Conceptually understanding when it has value and when it should be discounted will add significant EV to your game. Weighing the value of denying equity is an art, not a science. Yes, you can run numbers and ranges through solvers, but the most important criterion is judgmental of opponents’ tendencies and difficult to define precisely. That said, if you understand it conceptually, you’ll adjust to all the obvious situations and you’ll make fewer and smaller mistakes.

Yeah, it’s complicated. It’s going to take some mighty deep thinking to thoroughly understand the concept. If you didn’t truly understand this concept, reread the article and think though poker situations you have faced, will face, and how the concept of equity denial could have played a part in your decisions and results.
And once you’ve got that down, you’re going to do some damage to your unfortunate opponents! ♠

Roy Cooke played poker professionally for 16 years prior to becoming a successful Las Vegas Real Estate Broker/Salesman. Should you wish any information about Real Estate matters -including purchase, sale or mortgage, his office number is 702-376-1515 or Roy’s e-mail is [email protected]. His website is www.RoyCooke.com.