The Theory of Poker
by David Sklansky

This book is a revision of the original "Sklansky on Poker Theory" from 1978. At one time titled "Winning Poker" and now known as The Theory of Poker, the book is considered to be a must read for any player who is serious about the game. It is less a "how to" book and more of a "why" book, explaining in a simple yet mathematically precise way the thought process that a professional gambler goes through when placing a wager. Just as the successful casino accepts wagers based on having the best of it in the form of positive expected value (+EV) so too does the successful poker player. No one explains this better than Sklansky.

After reading The Theory of Poker you will look at each bet that you make in an entirely different way. You will consider yourself the house in that you will be making and calling bets based on sound logic that is founded on expectation. Obviously we all make bets with the intention of winning a particular hand and thus winning money but Sklansky puts it in perspective. That perspective basically boils down to evaluating whether a play has a positive or negative expected value. So whenever you hear someone say I felt the play was +EV, they are applying a theory of poker from Sklansky.

Sklansky never claims that poker isn’t gambling. On the contrary, he suggests that it is gambling, but that one should strive to always have better than a 50% chance of winning the bets one makes in order to be a winning player. He goes on to discuss what he calls "the fundamental theorem of poker" in order to help you decipher whether or not you’re making a play with +EV. The book covers five-card draw, seven card stud, hold ’em, draw lowball, razz and high low split. By covering so many different forms of the game, the typical hold ’em player will gain a much wider perspective of the game of poker as well as all the concepts, thought processes, and psychology of the game as a whole. Odds, implied odds, free cards, semi bluffing, bluffing, slow playing, position, reading hands and much more are all discussed in detail.

The Theory of Poker is a must read. If you’ve read it, and your opponents haven’t, you gain. If your opponents have read it and you haven’t, they gain. It is not only a book you should read but one you should have on hand to refer back to.

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