
The Theory of Poker is a foundational strategy book that explains the logic behind winning decisions across many poker variants—draw, stud, hold ’em, razz, and lowball. Instead of offering rigid “do this with that hand” rules, it builds a mental framework: how to evaluate expectation, pot odds, effective odds, implied odds, and how opponents’ mistakes translate into your long-run profit.
The book’s centerpiece is the Fundamental Theorem of Poker: whenever someone plays differently than they would with perfect information, money shifts. From there, Sklansky connects core math to real table tactics—semi-bluffing, free cards, raising, check-raising, slowplaying, bluff frequency, game-theory mixing, hand reading, and psychological leverage—while constantly stressing structure, position, and opponent adjustment.