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FREEZE-OUT - A table-stakes game that continues until a small number of players (possibly only one) has all the money. The major event in The World Series of Poker is a freeze-out game.
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.
UNDERDOG - Before all the cards are dealt, a hand that does not figure to be the winner. Ant: FAVORITE.
LIVE ONE - The best kind of opponent, a poor player with a lot of money to lose and in a hurry to lose it.
ANTE - A small bet all players are required to make before a hand is dealt. Not all games have an ante. Related terms: BLIND, FORCED BET.
OUT - [1] A card that will improve your hand, often substantially. A hand with many OUTS is preferable to a hand with only 1 or 2. [2] Folded, ineligible to bet or win this hand. "I'm out" is often a synonym for "I fold".

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