Australia’s media moguls in multi-billion dollar poker game: analysts
Australia’s media moguls have made their first bets in a multi-billion dollar poker game where power, profits and press diversity are at stake under liberalised ownership laws, analysts said.
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Poker lexicon:
- RACE - In tournaments it is sometimes convenient to remove all lower-denomination chips from play, as the remaining players' stacks tend to grow. Small chips are converted to larger chips and any odd chips are "raced off" in the following way: each player with odd chips places them in front of his stack and is dealt one card for each chip. Highest card (rank and suit) takes all the small chips and converts them to higher-denomination chips.
- STRING BET - An unethical and often illegal means of raising whereby a player puts a call-size stack of chips into the pot and, after observing the reactions of the players, then goes back to his stack and puts out more, thus raising.
- PAY OFF - Calling a bet with little expectation of winning, unless the opponent is bluffing.
- OMAHA - A variant of Hold'em where each player receives 4 hole cards and must use exactly two of them (together with 3 of 5 board cards) to make a hand. Often played high-low split with an 8 qualifier for low.
- STRAIGHT - A hand consisting of 5 cards in sequence but not in suit.
- SEVENTH STREET - The seventh card dealt in 7-card stud.
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