Poker is widely considered to be a game of chance, but the truth is that it also involves a lot of skill, psychology and theory. In addition, it teaches you how to manage risk, which is an important skill in both life and business.

Before the betting begins, players reveal their hole cards one by one and then make a hand of five cards using two from their own hand and three from the table (depending on the rules). This is called the “flop.” The player’s luck can turn at this point, but it is also a good time to work out the range of hands that your opponent could have.

After the flop, players place their remaining stakes into the pot. This is called a “call.” You can call to match the amount of the last raiser or raise it yourself. If you raise, other players must either call or fold – otherwise they must pay the full amount of your bet.

Deciding how much to bet is a complex process that requires you to take into account the amount of money already in the pot, your opponents’ actions and stack depth. Mastering bet sizing takes time, but it can help you improve your odds of winning. Developing quick math skills is also important in poker, as it allows you to calculate probabilities like implied odds and pot odds. This is something that many people struggle with, but learning to do it quickly can significantly improve your chances of becoming a better poker player.