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Click here for a free £5 betJuly 2005 and the Betfair staff are invited to trial the eagerly anticipated new betting game, Exchange Poker. Apart from being an opportunity to see why half of the Betfair Engineering team had been hidden in a darkened room for the past 6 months, there was no hiding the fact that it represented a half an hour window to indulge in a back and laying frenzy. As a result, the “Exchange Poker Appreciation Society” notched up its first members. The game has been a huge success companywide and has proved equally popular with punters since its launch in the public domain. Exchange Poker or “XP” as it’s affectionately known within the Betfair office is turning into quite a phenomenon. From a poker player's perspective it gives a great insight in to how poker hands unravel, how odds change with each round of betting and more often than not, reinforces the maxims of top poker professionals on how to play certain hands. For example, slow playing a pair of Kings without an early raise to scare off the likes of 2 7 off suit can get you get into serious trouble (as my colleague found out to the detriment of his account just last week). From a betting point of view, Exchange Poker provides the perfect environment for every punter looking for quick action and quick results with each game lasting just four minutes (there’s four rounds of betting in that time). If you are yet to embrace the poker revolution then Exchange Poker represents the perfect introduction to the statistical and tactical aspects of the game. The best way to demonstrate the potential swings of Exchange Poker is to look at a real life hand as an example. The Deal
We have an interesting set of “hole” cards dealt out here including two of the five or so “premium” starting hands in poker (Hands 2 and 4). Hand 1 has an “overcard” above the queens and Hand 3 has the potential to hit a heart flush. Pre-flop, the odds of each hand winning are the following: Hand 1 – 20.7%, Hand 2 – 44.7%, Hand 3 – 18.8% and Hand 4 - 15.8%. In order to translate these percentages into odds on Betfair, just divide the respective percentage into 100 and you will get the exact decimal price. For example, hand 2 would be fairly priced at 2.24. The Flop
The flop comes out and fails to strengthen any of the hands directly. Hand 3’s flush draw is a distant memory and Hand 2 is looking even stronger with just 5 cards (2 Jacks, 3 aces) left in the pack that can upset it on the next card. The percentages now stand at: Hand 1 - 14.8%, Hand 2 - 70.5%, Hand 3 - 5.6% and Hand 4 - 9.2% The Turn
Holy moly, the ladies in hand 2 have been hooked by the third Jack, giving hand 4 a full house! The 70.5% chance of winning the hand has dropped to just 5% - It would have proved a great lay after the flop. Hand 4 which you could have backed at 10.86 after the flop is now 95% favourite. Only a Queen (2 left in the pack) can save hand 2. Hands 1 and 3 are “drawing dead”, there is no way that they can win and betting on those two hands is immediately suspended. The River
The river card draws a blank and Hand 4 wins. A quick look at the deviations in prices over the course of the game will confirm just how exciting exchange poker can be.
The dramatic swings that occur in exchange poker certainly lend themselves to an exciting ride. Are you up to the challenge? Why not watch a few hands unfold on Betfair Games and once you feel comfortable with the way it works, try the game out with our new Exchange Poker promotion:, when you have a £10 bet matched on Exchange Poker, we will give you £5 back to spend on Betfair*. This offer is available by clicking here and is open until midnight on 10th November 2005, terms and conditions apply. Ben Fried Head of Poker * Terms and conditions apply. To view click here |
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