Fundamental Theorem of Poker

According to David Sklansky, in his fundamental theorem of poker, it is a principle that he thinks expresses the true nature of poker as the game of decision making in the face of incomplete information.

According to Sklansky: "Wnenever you play the hand in another way from what you would have played it if you could see all the opponent's cards, they will gain; and whenever you play your hand the same way you would have played it if you could just see the opponents' cards, they will lose. On the other hand, whenever opponents play their hands differently from the way they would have if they could see all your cards, you will gain; and whenever they play their hands the same way they would have played if they could see all your cards, you will lose."

The Fundamental theorem is based on mathematical reasoning but it is stated in common language. The decision that is made in the game can be analyzed in terms of the concept of expected value. The average payoff of a decision is expressed in the expected value if the decision is made a large number of times. The decision that has the largest expected value is the correct decision to make in a given situation.

But for the larger goal of long term deception, it is sometimes correct not to choose this decision. You will always be able to analyze the right decision with mathematical conviction if you could just see the cards of your opponents. This is not always true in the multi-way pots but certainly true in heads-up. There will be better expected long-term results if you will deviate less from these correct decisions.

Implicit collusion and Multi-way pots

This Fundamental Theorem of Poker does not apply to all multi-way decisions but it does apply to all heads-up decisions. This is because the "collective decision" of all the opponents works against the player, but each opponent of a player can make an incorrect decision.

This kind of situation transpires usually in the multi-way pots. This is when a player has the strong hand but other several players are chasing with other weaker hands or draws. This kind of situation is sometimes referred to as implicit collusion. Some experts do not agree on the occurrence of implicit collusion in some games, also the extent to which the implicit collusion can also be unethical.

Fundamental Theorem of Poker appears to be obvious and simple, but the proper application to its innumerable varieties of circumstances that a player may face requires a great deal of cleverness, ability and experience