Bet types - the value bet
Introduction
In this article
- When to bet for value
- The premises for a value bet
- Why a semi-bluff can be for value
A value bet is a bet with the immediate goal of extracting profit with a hand that's presumably ahead. You bet for value when you want to be paid off by your opponent with a worse hand.
It this article, we will examine the purpose of value bets: when do we have a value bet, when does the bet also accomplish other goals, when should you refrain from placing one?
Naturally, value bets are crucial, as they are the means of getting value out of your strong hands; especially against passive players, aggressive betting is very important.
What is a value bet?
It's easy to define a value bet: you have a strong hand that allows you to see yourself ahead with a safe probability. Additionally, you think that villain is capable of calling with a weaker hand. This means your goal is to extract value from your opponent and to be paid off. Of course, the absolute strength of your hand also depends on your opponent's playing style. The following hand doesn't leave room for discussion though.
PartyPoker $25 NL Hold'em (6 handed)
Stacks & Stats
MP ($25)
CO ($25)
UTG ($25)
BB ($25)
SB ($25) (32/8/0.5/29/1021) [VPIP/PFR/AF/WTS/Hands]
Hero ($25)
Preflop: Hero is Button with A
, K
3 folds, Hero raises to $1.00, SB calls $1.00, 1 fold
Flop: ($2.25) A
, 8, 3
(2 players)
SB checks, Hero bets $1.50, SB calls $1.50
Turn: ($5.25) 3 (2 players)
SB checks, Hero bets $4.00 , SB calls $4.00
River: ($13.25) 7 (2 players)
SB checks, Hero bets $9.00 , SB calls $9.00
You have the classic opponent who calls very loosely pre-flop and goes to showdown often. You keep betting all streets with a single goal: hands like AQ/AJ/AT or middle pairs shall pay you off. You want to get value from weaker hands.
The additional flush draw on the turn may help you, but it's more important that this second 3 makes a set of 3s more unlikely. In case you happen to run into quads, you simply have to say "nice hand, sir".
In theory, your aim should be to invest as much money as possible whenever you think you're ahead. As long as you bet in this situation, you force your opponent to make a mistake, which will inevitably lead to more profit for you.
PartyPoker $25 NL Hold'em
Stacks & Stats
MP ($25)
CO ($25) (22/18/3.5/25/300) [VPIP/PFR/AF/WTS/Hands]
UTG ($25)
BB ($25)
SB ($25)
Hero ($25)
Preflop: Hero is Button with A , A
2 folds, CO raises to $1.00, Hero raises to $3.50,...
Again, your main goal is to extract value. There is no doubt that you hold the best hand, so if villain calls or pushes, he is making a mistake (even though he might be playing correctly from his perspective).
Parallels to other betting types
From the article about betting types, you've already learned that, basically, a bet always has several objectives - a bet should have a single purpose only in a very limited number of cases. Example one nicely shows the case of a pure value bet on the river. In example 2, the bet can easily be considered to serve for protection as well.
The raise pre-flop protects your hand, because just calling would make it possible for villain to see the flop cheaply and to maybe hit with a weaker hand. In addition to the lack of protection, it would be harder to get the villain to invest money in a smaller pot with a weak hand. In the long run, you would lose value, which is the reason why you already raise pre-flop.
Value bets and protection bets often go hand in hand. However, the topic of protection will be elaborated in the article "protection bets". Let's compare value bets with other betting types next:
A continuation bet is mostly defined only as a bet that you make on the flop as pre-flop aggressor. Of course, a continuation bet can easily be a value bet if you hit a decent flop (as in example 1).
It can also be a value bet in other cases though:
PartyPoker $25 NL Hold'em (6 handed)
Stacks & Stats
MP ($25)
CO ($25)
UTG ($25)
BB ($25)
SB ($25) (32/8/0.5/29/1021) [VPIP/PFR/AF/WTS/Hands]
Hero ($25)
Preflop: Hero is Button with 8 , 8
3 folds, Hero raises to $1.00, SB calls $1.00, 1 fold
Flop: ($2.25) K, 3, 2 (2 players)
SB checks, Hero bets $1.50, SB calls $1.50
Turn: ($5.25) 3 (2 players)
SB checks, Hero bets $4.00 , SB folds
Hero shows: 8 8
Villain shows: 5 5
In this example, hero places a continuation bet and plays bet/fold on the turn. As you can see, villain called the flop with a weaker hand: this means the bet was in fact a value bet. If villain happened to be on a draw, it would also have been a value bet.
Even the bet on the turn is a value bet, as villain could easily call another bet with his weaker pair and check on the river, offering you a free showdown. By analogy, he could play a flush draw the exact same way.
Is it even possible to bet for value and bluff at the same time? Not really, as the respective definitions alone would let this seem as impossible. While you hope to gain value from weaker hands with value bets, a bluff is only profitable if stronger hands fold.
However, semi-bluffs can easily get into the realm of value bets.
PartyPoker $25 NL Hold'em (6 handed)
Stacks & Stats
MP ($25)
CO ($25)
UTG ($25)
BB ($25)
SB ($25) (32/8/0.5/29/1021) [VPIP/PFR/AF/WTS/Hands]
Hero ($25)
Preflop: Hero is Button with J , T
3 folds, Hero raises to $1.00, SB calls $1.00, 1 fold
Flop: ($2.25) Q, 3, 9 (2 players)
SB checks, Hero bets $1.50, SB raises to $3.50, Hero raises to $13.00, SB raises All-in, Hero calls All-in
In this example, there are a couple of factors that influence your play.
First, we have our continuation bet on a board that is very suitable for it, so the strength of our hand doesn't matter in that respect. After the raise, however, you decide to 3-bet. As you currently don't have any showdown value, it is a semi-bluff, even though you have 15 safe outs on your side. From your point of view, you don't care whether villain folds and you win the pot with Q high / J kicker, unimproved and without hassle.
At the same time, this semi-bluff is also a value bet: you will be ahead with that strong hand a lot of times, since you will get to see the turn and the river without having to invest any further money. Even if you're merely on a draw, you can be ahead compared to villain's range.
PartyPoker $25 NL Hold'em (6 handed)
Stacks & Stats
MP ($25)
CO ($25)
UTG ($25)
BB ($25)
SB ($25) (32/8/0.5/29/1021) [VPIP/PFR/AF/WTS/Hands]
Hero ($25)
Preflop: Hero is Button with J , T
3 folds, Hero raises to $1.00, SB calls $1.00, 1 fold
Flop: ($2.25) Q, 3, 9 (2 players)
SB checks, Hero bets $1.50, SB raises to $3.50., Hero raises to $13.00, SB raises All-in, Hero calls All-in
Turn: ($50.25) A (2 players)
River: ($2.25) 3 (2 players)
Hero shows: J , T (Flush, A high)
Viilain shows: A Q (2 Pair, Aces and Queens)
Villain already had top pair top kicker on the flop and tries to protect his hand. The question now is whether you played the hand right if you put him on that hand.
Let's look at the values from the equilator:
Board: Qs 9h 3s
Equity Won Draw Lost Hand
Player 1: 56.768 % 56.768 % 0.000 % 43.232 % JsTs
Player 2: 43.232 % 43.232 % 0.000 % 56.768 % AdQc
As you can see, you were the favorite on the flop, if you assume you'll manage to get it all-in there. This means both your continuation bet and your semi-bluff 3-bet were value bets, too, since you managed to get all your money in as the favorite if you can go all the way to the river.
Other betting types can also be for value bets. Whether they are probe bets or position bets, as long as you don't bet for the sole purpose of making your opponent fold, you can always hope for a weaker hand to call. Even block bets give the possibility for a weaker hand to call you.
Value bets in close situations
The first example made it easy to see why you had a value bet. The three main points are:
- You have a strong hand.
- You assume that villain very often has a worse hand.
- You assume that villain will call your bet with this worse hand often enough.
But how do you act in a situation where you're unsure whether you're ahead?
As long as you're in position, which you usually try to be, you mostly have two possibilities:
- bet/fold
- check behind
In case you opt for bet/fold, you always have the possibility that a weaker hand calls, but if your opponent suddenly decides to be aggressive and raises your bet, you are often behind and so you have to fold.
A check behind allows for pot control: you keep the pot small with the goal of getting your hand to the showdown and you're pretty sure you're ahead, but you don't want to risk an all-in with your hand. You refrain from a value bet and give away a free card, hoping that villain might bluff on the coming street. You often have to decide between these two and the decision depends on the following points:
- the board
- the opponent
- your position
- your absolute hand strength
Take a look at the following two examples, where hero acts in position twice.
PartyPoker $25 NL Hold'em (6 handed)
Stacks & Stats
MP ($25)
CO ($25)
UTG ($25)
BB ($25)
SB ($25) (32/8/0.5/29/1021) [VPIP/PFR/AF/WTS/Hands]
Hero ($25)
Preflop: Hero is Button with J , J
3 folds, Hero raises to $1.00, SB calls $1.00, 1 fold
Flop: ($2.25) 4, 5, 6 (2 players)
SB checks, Hero bets $1.50, SB calls $1.50
Turn: ($5.25) T (2 players)
SB checks, Hero bets $4.00 , SB raises to $10.00 , Hero folds
In this example, hero bets the turn with the intention of following the bet/fold line. Why?
- Hero assumes that villain will call with a weaker made hand, so he is betting for value.
- Hero also assumes that villain would call with a draw, so he value bets in that respect, too. At the same time, the opponent is so passive that the chances are low he will be bluffing the river, rendering a bluff inducing quite pointless.
- The raise on the turn by such a passive player usually means he is behind against a set, a straight or a two pair, allowing him to find an easy fold.
You can see that the bet on the turn only has advantages for hero; he protects and value bets his hand against weaker hands and at the same time gets information about villain's hand.
PartyPoker $25 NL Hold'em (6 handed)
Stacks & Stats
MP ($25)
CO ($25)
UTG ($25)
BB ($25)
SB ($25) (15/12/4.1/22/400) [VPIP/PFR/AF/WTS/Hands]
Hero ($25)
Preflop: Hero is Button with J , J
3 folds, Hero raises to $1.00, SB calls $1.00, 1 fold
Flop: ($2.25) 2, 4, 9 (2 players)
SB checks, Hero bets $1.50, SB calls $1.50
Turn: ($5.25) K (2 players)
SB checks, Hero checks
River: ($5.25) 2 (2 players)
SB bets $3.50, Hero calls $3.50
In the second example, things look different: the opponent is quite tight, but very aggressive. His Went-To-Showdown value is quite low and the turn card is not really optimal for you either. Hero decides to go for pot control and tries to induce a bluff, then calling the river.
- Hero doesn't see value in a bet on the turn. This type of opponent will often fold weaker hands, calling or even check/raising better ones.
- The board is drawless. Villain hardly ever has a draw, meaning a free card won't hurt you.
- As villain is quite aggressive, hero assumes he can get more value by showing weakness and inducing a bluff on the river.
- Next to pure bluffs, villain can also bet with hands like A9 on the river, which he would otherwise have folded against the overcard on the turn.
Summary
You've just seen some examples where you bet for value: your main goal is to get money from worse hands. Value bets often make sense in connection with continuation bets and protection bets. You also saw that a semi-bluff can, in fact, be a value bet at the same time.
On the other hand, you should take it easy and play for pot control if you don't see weaker hands that would call you on a certain street, but hands that could try to bluff you on a later street. If the board is draw heavy though, bet/fold is usually the better choice compared to checking, as you will often be called by draws despite the bad odds and would lose value by checking behind.
Some basic things you should think about when betting for value:
- Which hands would pay you off?
- Are there possible draws that could call?
- Are there weaker hands that could call down?
- Is your opponent able to call your bet with a hand like that?
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