Analyzing Game Theory Optimal Play in No Limit Texas Hold’em

Abstract

This thesis looks to investigate the benefits of using a No Limit Texas Hold’em poker strategy based on the economic concept of game theory versus an exploitative style of play. The topic was chosen as the relevance of poker continues to grow amid the ongoing coronavirus pandemic. Over the past decade, there has been an increased reliance on computer-based simulations and outputs in real-life scenarios, poker included. Game theory simulates and predicts the action of an opponent and chooses the optimal play to generate the highest expected value play. This thesis serves the purpose of both investigation and a tutorial, as it seeks to find and explain the solutions to common scenarios one may come across in a standard game of Hold’em. The intentions of this paper are for it to be read by someone remotely familiar with the game of No Limit Texas Hold’em. This would preferably be an intermediate level player or above, as some of the terminology is advanced. This paper could be improved and expanded upon to include more sample hands and direct solutions from ‘solver’ computer programs that give the optimal solutions for millions of scenarios. Given the financial implications that come with these programs, this wasn’t feasible for the purpose of this thesis, but it a worthy investment for someone who considers themselves a for-profit player.