When you start out playing Texas hold’em poker, the rules of poker seem pretty simple. Once you know what beats what, it’s just a matter of betting when you think you have the best hand, and folding when you don’t, right?
Most players quickly learn that there is far more to poker than who has the best hand on any given deal, and in fact, Texas hold’em, like any other form of poker, is all about the betting. There are a variety of different reasons to bet in Texas hold’em, and one that you must understand is the value bet.

The Value Bet-Limit vs. No Limit Texas hold’em
A value bet is a bet you make, hoping to get called, because you believe that you have the best hand. In no limit Texas hold’em, good value betting is important. However, in fixed limit Texas hold’em, value betting may be even more important, because while no limit Texas hold’em is all about winning or avoiding losing big pots, limit Texas hold’em is all about winning or saving extra bets. Since the amount of money you can win in each hand of limit Texas hold’em is fixed, your winnings come from those one or two extra fixed amounts you collect when you show down a winning hand, and from those one or two bets you save by folding before showing down a loser.

When to Value Bet
Most of the time when you play poker, you will be value betting on the river, since it is often very difficult to tell in a limit Texas hold’em game how likely you are to have a dominant hand before all the cards are out. You should value bet in situations where the hand may be checked down if you don’t act, costing you a bet, but you are unlikely to get check-raised. These situations can occur whether you are first or early to act in a hand (out of position) or whether you are last or late to act in a hand (in position).

Example 1: Value Betting In Position
You have Ac Ts, raise after the flop, and are called by a player who had limped in from early position. The flop is 8h 7c 2s. Your opponent checks and you check. The turn is an 8d. You and your opponent check again. The river is the Ah. Your opponent checks. This is often a good time to value bet. The board is non-threatening, and it is unlikely your opponent would have checked to you three times if he had any kind of hand. Furthermore, with 7.5 small bets in the pot and your opponent having to put in only one big bet (two small bets) to see your hand, he is getting better than 3.5 to 1 on his call, which means if he thinks you would bluff in this situation more than about 20 percent of the time, he is getting the correct odds to call you down with a weaker ace or even a hand like KQ. Failing to bet here will usually cost you a bet you would have won, and those bets add up in the long run.

Example 2: Value Betting Out of Position
Another poker game: You have Ks Ts and are up against one player. The board is As 4h 9s. You check, he bets and you call. The turn is a 3c. Again, you check, he bets, and you call. The river is the 6s, giving you the nut flush. Although you may be tempted to slow play here, in almost all cases it is correct to bet out for value. If your opponent has been playing an ace and trying to make you pay to draw out on him, he will see the flush possibility, and if you check, he will in all likelihood check behind you and be happy to take the pot he has already built rather than risk getting check raised. If he has been bluffing, he will almost certainly give up and check when you check. On the other hand, if you bet out, an opponent who has a hand will almost always feel compelled to call due to the size of the pot and the chance you may be bluffing. This is another case where failing to bet for value can cost you money in the long run.
Any strong poker player knows that value betting in limit Texas holdem poker is a key part of winning poker. While short term luck is definitely an element of poker, everyone will get the same number of winning and losing hands over the long haul. The key is how much you extract from your opponents when you have a winner and how much you save when you are beaten. Correct value betting will allow you to maximize your winnings from your good hands, and help to make you an overall winning poker player.