Cash games are all about expected value. If you have an open
ended straight draw with 4 opponents you’re taking a 2-1
shot to win 4-1. Of course you can lose in this situation 5
times in a row, but over the course of 1000 or more attempts
this play has a positive expected value and should be bet every
time.
In a tournament this may not be true depending upon the situation. If the amount being bet is very small it’s fine, but what about if the bet is for 1/3 of your chip stack? In a cash game you can dig back into your pocket, but in a tournament you cannot. Let’s say you do make that bet and lost. The very next hand you are dealt KK. That straight draw just cost you money you could have bet on KK so patience is key in a tournament situation.
Even if a hand has a positive expected value, if losing will likely cost you chips that would enable you to make a better bet in the future, you should fold. Remember, calling is rarely the correct play. Betting, raising and folding are usually better.
Of course it’s impossible to calculate what cards you will get in the future, but the concept is valuable. Remember this is a tournament, so your opponents will fear busting out as well. This means a large bet is more powerful than a small one, so making several calls on drawing hands is generally not as good as saving those chips for a more powerful play at top online poker sites in the future.
Understand the gap principle. The gap refers to the difference in strength between a raising hand and a calling hand. For example, let’s say you’re first in from middle position with QT suited. A raise here will work well because your opponents will be tentative to play anything but a premium hand against a raise. You stand an excellent chance of stealing the blinds right there.
Now let’s say your in the same position with an early position raiser in front of you. A fold here is probably the correct play because you’re almost definitely behind in the hand with someone raising from under the gun. Do you see the difference? This is the gap principle.
If you raise from middle position and behind you is a shorter stacked player there will likely be a large gap. Similarly, if you’re short stacked and raise into a large stack the gap is small, or maybe non-existent.
With a small gap you need a better than average hand to raise with, but can call a bet or raise with a slightly weaker than average hand.
With a large gap you can raise with a weaker than average hand,
but require a very good hand to call a raise.
This is an extremely important concept. All good
tournament players
apply this theory to steal pots and exploit opportunities when
they present themselves.