Playing No Limit, you can take control of the pots and charge your opponents, making them go against the odds to chase their draws No-Limit requires a strong personality. It takes the right personality to play at No-Limit games. You can’t be timid, and you have to know how much to bet at the right times. If you can’t do that, then stick to Limit poker for now and come back to try No-Limit if and when the time is right. The 2-5 No Limit Hold’em level of cash games, is the beginning point where a significant amount of money can be made. At lower levels, the lack of stack depth and higher relative rake, cut into profits to a large degree. An intelligent player at these stakes in poker can make enough money to grind out a living if need be.

It used to be that skilled poker players — who mostly played fixed-limit games — needed to learn how to adapt their games to no-limit once the NL hold'em 'boom' hit. Today, however, since most players at the tables now cut their teeth on no-limit, they've got to learn the old form of the game if they're going to become winning limit players.

Toward that end, with the availability of limit hold'em, H.O.S.E. and H.O.R.S.E. games online, and with casinos spreading limit games especially during major tournaments like the World Series of Poker in Las Vegas, it's useful to understand some key conceptual differences between the two formats.

In this article I'd like to focus on the most significant difference between no-limit and fixed-limit games — implied odds. Then in a follow-up we'll talk further about some of the other most important adjustments players need to make when moving from no-limit to limit.

Pot Odds, Drawing Odds and Implied Odds

In no-limit poker implied odds are hugely important, while in fixed-limit games the significance of implied odds is, well, limited.

For those of you not familiar with the term, a quick primer on 'pot odds,' 'drawing odds' and 'implied odds' is necessary.

'Pot odds' refers to the amount of money you may win when you call a bet compared to the cost of calling that bet. If there's $800 in the pot and your opponent bets $200, to call means paying $200 with a chance at winning $1,000 total — in other words, you're getting 5-to-1 pot odds with your call.

'Drawing odds' refers to the probability that you won't make your hand. If you're drawing to a flush on the river, your drawing odds are the total number of unseen cards that don't help your hand compared to the number of cards that will give you the flush. Specifically, out of the total of 46 unseen cards, the odds are 37-to-9 or a little worse than 4-to-1 against you making your flush.

Finally, 'implied odds' are the pot odds as calculated above but also adding the money you might win on future betting rounds, too. Say you had that flush draw and faced having to call a bet on the turn. You'd calculate your pot odds, but add in the amount you might also win on the river if you hit your flush and bet and your opponent called. In a no-limit game, you could potentially win the size of your opponent's stack on the river (assuming you have him covered). Meanwhile in a limit game, you're only considering the size of another 'big bet' (the higher tier of betting) when thinking about implied odds — e.g., $20 in a $10/$20 limit game.

Without considering implied odds, if you are getting better pot odds than the drawing odds, then you should call. But if you're getting worse drawing odds than pot odds, then you aren't getting a good enough price for your call and you should fold.

If, for example, there was only $200 in the pot and your opponent bet $200 on the turn, then you'd only be getting $400 for your $200 call — that's 2-to-1 pot odds. Since your odds of hitting the flush on the river of worse than 4-to-1, that would be a bad call and you should fold.

Low Stakes No Limit Poker Strategy

But implied odds includes an additional piece of information to consider — the amount you might win on the river as well. Implied odds compares the cost of your bet on the turn with the total amount you might win in the hand, including the river.

So in the example above, with a pot of $200 on the turn, and a bet of $200 from your opponent, you'd have to know how much money you each had left in your stacks to know the implied odds. If you each had another $1,000 behind, and you thought your opponent would call off his entire stack if you bet it on the river after hitting your flush, then your implied odds would not be just 2-to-1, but rather 7-to-1 — the $400 pot on the turn plus the additional $1,000 you expected to win on the river if you hit your flush and your opponent called your stack-sized bet.

It should be added that implied odds are often going to be an estimate and not an exact calculation as with simple pot odds. If you know your opponent will call off his entire stack on the river when you make your flush and go all in, then you can be precise about the implied odds. But sometimes you'll only be able to estimate how much an opponent might pay off in such a spot (e.g., sizing your bet effectively to earn the call, not betting too much and having an opponent fold), which means you can't always be quite as exact with implied odds.

Implied Odds: Limit vs. No-Limit

Since players can potentially commit their entire stacks at any point in a no-limit poker hand, implied odds are especially important. There are implied odds in limit poker, too, of course — but they have less significance thanks to the limits on betting.

Continuing with the example of your drawing to a flush with one card to come, if the game were $100/$200 limit hold'em, you would factor in the chances that you could win one extra $200 bet on the river. So if the pot were $400 at the start of the turn and your opponent bet $200 (making the pot $600), you'd have immediate pot odds of 3-to-1 for your $200 call. That alone is not enough to justify continuing with your flush draw (which is a little worse than 4-to-1 of hitting).

But if you considered your implied odds, and figured your opponent would call your bet 100 percent of the time if you hit your flush on the river, you could add another $200 to what you stand to win as you decide whether to call that turn bet, giving you pot odds of 4-to-1 — closer to your drawing odds, but still not really making the call worthwhile.

Implied odds aren't just applicable on the turn and river. They are to be considered right from your initial decision to play your two hole cards. In no-limit games especially, implied odds have to be kept in mind as you are potentially 'playing for stacks' in every hand. That's not generally the case in fixed-limit games, which leads to many other strategic differences, including...

• playing more selectively preflop
• knowing when and how to press your advantages (extracting extra bets)
• being selective with postflop play
• making more river calls
• check-raising more frequently

I'll explore all five of these adjustments in more detail in the next article.

Ashley Adams has been playing poker for 50 years and writing about it since 2000. He is the author of hundreds of articles and two books, Winning 7-Card Stud (Kensington 2003) and Winning No-Limit Hold'em (Lighthouse 2012). He is also the host of poker radio show House of Cards. See www.houseofcardsradio.com for broadcast times, stations, and podcasts.

• Tags

  cash game strategytournament strategyfixed-limit hold’emlimit hold’emno-limit hold’emimplied oddspot oddsdrawing handspreflop strategypostflop strategy

In a game of no-limit poker, also called NL, a player in a hand can actually bet every single chip in their stack at any time during the hand – when the action is on them, of course. So, if you have a pair of Kings pre-flop, in the small blind, but three people have come into the hand before you, one of whom has raised, a bet of all-in might clear the field and win you the pot, or at least get you into a heads-up hand with one other player. Of course, the nature of no-limit is faster and fiercer than limit, so let's go over a few essential poker strategy tips.

Developing a No Limit Poker Strategy

Just like with limit, there are really an infinite number of variables when it comes to developing and carrying out a strategy. We'll again go over some key essentials that you should put in place, and you may notice that they are very different than dealing with limit. But do not feel as if you must keep them separate. Some limit poker strategy concepts can be used in no-limit, and vice versa. It all depends on the particular game you're playing.

Survey the Players

No Limit Poker Strategy

Unless you get a stellar starting hand or get to limp in via the blinds, you should attempt to fold the first few hands in a no-limit game. This is strictly to survey the landscape. Bad players, called 'donkeys,' reveal themselves early. They are typically going to force the action, attempt to be bullies, and throw their chips around. You will also be able to pick out which players are tight, which are slow, which are nervous, etc. Survey the landscape and make a mental note (or a physical note if the site allows) about a player's tendencies. Use this information once you start to participate regularly in the game.

Pick on the Weak

Short Handed No Limit Poker Strategy

In the process of surveying, which should continue while you're playing hands as well, you will be able to spot which players are push-overs and will fold to big action, and which players are just bluff-happy and back out. Any time you're in a strong position (Dealer or blinds) and/or have a strong hand, seek to identify these weaker players and pick them off. The aim here isn't to get them out in one hand. However, weaker players share something in common: Once they start losing to superior players, they go on 'tilt,' which means they begin to act reckless. Players on tilt are as good as gone, and you can position yourself to relieve them of their chips.

Never, Ever Limp, and Rarely Smooth Call

Let's say you're in decent position, a player before the button, and you get J-Q suited. One player in early position has limped into the pot, followed by another player right before you. What do you do? What you don't want to do, for certain, is to limp in. This creates what is called a family pot, because the Dealer and two blinds are almost assuredly going to either limp in or raise players out. This drastically lowers your odds of winning the hand. It might seem counter-intuitive to winning chips, but the fewer players in the hand, the better your odds of winning. So, in this position, raise at least twice the minimum and force the action. Play the same pre-flop scenario, and say that this time the player before you raised. You really want to play the hand. What do you do? Never smooth call. Even if you have a much better starting pocket, you do not want to smooth call (call without raising). This puts you at a disadvantage, as you seem weak. Either re-raise the pot, or push in. The only variation of this would be if you were in the big blind or wanted to attempt to slow-roll one other player with a high pocket pair.

Just to be clear, everyone really has their own playing style. I do actually limp in if I have a subpar hand and there aren't any raisers. If I can get in cheap with my 5-6 suited, sure I will see what the flop brings. Just don't become a limping station or your table image will look weak and they will be gunning for you.

Don't Push for a Bluff

Bluffing is a huge part of the game of Texas Hold'em, particularly no-limit Hold'em. One of the best scenes in Rounders was when Matt Damon bluffed WSOP Champion Johnny Chan. And great bluffs even make it into Sports Center's top-10 plays! But there's a way to bluff, and a way to have your bluff called. Since you're playing no-limit poker, your natural inclination may be to shove all your chips in the middle. This is scary, right? Not exactly. Most poker players today aren't chumps; they know full well that showing too much strength is a sign of weakness. If you really had the best hand on the table (the nuts), why on earth would you want to scare people away with a big bet? Pushing all-in just reads like a bluff. Instead, you want to bet about two-times that of a value bet. A value bet would be considered a bet that's just about the size of the pot, whereby a player hopes to get called to make money. Betting just north of this number will signal to players that you're serious, and it will really make them consider taking an unnecessary risk.

If you are ready to start playing, check out our list of legal US online poker sites for our recommendations on the best sites to play that are not only extremely reputable, but also legally licensed and regulated.