Dead Money
死钱
Context: Poker term: 死钱 (Dead Money) Dead money refers to chips already in the pot that no longer have decision-making rights, typically from folded players' bets or forced blinds. These chips cannot be contested by their original holders in subsequent action, thus becoming "free" rewards for the remaining players. In practice, recognizing the size of dead money helps players decide whether to enter a pot with marginal hands — for example, when there is a substantial amount of dead money in the pot, even if a hand's equity is below 50%, it may be worth calling or raising due to the potential return. Typical scenario: Multi-way action preflop, early position players fold postflop, and their bets become dead money; at this point, a later position player holding a draw might consider semi-bluffing to contest this dead money.
Overview
Dead Money is an important concept in Texas Hold'em, referring to chips that have entered the pot but are no longer controlled by any player in the current hand. These chips typically come from players who have folded, forced blinds (such as the [small blind] and [big blind]), and antes. The presence of dead money increases the pot odds, incentivizing remaining players to compete more aggressively for the pot.
Sources of Dead Money
- Chips from folded players: When a player folds preflop or postflop, the chips they previously contributed to the pot become dead money.
- Blinds and antes: At the start of each hand, the [small blind] and [big blind] (and possibly antes) are placed in the pot before any player decisions. These chips become dead money if the player folds.
- Uninvolved players: In multi-way pots, once some players fold, their chips become dead money, increasing the value of the competition among the remaining players.
Impact of Dead Money on Strategy
The presence of dead money makes [pot odds] more favorable, allowing players to widen their calling or raising ranges. For example, preflop, if there is a substantial amount of dead money in the pot (such as multiple blinds and antes), a player may raise with weaker hands in an attempt to take down the pot immediately. Postflop, dead money also encourages players to [semi-bluff] or continuation bet, since even if called, the dead money serves as an additional reward.
Example
Assume in a tournament, blinds are 100/200 with an ante of 25. Preflop, [UTG] raises to 500, CO calls, [button] folds, small blind folds, big blind calls. At this point, the dead money in the pot includes: small blind 100, big blind 200, antes (9-player table total 225), and the [button]'s uninvested chips (0). In practice, the dead money mainly consists of the small blind and part of the antes, since the big blind has not yet made a decision. However, a more typical example of dead money occurs when a player folds, and the chips they have already contributed lose their equity.
Related Concepts
- [Pot Odds]: Dead money directly affects pot odds, making it easier for players to get the correct calling price.
- Blind Stealing: In the blinds, dead money (the blinds themselves) makes blind stealing profitable.
- [ICM]: In tournaments, dead money influences [ICM] calculations because it increases the [expected value] of the pot.