Bill Chen has just under $1 million in lifetime tournament earnings, and he credits his mathematical skills for his success. He holds a Ph.D. from the University of California, Berkeley, and is a practicing quantitative analyst. He also is the author of
The Mathematics of Poker. At the 2006
World Series of Poker, he won two bracelets, one in a limit hold'em tournament and one in a shorthanded no-limit hold'em event. Prior to his first big cashes, he created the Chen Formula, which ranks starting hands by assigning them a numerical value.
Card Player caught up with Chen to learn what brought him from the academic world into the poker arena:
Lizzy Harrison: How did you first become involved in the poker world?
Bill Chen: I needed money for graduate school, and I thought there was a good chance I would be a successful poker player because of my math skills. And I did succeed. I started playing played $2-$4 limit hold'em and seven-card stud at the Oaks Card Club in Emeryville, California. That was around 1992. I played for a couple of years, and then I moved up to $10-$20 limit lowball, $15-$30 limit hold'em and $9-$18 limit seven-card stud. At that point, I also started making trips to Vegas and Los Angeles to play poker.
LH: Why were you drawn to tournament poker?
BC: Tournaments are just more fun than cash games. It's not that math is more important in tournaments; what makes tournaments more fun is the way you have to face different situations over the course of a tournament. First you have to play with low blinds and antes, and eventually you get to heads-up play at the end with huge blinds and antes. In between, you have to deal with being short-stacked, using your tall stack, dealing with the payout structure, and so many other things.
LH: What changes did you have to make to your game in order to win consistently in the higher limits?
BC: I had to play tighter when moving up to higher limits and rein in some of my creative play.
LH: What would you say is the strongest aspect of your game, excluding your mathematical ability?
BC: Just like most other poker players, reading people.
LH: Which poker game requires the most mathematical skill in order to be a winning player?
BC: Seven-card stud or seven-card stud eight-or-better, because the odds change when each card comes out. Also, you have to consider that most of the time you have one more street. And the hand strengths are asymmetrical because of the board cards. That means that one board could be much stronger than the other. In hold'em and Omaha, you have a shared board situation wherein each player has to be afraid of the other player holding the nuts.
LH: Which game relies the least on math?
BC: Razz or lowball. In those games, you can pretty much play a fixed strategy.
LH: What was your profession prior to winning two bracelets at the 2006
World Series of Poker?
BC: The same as now, a quantitative analyst at SIG. I make mathematical models and algorithms for SIG to be traded in the financial markets. Much of the work I do is also present in
The Mathematics of Poker.
LH: Do you think you will ever quit your job and become a professional poker player?
BC: No. My job is fun, it's lucrative, and SIG lets me travel to play poker.
LH: If you could improve one aspect of your game, what would it be?
BC: I would like to be more observant. It would be beneficial to notice more of the little actions of my opponents and other things like that at the table.
LH: Is there flaw that you often spot in amateur players' games?
BC: Yes, they bet hands that have little chance of either being a successful bluff or a value bet.
LH: What would be your best advice for a losing poker player?
BC: Read some of the great literature around, including
The Mathematics of Poker. Then do what the books teach you to do.
LH: Can you explain the most important mathematical aspects of poker to a novice in one sentence?
BC: Always try to put your money in when you have the best of it and get out when you do not. The math is just figuring out when you have the best of it.
