Poker is a card game in which players place bets based on expected value. While the outcome of any particular hand in Poker involves significant chance, long-run expectations are determined by actions taken voluntarily by players on the basis of probability, psychology and game theory. A player may bluff other players for a variety of reasons, including to improve his or her own expected winnings, to punish other players who have bet too high, or to deceive other players about the strength of their hands.
Before the cards are dealt, players must place an ante into the pot. Each player then receives 2 cards face down (hidden from other players). Players then have the option to raise the amount of their bet or to fold. If a player raises the amount of the bet, another round with betting begins.
The game of Poker requires a high degree of risk-taking, and it can be used to build confidence in taking risks in other situations. The game has also been used as a way to teach the skills of weighing up the costs and benefits of a decision. In fact, the 1944 foundational book on game theory by mathematician John von Neumann and economist Oskar Morgenstern included poker as a key example.
To play Poker, a deck of cards is required along with chips to represent the various amounts players can bet. A white chip is worth one unit, or the minimum ante or bet; a red chip is worth five units; and blue chips are worth 10 or 20 units. In addition to the chips, a poker table and a dealer are needed.