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POSITION - One's location in the betting sequence, relative to the players still in the hand. First position is first to act.
DRAWING DEAD - A draw in which it is impossible to obtain a winning hand for any of a variety of reasons: an opponent's hand is better than whatever you are drawing to, the card(s) that make your hand are out of play, or (in Hold'em) give an opponent a stronger hand even if it makes yours. Frequently used in the past tense, since one rarely knows it at the time.
UNDERDOG - Before all the cards are dealt, a hand that does not figure to be the winner. Ant: FAVORITE.
STAND OFF - To call a raise. "Opener raises, I stand off".
POT ODDS - The amount of money in the pot divided by the amount of money you must bet in order to call. Often used to determine if a pot offers enough reward to play on the come.
FIXED LIMIT - A betting structure where the amount of each bet is a specific fixed quantity. Usually specified as A-B, where A is the amount to bet in the first few betting rounds and B (larger than A) is the amount bet in the later rounds. Related terms: FLAT LIMIT, NO LIMIT, POT LIMIT, SPREAD LIMIT.

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