To Value Bet or Not to Value Bet; That is the Question
To Value Bet or Not to Value Bet; That is the Question
A value bet is made when you believe you are ahead in the hand and is designed to extract additional money from an opponent when you expect to be paid off on the river. A value bet shouldn't exceed 50% of the pot otherwise it will not look like a value bet. You may bet for value while bluffing if you think your opponent has not connected at any stage of the betting and will fold to your bet. The question is when to value bet and when to refrain from value betting. I believe there are three conditions which make the value bet an incorrect decision and will lead to long-term losses.
Situation No. 1: When you are Losing
If you are losing during any session the value bet simply will not work to your benefit and you should seldom, if ever, use it as a tactic. The plain truth is that when you are losing at the table you are a target for the other players and they are not intimidated by your play. For a value bet to work you need to have a table image that appears to be not too aggressive and not terribly unpredictable. When you are losing that image doesn't serve you well because in order to gain momentum you need to be more aggressive and more unpredictable. You are less likely to get the action you want from a value bet.
Situation No. 2: Opponents that Bluff
Generally loose opponents that bluff the river far too often are not ideal candidates to value bet against. Like any bully, you will make your money by standing up to him by calling his bets rather than opening up the betting. Providing your opponent with enough rope to hang himself is the stuff that defeats the compulsive bluffer. The value bet simply doesn't work against him. You certainly do not want to value bet against an opponent who is a compulsive bluffer who has checked in front of you. If you bet and he check-raises you are now faced with an additional set of decisions. The compulsive bluffer considers himself to be a deceptive player and they often contemplate a check-raise especially into a highly textured board on the river. It is best to simply call a bet or check behind and force your opponent to reveal the losing hand.
Situation No. 3: The Trickster
Highly unpredictable opponents or unusually tight players are poor candidates for a value bet. Tight opponents only will call you with a quality hand that may have you crushed. All you can say after this kind of beat is "Oops!" The unpredictable player is one who may raise unexpectedly for value with anything. You don't want to be going to war with this one because of your inability to predict what their bets might mean. On the other hand, the tight and tricky players make very good candidates for early aggressive bluffing attempts rather than candidates for the value bet on the river.
Some Final Thoughts
The value bet is a bet made to aggressively squeeze every extra nickle of profit out of an otherwise solid opponent. The value bet is not a bet that provides profit in a number of ways, it is a specific tool used when you believe you have the best hand and you are facing a predictable opponent who appears to have second-best. In order to make a value bet your hand must have a positive expectation but the value is not in the bet you make, rather, it lies in the extra profit you make when you are called by an opponent who otherwise might have checked if you had not taken the aggressive position you did when you led out on the river. If you bet for any other reason than extracting additional profit on the river you are not making a value bet.
Let's say the river puts a fourth flush card on board and you have been leading out on every street with small bets but this card doesn't help your hand because you didn't make your flush. A bet at this point, in order to be effective, would need to be slightly larger than the pot in order to force your opponent to fold something other than the nut flush. This is not a bet for value, rather it is a bluff on the river that takes advantage of the texture of the board. If you are called you are probably beaten but if not you scoop a small pot. Don't confuse the bluff with a bet for value. They are significantly different animals.
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