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Poker Math 
That Matters 
Simplifying the Secrets of No-Limit Hold’em 
_______________ 
By 
Owen Gaines 
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Poker Math That Matters 
Copyright © 2010 by Owen Gaines 
Published by Owen Gaines 
All rights reserved. No part of this book may be reproduced or 
transmitted  in  any  form  or  by  any  means  without  written 
permission from the author. 
To request to use any part of this book in any way, write to: 
owen@qtippoker.com 
To order additional copies, visit www.qtippoker.com 
ISBN-13: 978-0-615-39745-0 
ISBN-10: 0-615-39745-X 
Printed in the United States of America 
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iv 
Table of Contents
Acknowledgements .................................................................. viii
About Owen Gaines .................................................................... x
About this Book ........................................................................... 1
Introduction ................................................................................. 3
Why Math Matters ................................................................... 3
Quiz ..................................................................................... 6
Measurements .............................................................................. 9
Your Surroundings .................................................................. 9
Quiz ................................................................................... 14
Thinking About Bets in No-Limit Hold'em ........................... 15
Quiz ................................................................................... 17
Your Expectations ................................................................. 18
Quiz ................................................................................... 22
Getting Started with Numbers ................................................... 23
Working with Fractions, Percentages and Ratios .................. 23
Quiz ................................................................................... 27
Expectation Value ................................................................. 29
Quiz ................................................................................... 33
Hit the Deck ............................................................................... 35
Counting Outs ........................................................................ 35
Quiz ................................................................................... 44
The 4/2 Rule .......................................................................... 50
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Quiz ................................................................................... 57
Putting It Together ..................................................................... 59
Pot Odds ................................................................................ 59
Quiz ................................................................................... 64
Implied Odds ......................................................................... 66
Quiz ................................................................................... 69
World of the Unknown .............................................................. 71
Combinations ......................................................................... 71
Quiz ................................................................................... 78
Equity Versus a Range .......................................................... 81
Quiz ................................................................................... 87
Which Bucks? ........................................................................ 89
Quiz ................................................................................... 92
Aggression ................................................................................. 93
Bluffing ................................................................................. 93
Quiz ................................................................................... 97
Semi-bluffing ......................................................................... 99
Quiz ................................................................................. 106
Value-Betting ...................................................................... 108
Quiz ................................................................................. 113
At the Table ............................................................................. 117
A Bit of Memory ................................................................. 117
Quiz ................................................................................. 120
Chunking ............................................................................. 121
Quiz ................................................................................. 126
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vi 
Set-Mining ........................................................................... 127
Quiz ................................................................................. 130
How Much to Bet?............................................................... 131
Quiz ................................................................................. 137
Balanced Play ...................................................................... 139
Quiz ................................................................................. 145
Summary ................................................................................. 147
Champions ........................................................................... 147
Appendix A ............................................................................. 149
True EV and Evaluative EV ................................................ 149
Appendix B .............................................................................. 151
When Villain is +EV ........................................................... 151
Quiz Answers .......................................................................... 153
Why Math Matters Quiz Answers ....................................... 153
Thinking About Bets in No-Limit Hold'em Quiz Answers . 154
Your Expectations Quiz Answers ....................................... 155
Working with Fractions, Percentages and Ratios Quiz 
Answers ............................................................................... 157
The 4/2 Rule Quiz Answers ................................................ 172
Pot Odds Quiz Answers....................................................... 174
Implied Odds Quiz Answers ............................................... 176
Combinations Quiz Answers ............................................... 178
Equity Versus a Range Quiz Answers ................................. 181
Which Bucks Quiz Answers ................................................ 184
Bluffing Quiz Answers ........................................................ 186
Semi-Bluffing Quiz Answers .............................................. 188
vii 
Value-Betting Quiz Answers ............................................... 191
A Bit of Memory Quiz Answers ......................................... 197
Chunking Quiz Answers ...................................................... 198
Set-Mining Quiz Answers ................................................... 199
How Much to Bet Quiz Answers ......................................... 200
Balance Quiz Answers ........................................................ 202
Glossary ................................................................................... 205
viii 
Acknowledgements 
One of the most valuable things for a professional poker player 
to have is friends who understand the game.  Being a 
professional poker player can make you feel like you’re on an 
island.  Having those friends really helps you feel more 
connected.  Outside of that benefit, these friends have not only 
enriched my life, but have also taken a lot of time to help me 
develop my poker game.  I would not be the player I am today 
had it not been for their generous efforts. 
I'd like to give special thanks to Steven Gallaher and Matt Hanes 
for patiently helping me learn the mathematics involved in 
analyzing poker situations.  Without them, it's doubtful I ever 
would have understood the mathematical concepts I present in 
this book.
ix 
About Owen Gaines 
I was always a bit fascinated with poker and had read a small 
book or two on it long before I ever got a chance to try playing. 
Then, one day in 2004, a friend told me I could play poker 
online.  I decided to check it out. I knew very little about poker 
at that point, but I bought a lot of books on limit hold'em, joined 
a poker forum, and began to work very hard learning the game. I 
deposited $300, but I lost that rather quickly in the $.50/$1 limit 
hold’em games.  I decided to give poker one more $300 attempt.  
That one stuck. I started to see the hard work pay off and built up 
a nice bankroll for the limit hold'em games. Since my hourly rate 
playing poker was double that of my entry-level, nine-to-five 
job, I felt playing poker professionally was the best option for 
me. So, I started playing poker professionally in the summer of 
2005.  From there, I played about a million hands of limit 
hold’em and experienced good results.  
In early 2007, after a short break from the tables, I set aside $300 
to mess around playing no-limit hold’em. I had never really been 
interested in no-limit, but I had heard good things and decided to 
check it out. Fortunately all of my limit experience helped me 
transition to no-limit very easily.  I started playing a lot of no-
limit and worked my way up the stakes. I also found I really 
enjoyed playing no-limit. In 5 months, I turned the $300 into 
$30,000 and have been playing no-limit hold’em as my main 
game ever since. 
As of the summer of 2010, I’ve played about three million hands 
of poker and have been playing professionally for over five 
years, providing the sole income for a family of five. Online 
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