Poker Poker Poker!: [vpFREE] Re: Basic Fundamentals

--- In vpFREE@yahoogroups.com, "futrend" <futrend@...> wrote:
>
> I am far from an expert on video poker. However, at times
> I am asked questions and/or try to explain some basic questions
> about VP to someone who knows even less than I do. I want to
> use this opportunity to ask how some of you would best explain
> certain fundamental to a beginner.
>
> My first question is how do you explain why you follow a
> specific play strategy? If the expected return is the theoretical
> return you can expect from a game if you play it correctly for
> the long term, why do you use this same strategy in the short
> term? In other words, once you discuss how long the long term
> might be, how do you rationalize why you also play the same
> strategy in the short term? Is it accurate to give the answer
> that even thought many people might only play a game for the
> short term, the perfect long term strategy play is still the
> best guess for the short term? and this is the reason you do
> not deviate from the perfect long term play strategy in the
> short term.
>
> I am looking for the best simple statement as to why each
> hand dealt has only one hold for the short term also. I
> understand that some hands can have equal expected long term
> expectation. If so, a related question would be how do you
> explain and discrimination between two hands of equal expected
> long term results?
>
> Again, I am hoping for the best simple explanation that a
> beginner might understand, or at least, might logically accept.

The answer is simple ... don't even try to explain terms that have no
definition. There is no exact definition for either short term or
long term even though many use these terms. There is only a continuum
of time for which one strategy is best for maximum ER. However, we
have discussed goals on this forum many times before and maximizing
ER is just one possible goal. One way I phrase this type of
discussion is to ask what is your goal. If it is to maximize the
total return over all the hands played in one's lifetime then ... end
of discussion. If they have other goals, then max ER may not be the
best strategy.

As for two hands with the same ER ... it doesn't matter. Pick either
one. Some folks like to minimize variance and will pick the lower
variance hold, others like more risk. I'm pretty sure you don't want
to get into Kelly bankroll growth so I'd just say they are both equal.

Dick