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Cash game
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Cash game
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Cash game

Cash games, also sometimes referred to as ring games or live action games, are poker games played with "real" chips and money at stake. Cash games often have no predetermined end time, and players are able to enter and leave as they see fit. In contrast, a poker tournament is played with tournament chips worth nothing outside the tournament, with a definite end condition (usually, only one player left), and a specific roster of competitors.

Rules

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Players may freely buy into or cash out of a cash game between hands.[1] However, it is normally prohibited for a player to remove a portion of their chips from the table. This is known as "going south".[2] For example, if a player buys in for $100, then wins $100 (for a total stack of $200), the player may not remove the original $100 buy-in while remaining seated. The player would have to forfeit their seat, possibly wait to rejoin the game, and buy-in again for $100. However, many cardrooms prohibit the practice of buying in again unless a certain amount of time has elapsed before the player rejoins. Similarly, cash games are played for table stakes. If a player attempts to put additional money onto the table (from his/her wallet) in the middle of a hand, they may not do so until the conclusion of said hand.

In "no limit" poker cash games, some cardrooms have a maximum buy-in for cash games. In limit poker games, there is rarely a maximum buy-in because betting limits already restrict the amount a player can wager on each hand.

In a casino, a rake is usually taken from a pot if a flop is shown and the pot reaches certain values.[3] Some games take a time rake instead of a pot rake. In these games players pay a seat charge every half-hour.

Ring games

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While the terms "ring game" and "cash game" are often considered synonymous in common usage, opinion differs on the true definition of "ring game". For example, in the glossary of Doyle Brunson's Super System 2, a ring game is defined as "A game with a player in every seat, that is, a full game—as opposed to a shorthanded game".[4] As such, the term "cash game" may be considered a more precise depiction of the kind of game commonly found in most casinos or home venues; that is, a non-tournament game played for actual money (or chips representing money), without regard for the number of players seated at the table at any given time.

Comparison with tournament games

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Tournaments and cash games have different basic strategies. One difference between tournaments and cash games is that the blind/ante structure of tournaments increases periodically over the course of the tournament, whereas the blind/ante structure of cash games remains constant. Another difference between tournaments and cash games is that a tournament sticks with a predetermined style of poker, and cash game players, depending on house rules, may have the option of playing other types of card games. Some online cash games offer a variety of choices limited only by the game software.

Other differences between cash games and tournament poker are that, in cash games sometimes straddles and chops are allowed. A live straddle is a dark bet of two big blinds by the player first to act, who is then entitled to bet again if the bet is not raised. A chop is an agreement between the players in the blinds to retract their blind bets if nobody else has bet. A chop prevents the casino from taking a rake from the pot. Also, cash games sometimes let players reduce the element of luck (often called "variance", especially by professional players) by splitting large all-in pots. Since online platforms can instantly calculate each player's pot equity at the time they go all-in, some online cash games allow such pots to be split based on this equity. Players who opt for such an arrangement will receive a share of the pot based on their odds of winning (from the time all players still in the pot exposed their cards) once each of the cards have been dealt. An alternative method of reducing variance, used both online and in live games, is to run the board multiple times to ensure that the person with the best odds of winning receives the largest share of the pot more often.

Examples

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An example of a cash game is broadcast on the United States subscription-based streaming service PokerGO as High Stakes Poker. The Bellagio casino's "Big Game" is a high-stakes permanent cash game, featuring a wide variety of rotating poker games with and without limits.[5]

References

[edit]
Revisions and contributorsEdit on WikipediaRead on Wikipedia

Cash game

View on Grokipedia
from Grokipedia
A cash game, also referred to as a ring game or live action game, is a format of poker in which players wager real money using chips that have a direct monetary value, allowing participants to buy in for any amount within table limits, join or leave the table at will, and cash out their chips for immediate payment at any time. Unlike play, cash games maintain fixed blinds and stakes throughout the session, with no escalating levels or elimination structure, enabling ongoing play that can last indefinitely as new players replace those who depart. This structure emphasizes direct financial risk and reward, where each hand's outcome immediately affects players' bankrolls without reliance on a shared pool. In cash games, the gameplay revolves around standard poker variants such as Texas Hold'em or Omaha, where the goal is to win pots through skillful betting, bluffing, and hand selection, with chips exchanged at a set rate (e.g., $1 per chip) upon entry and exit. Minimum and maximum buy-ins are typically enforced to ensure balanced participation, often ranging from 20 to 100 big blinds, promoting strategic depth in areas like and implied odds that differ from the survival-focused decisions in tournaments. Sessions occur in casinos, card rooms, or online platforms, with online cash games offering 24/7 accessibility and features like hand history tracking to aid post-session analysis. The appeal of cash games lies in their lower variance compared to tournaments, as skilled players can realize consistent profits over time through hourly win rates measured in big blinds per hour, though they demand strong bankroll management to withstand short-term swings. Professionally, many top players prefer cash games for their flexibility and immediate , contrasting with the high-stakes, time-intensive nature of tournaments that culminate in large payouts for few winners. Overall, cash games form the foundational mode of poker play, accessible to recreational and serious gamblers alike, fostering a dynamic environment where monetary stakes drive both entertainment and competition.

Fundamentals

Definition

A cash game, also known as a ring game, is a form of poker in which players purchase chips that directly represent real monetary value, allowing them to buy in for any amount within the game's stakes and their chips for equivalent at any time. Unlike structured formats, these games permit players to enter or exit the table freely, with winnings and losses settled immediately upon departure, emphasizing ongoing play rather than elimination or fixed durations. Originating as the traditional mode of poker, cash games trace their roots to the 19th-century American saloons and riverboats along the , where the game evolved from earlier card games into a popular wagering activity among gamblers, , and travelers. This format predates modern tournaments by over a century, with poker first documented in print around 1837 and becoming a staple in Western saloons by the mid-1800s, long before organized events like the emerged in 1970. A defining feature of cash games is their indefinite structure, with no predetermined player count or end time; the game continues as long as sufficient participants remain at the table, fostering a fluid, perpetual environment focused on direct financial exchange. This contrasts sharply with recreational or play-money poker variants, which use non-monetary chips solely for without real stakes or redemption.

Terminology

In poker, the term cash game is often used interchangeably with ring game, a synonym that emerged in the 1970s to distinguish ongoing cash games from tournament formats, likely referring to the circular arrangement of players around the table. This nomenclature reflects the game's structure as an open, ongoing format without fixed start or end times, distinguishing it from tournament play. Additional terminology includes live cash, which specifically denotes cash games conducted in physical venues such as casinos or card rooms, as opposed to online formats. The rake refers to the commission fee extracted by the house from each pot, typically a percentage of the pot size up to a capped amount, serving as the primary revenue source for the venue hosting the game. A straddle is an optional blind raise made by a player before the cards are dealt, usually double the big blind, to increase action in the hand. Players' playing periods are termed a session, defined as the continuous duration of participation in a cash game, from buy-in to cash-out, during which bankroll fluctuations are tracked. Stack sizes relative to the blinds are categorized as , where a player's chip holdings equate to fewer than 20-30 big blinds, or deep stack, exceeding 100 big blinds, influencing strategic depth and risk assessment. In contemporary poker contexts, has evolved with the rise of and specialized formats, including heads-up cash, which describes two-player cash games that emphasize aggressive, balanced play due to the absence of multi-way pots. This term gained prominence in the alongside the popularity of heads-up sit-and-go tournaments transitioning to cash equivalents.

Rules and Mechanics

Gameplay Basics

In cash games, particularly Texas Hold'em as the most common variant, play occurs at tables accommodating a minimum of two players and a maximum of ten, with nine-player tables being standard in most settings to maintain optimal game flow and dynamics. These mechanics are described for Texas Hold'em but similar principles apply to other games like Omaha with variant-specific adjustments. The dealer position, marked by a , rotates clockwise among players after each hand to determine betting order, while in environments, a house dealer physically handles the cards to ensure impartiality and efficiency. This setup allows for continuous participation, as players can enter or exit at any time without risk of elimination, distinguishing cash games from formats. A typical hand begins with each player receiving two private hole cards face down, dealt clockwise starting from the player to the left of the dealer button. Pre-flop betting then commences with the player immediately left of the big blind, followed by four community cards revealed in stages: three on the flop, one on the turn, and one on the river, each preceded by a betting round starting from the first active player left of the button. If multiple players remain after the final betting round, a showdown occurs where the best five-card hand, formed from any combination of the two hole cards and five community cards, determines the winner of the pot. During each betting round, players act in turn with options including check (passing without betting if no prior bet), bet (initiating a wager), call (matching the current bet), (increasing the bet by at least the minimum amount), or (discarding the hand and forfeiting ). These voluntary actions underscore the non-eliminatory nature of cash games, where players remain in the game as long as they choose and have chips. House rules may vary by venue, but no-limit Texas Hold'em—where players can bet any amount up to their stack—is the predominant format, alongside pot-limit variants that cap raises at the current pot size; these structures apply the same hand sequence and actions outlined above.

Betting and Buy-ins

In cash games, the buy-in process allows players to purchase chips directly from the at , where each chip represents an equivalent amount of real , such as a $1 chip equaling $1 in . Minimum buy-ins are commonly set at 20 to 100 big blinds to ensure sufficient stack depth for strategic play, while maximum buy-ins range from 100 to 200 big blinds, preventing any single player from dominating the table financially. For instance, in a 1/1/2 no-limit hold'em game, a typical minimum might be $40 (20 big blinds) and a maximum $400 (200 big blinds). The blinds structure in cash games consists of small and big blinds as mandatory forced bets posted by players to initiate action, with amounts remaining fixed throughout the session rather than increasing over time. In a standard 1/1/2 game, the small blind is $1 and the big blind is $2, creating consistent stakes that allow for ongoing play without the escalating pressure seen in other formats. To generate revenue, the collects a rake, which is typically a percentage fee of 5% to 10% taken from each pot, often capped at a maximum amount such as $3 to $5 per hand to limit its impact on larger pots. This fee is deducted only from contested pots that reach a showdown or are awarded after a bet and , directly affecting players' long-term profitability by reducing the effective win rate, particularly in low-stakes games where the rake represents a larger proportion of the action. Players in cash games have flexible rebuy and cash-out mechanics, enabling them to reload additional chips mid-session up to the maximum buy-in, though specific limits may vary by venue to maintain table balance, without interrupting the game. Likewise, participants can their chip stack at any time by exchanging it back for its full monetary value, as chips hold a direct 1:1 equivalence to currency, eliminating the need for models like the Independent Chip Model (ICM) used to approximate value in prize pool-based scenarios. This liquidity supports indefinite play duration and immediate access to winnings.

Comparison to Tournaments

Structural Differences

Cash games and tournaments represent two fundamental formats in poker, distinguished primarily by their operational structures rather than rules. In cash games, players have the flexibility to enter and exit at any time, purchasing chips that directly correspond to real and allowing immediate cash-outs upon leaving the table. This contrasts sharply with tournaments, where participants must commit to a fixed buy-in upfront, receiving a predetermined stack of chips with no cash equivalence, and can only depart through elimination or the event's conclusion. A core distinction lies in the valuation of chips: in cash games, each chip maintains a static, direct monetary value—such as one chip equaling one —enabling players to treat their stack as liquid assets redeemable at will. Tournament chips, however, hold only relative value within the competition, with no option to cash them out mid-event; their worth is realized solely through advancing to paid positions at the end. Duration and pacing further differentiate the formats. Cash games operate indefinitely with fixed blind levels that do not escalate, permitting sessions of variable length based on player preference. Tournaments, by design, feature increasing blind structures at regular intervals, which accelerate and impose a definitive endpoint once a winner is determined, often spanning several hours depending on field size. Payout mechanisms underscore these structural variances. Cash game winnings are settled immediately upon cashing out, with players receiving the exact monetary equivalent of their chips after any deductions. In tournaments, the collective buy-ins form a prize pool distributed exclusively to top finishers—typically the top 10-15% of the field—based on final positions, without intermediate redemptions.

Strategic Implications

In cash games, players exhibit higher risk tolerance compared to tournaments due to the ability to rebuy chips at any time, allowing them to pursue marginal positive (EV) spots without the threat of elimination. This contrasts with tournaments, where finite stacks enforce a survival-oriented , often requiring players to fold hands like ace-king offsuit as a slight favorite to avoid risking a crippling loss of equity later in the event. The rebuy option in cash games thus promotes bolder plays, as losing a pot does not end participation, fostering a centered on long-term profitability rather than short-term preservation. Table selection plays a pivotal role in cash game strategy, enabling players to switch tables freely to join softer games with exploitable opponents, such as those showing high average pot sizes or frequent limps. In tournaments, however, players are bound to a fixed field and structure, limiting adjustments to in-game dynamics like position relative to the , which becomes increasingly critical as blinds escalate. This flexibility in cash games allows for ongoing optimization of table dynamics and seat availability, enhancing edge over weaker competition throughout a session. All-in confrontations occur with lower frequency and reduced consequences in cash games, where players typically reserve them for premium hands, knowing a loss permits an immediate rebuy to continue play. Tournaments, by contrast, see more frequent all-ins—often as bluffs to steal blinds or apply pressure—since a bust eliminates the player entirely, turning such moves into high-stakes decisions that can terminate tournament life. The reload capability in cash games thus diminishes the punitive nature of all-ins, encouraging a measured approach without the existential inherent to formats. Psychologically, cash games alleviate the intense pressure associated with tournament milestones like final tables or bubble play, permitting consistent, detached decision-making across extended sessions without the emotional weight of imminent elimination. In tournaments, the structured progression and high-stakes eliminations demand heightened mental discipline to manage variance and momentum swings, often requiring post-hand emotional resets to maintain focus. This absence of "do-or-die" phases in cash games supports a stoic, variance-absorbing mentality, emphasizing sustained performance over episodic highs and lows.

Strategies

General Approaches

In cash games, positional play forms a cornerstone of effective , emphasizing a tight-aggressive approach pre-flop to minimize risk out of position while capitalizing on advantages when acting last. Players typically enter pots with a narrow range from early positions, such as under the gun, limiting selections to premium hands like 77+, AQo+, and suited broadways to avoid difficult post-flop decisions without initiative. In contrast, late positions like the allow for wider ranges, including speculative suited connectors, enabling aggressive value betting and control of . This positional loosening post-flop, particularly when in position, facilitates semi-bluffs and thin value bets, as players can gauge opponents' actions more accurately. Hand selection in cash games is guided by starting hand charts that adjust for position and stack depths, prioritizing premium holdings to maintain profitability over extended sessions. For full stacks around 100 big blinds, early position charts recommend playing only about 12-15% of hands, such as pocket pairs 66+ and AJo+, to ensure post-flop equity. Short-stacked scenarios, common due to rebuy options, shift focus to even tighter selections like AA, KK, , and AK, which perform well in all-in confrontations and push/fold dynamics. These charts, derived from equity calculations, help players avoid marginal spots that erode edges in recreational-heavy cash environments. Bluffing dynamics in cash games revolve around constructing balanced ranges that mix value hands with credible bluffs, particularly to exploit the prevalence of recreational players who over-fold to or call too loosely. A balanced 3-bet range, for instance, might include 2:1 value-to-bluff ratios using hands like suited Ax for blockers and semi-bluff potential, ensuring opponents cannot easily counter without risk. Against passive opponents common in settings, this approach induces folds from medium-strength hands while extracting value from weaker calls, maintaining unexploitable frequencies around 30-40% bluffing on favorable boards. Table image management involves cultivating a perceived style—such as tight-aggressive—to influence opponents' decisions, with adjustments based on table dynamics like loose-passive recreational players versus professional counterparts. Against loose-passive foes, players leverage a tight for well-timed bluffs and value extraction, while varying aggression against pros to avoid predictability. Tilt control techniques, essential for sustaining this image, include pre-session journaling to identify triggers like bad beats and implementing stop-loss rules, such as pausing after three consecutive losses, to prevent emotional deviations that undermine strategic consistency.

Bankroll Management

Bankroll management is essential for poker players engaging in cash games, as it ensures the ability to withstand the inherent variance and avoid the over multiple sessions. Variance refers to the short-term fluctuations in results due to , independent of , which can lead to significant downswings even for profitable players. By maintaining an adequate bankroll, players can continue playing without financial distress, allowing to prevail in the long run. The standard guideline for cash game bankroll management is to hold 20-30 buy-ins at the chosen stake level, providing a buffer against downswings. For beginners or conservative players, 50 buy-ins may be recommended to further minimize risk. In a 1/1/2 no-limit hold'em game with a typical maximum buy-in of $200 (100 big blinds), this translates to a bankroll of $4,000 to $6,000. This approach helps sustain play across sessions, preventing the need to dip into non-poker funds. Downswings in cash games, where losses exceed expectations over hundreds or thousands of hands, are common and can range from 10-20 buy-ins for skilled players. For instance, a player with a modest win rate might experience a 20-buy-in drop due to bad in key pots, emphasizing the need for disciplined bankroll sizing to weather these periods without altering strategy. The —the probability of depleting the entire bankroll—is mitigated by larger bankrolls; for winning players, 20-30 buy-ins typically keeps this risk below 5%, though exact calculations depend on win rate and variance, often estimated using models like b=s22mln⁡(1r)b = \frac{s^2}{2m} \ln\left(\frac{1}{r}\right), where bb is the required bankroll, ss is the standard deviation per unit, mm is the expected win rate, and rr is the desired . Players should move up in stakes only after accumulating 25-30 buy-ins specifically for the higher level, often confirmed by consistent wins at the current stake. Conversely, dropping to lower stakes is advised if the bankroll falls below 15 buy-ins for the current game, preserving capital and reducing pressure. This disciplined ladder approach supports gradual progression while protecting against prolonged variance. Tracking software such as PokerTracker or Hold'em Manager is crucial for monitoring performance and informing bankroll decisions. These tools calculate win rates in big blinds per 100 hands (bb/100), a key metric where a positive value (e.g., 2-5 bb/100 at low stakes) indicates profitability over a sufficient sample size of hands. Regular review of bb/100 helps assess if the bankroll supports the current stakes or requires adjustment.

Variations and Examples

Common Formats

Cash games in poker are typically structured around varying stake levels, which determine the blinds and buy-in amounts for participants. Micro-stakes games, common in online settings, feature small blinds such as 0.01/0.01/0.02 or 0.05/0.05/0.10, allowing entry with minimal financial risk and attracting beginners or recreational players. At the opposite end, high-stakes live games can involve blinds like 200/200/400 in no-limit hold'em, often reserved for professional players with substantial bankrolls and hosted in exclusive environments. No-limit hold'em remains the dominant format across these stakes due to its widespread availability and strategic depth, far outpacing other variants in popularity. A key distinction in cash games lies between live and online formats, each offering unique dynamics. Live cash games proceed at a slower pace, typically dealing 25 to 30 hands per hour, which enables players to observe physical tells such as betting patterns, body language, and timing to inform decisions. In contrast, online cash games accelerate the action, permitting multi-tabling where players can simultaneously participate in four or more tables to maximize volume and efficiency. Online platforms also support heads-up displays (HUDs), software tools that provide real-time statistics on opponents' tendencies, enhancing analytical play but prohibited in live settings to maintain fairness. Beyond no-limit hold'em, other variants add diversity to cash game offerings. Pot-limit Omaha (PLO) is a prominent alternative, where players receive four hole cards and must use exactly two of them in combination with exactly three of the five community cards, leading to more speculative hands and larger pots compared to hold'em. Short-deck hold'em, also known as 6+ hold'em, modifies the standard deck by removing all cards below the six, increasing hand strength probabilities and favoring aggressive play styles. Cash games also vary by player count, with full-ring tables accommodating 6 to 9 players for a more conservative, multi-way pot dynamic, while heads-up formats limit to two players, emphasizing direct confrontation and wider range exploitation. Cash games occur in diverse venues, from professional rooms to informal settings, with influenced by . Iconic poker rooms, such as the Bellagio's Bobby's Room in , host high-stakes action in private, luxurious spaces equipped for extended sessions. games, popular among friends for casual play, are generally permissible in many U.S. states if no house fee or rake is taken, though prohibitions exist in jurisdictions like strict anti-gambling areas, requiring participants to verify local laws. Online cash games, meanwhile, operate under regulated frameworks in permitted regions; for instance, the has licensed and overseen since the Gambling Act of 2005, ensuring operator accountability and player protections.

Notable Instances

One prominent example of a high-stakes cash game is the Big Game, which has been held continuously since 2002 in Bobby's Room at the Bellagio in . This no-limit hold'em game typically features blinds of 400/400/800 with buy-ins up to $100,000, attracting professional players and wealthy amateurs. was a longtime regular participant until his passing in 2023, contributing to the game's legendary status among poker circles. Pots in the Big Game have frequently exceeded $1 million, highlighting the immense financial risks and rewards involved. In recent years, streamed high-stakes cash games have gained prominence. The TV series returned in 2024, showcasing no-limit hold'em sessions with blinds up to 200/200/400 and pots over $1 million, featuring players like . Additionally, the CoinPoker in November-December 2025 offered $1 million buy-ins in various formats, attracting global professionals and highlighting online high-stakes evolution. In the online poker realm, a notable milestone occurred in 2011 when , under his screen name Isildur1, engaged in high-stakes cash games as part of ' SuperNova Elite VIP program. These sessions often featured blinds of 500/500/1,000 in no-limit hold'em, drawing massive audiences and showcasing aggressive play that swung millions in winnings. This era followed the 2003 ignited by Chris Moneymaker's victory via a satellite, which propelled the site to peak concurrent traffic levels exceeding 100,000 players during prime hours by the mid-2000s. Historically, cash games in 19th-century , saloons exemplified frontier gambling, where miners wagered gold dust directly as stakes in poker variants like . Establishments such as Saloon No. 10 hosted these informal, high-risk sessions amid the , often blending play with the town's lawless atmosphere. The infamous shooting of in 1876 during a poker hand at a Deadwood saloon further cemented these games' role in shaping cash play's rugged legacy. Culturally, the 1998 film prominently depicts underground cash games in , portraying protagonists navigating illegal high-stakes Texas hold'em sessions with buy-ins in the thousands. The movie illustrates the tension of clandestine play, including confrontations with mob-connected opponents, influencing public perceptions of cash poker as a shadowy pursuit. Its authentic portrayal of tells and bluffing drew praise from professionals and contributed to renewed interest in the game pre-boom.

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  66. https://www.cardplayer.com/poker-news/11050-interview-with-andrew-azntracker-li-2011-s-first-pokerstars-supernova-elite
  67. https://www.pokerstars.com/poker/learn/news/pokerstars-big-20-2003-chris-moneymaker-wins-wsop-sparks-poker-boom/
  68. https://www.nolandalla.com/20-years-of-online-poker-the-boom-years-2004-2006/
  69. https://www.historynet.com/gambling-in-the-old-west/
  70. https://www.spadepoker.tv/en/news/the-poker-table-the-gun-and-death-the-story-of-bill-hickok-and-the-dead-mans-hand/
  71. https://www.pokerlistings.com/poker-strategies/rounders-a-poker-breakdown
  72. https://sadisticpenguinstudios.com/why-rounders-1998-is-the-ultimate-gambling-film-a-deep-dive-into-pokers-underground-world/
  73. https://theindependentcritic.com/rounders
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