Poker is a card game in which players place bets to compete for the pot. The game has many variations and betting rules. Typically, the game is played with poker chips that are color-coded with values. The dealer assigns the values before the game begins and exchanges cash from players for the appropriate chips.

When it is a player’s turn, they can either call the bet placed by their predecessor or raise it. If they raise it, they must put in the same amount as the previous player or more. They can also drop (fold), in which case they do not place any chips into the pot and forfeit that hand.

A player’s hand must contain at least five cards to win the pot. The highest card determines if the hand is a high or low one. If the highest card is the same for two hands, then a tie is created and the second highest card breaks the tie.

A successful poker player understands that luck plays a significant role in the outcome of any particular hand. However, in the long run, expected value (EV) is determined by actions taken by the players on the basis of probability, psychology and game theory. Players can learn to read their opponents by observing subtle physical tells, such as scratching their nose or playing nervously with their chips. Observing more experienced players can also help a player develop quick instincts. In addition, a good poker player knows when to bluff and how to use their cards to their advantage.