The GTO Perspective
Poker. This word has quite a bit of a buzz around it. It stirs up feelings of risk, rashness, immaturity, and luck. Fortunes can be made or lost in a matter of minutes. The thrill and suspense of gambling has been around for centuries, but as we’ve become more and more advanced, so too have our methods of gambling. Poker, however, or more specifically Texas Hold-em is becoming more seen as a game of skill, rather than purely luck. In the past, the Greats of Poker decided to rely on their “reads” or gut instincts to become the best. Being able to catch people “bluffing” (more or less lying) was a skill needed at the table in order to be a profitable played in the long run. However, in this day and age, with computers able to run millions of simulated hands, and the theory around the game being brought further and further along, a new strategy of playing poker has emerged, known as “Game Theory Optimal.” or GTO.
GTO is the new buzzword in the poker world. It is the epitome of number nerds and computer whizzes. The idea behind the GTO style of play is to be “unexploitable.” Unexploitable means that you should (in the long run) never come out behind. It means that (in poker) you should create a situation in which your opponent is indifferent to calling or folding (the expected value of either action is 0). Because humans are not perfect, if your opponent is not playing GTO, then they will make some mistakes, allowing you to profit in the long term. However, if both players were to be playing GTO perfectly, then there would be no profit or loss made on either side.
In relation to our class, in poker there are a set number of players and options in any given situation. This sets up for a finite game where exist dominant strategies and Nash Equilibria. The idea of GTO is to find and always follow the strategy to reach a Nash Equilibrium. However, this relies on the other players understanding and having the ability to play their dominant strategies. A player playing GTO decides beforehand on what actions to take with certain cards and hands in certain situations. They then construct “ranges” or possible sets of hands that they could have and also believe their opponent could have in any given situation. GTO players do not focus on the cards they actually have, but on the different cards that they could have in a given situation. This leads to a desire to find a mixed-strategy Nash Equilibrium in all situations. Although this style of play is seen at the current time as “perfect,” GTO is being seen more and more as just a starting point to strategies in poker. As always, adaptability is necessary and desired in allowing for people to improve and progress in poker.
https://www.pokernews.com/strategy/game-theory-optimal-solutions-and-poker-a-few-thoughts-22654.htm