Fixed Limit

Definition

Fixed Limit is a betting structure in poker where the size of bets and raises is fixed at predetermined amounts, which typically increase in later betting rounds. This structure is common in games like Limit Texas Hold'em and Stud games, contrasting with No Limit and Pot Limit formats where players can bet any amount up to their stack.

Structure

In a Fixed Limit game, there are two betting amounts: the small bet and the big bet. The small bet is used in the early betting rounds (preflop and flop in Hold'em), while the big bet is used in later rounds (turn and river). For example, in a $2/$4 Fixed Limit Hold'em game, bets and raises are $2 on the flop and $4 on the turn and river. A raise must be exactly the size of the current bet limit, and there is a maximum number of raises per round (often a cap of 3 or 4 raises, including the initial bet).

Strategy

Fixed Limit poker requires a different strategy compared to No Limit. Key considerations include:

• Pot odds and equity: Because bet sizes are fixed, pot odds are easily calculable, and decisions often revolve around whether a hand has sufficient equity to continue.
• Value betting and bluffing: With capped raises, extracting value or bluffing is more about frequency and board texture than bet sizing. Bluffs are often small relative to the pot, so they must be used judiciously.
• Hand selection: Suited connectors and small pairs gain value due to implied odds, as you can see more cards cheaply.
• Position: Position is critical because you can control the number of bets going in when you have a strong hand.

Example

Consider a $2/$4 Fixed Limit Hold'em hand: You hold A♥K♥ on the button. Preflop, an opponent raises to $2, you reraise to $2 (in Limit, the raise is the same size as the bet), and everyone folds. On the flop, you bet $2 and your opponent calls. On the turn, you bet $4. Your opponent raises to $8. You call. The river is a blank. You check, opponent bets $4, and you call. This illustrates the fixed increments and the action on each street.

History

Fixed Limit was the dominant form of poker in casinos for decades, particularly in the World Series of Poker's Main Event until the 2000s, when No Limit Texas Hold'em surged in popularity. Today, Fixed Limit is less common in televised events but remains popular in certain cash games and mixed-game formats.