Structured limit betting is also commonly referred to as Fixed Limit or just Limit. In earlier post I have discussed No Limit, where you can bet or raise virtually any amount from the size of the Big Blind to your entire stack, where raises are uncapped in size or frequency.
Limit betting is almost diametrically opposed to that. A structured limit game with a flop (Hold’em, Omaha, etc.) will have 2 bet sizes plus a Small Blind. The 2 bet sizes are called the Small Bet and the Big Bet. The Small Blind is 1/2 the Small Bet and the Big Blind equals the Small Bet.
In Limit Stud there are no blinds, but there are 4 bet sizes. Everyone pays an ante, there is a Bring In, a Small Bet, and a Big Bet.
Most limit games will either have 4 or 5 betting rounds, but may have more. Divide the number of betting rounds by 2 and round down. This is the number of rounds of Small Bets. The remainder are Big Bets. Most card rooms have a maximum number of 4 raises per round of betting, some have a maximum of 3. As in No Limit and Pot Limit, you cannot raise yourself.
Let’s play a game of $2-$4 Limit Hold’em. This means the Small Bet is $2 and the Big Bet is $4. The Small Blind is $1 (half the Small Bet) and the Big Blind is $2 (one Small Bet). Since there are 4 betting rounds (pre-flop, flop, turn, and river)/2 there will be 2 rounds of betting at the Small Bet sizing and 2 at Big Bet. The first two rounds are in increments of $2 and the last two in increments of $4. There are no exceptions unless someone is “all in for less”.
Action (who bets when) is the same as in a No Limit game. Under The Gun can fold, call the Big Blind, or raise. Here is where the game looks different than No Limit. Since we are in a $2-$4 game, the Under The Gun player can fold, call $2, or raise $2. The next player in turn can do the same, and so on until everyone calls or the maximum number of raises has been made.
After the flop there are the same 3 options plus a check. Each bet or raise is $2 and the maximum number of raises is 4.
On the Turn and River rounds the betting is doubled. All bets or raises are $4, with a maximum of 4 raises per round.
Here is an example of 6 very aggressive players and the maximum number of raises per round and everyone always at least calls.
Stacks; Player 1, 20. Player 2, $35. Player 3 $60, Player 4, $45. Player 5, $80. Player 6 $100.
Player 1 is left of the dealer and in the Small Blind for $1. Next is the Big Blind at $2. Preflop, Player 3 raises to $4, Player 4 makes raise #2 to $6. Player 5 raises #3 to $8. Player 6 “caps” the raises at 4 and a bet of $10. Everyone calls and there is now $60 in the pot.
On the flop, Player 1 bets $2, the next 4 players each raise $2 and the betting is again capped at $10. All Call. Player 1 is now all in for $20. This makes the main pot $120.
On the Turn we are now in Big Bet territory. Player 2 is first as Player 1 is all in. He bets $4 into a side pot. Player 3 makes it $8. Player 4 makes it $12, Player 5 makes it $16, and player 6 has the fourth and final raise to $20. Player 2 is now all in for $35 and the rest have a side second side pot of $20 ($5 x 4 players). Player 4 is down to $5 in his stack.
On the River, Player 3 bets $4. Player 4 makes a “short raise” of $1 to be all in for his $5. Player 5 now has a few options. He can call the $5, or complete the raise to $8. He CANNOT raise to $9 as the $1 was not a Full Raise. The Short Raise does not count as a raise. He elects to just call but Player 6 completes the raise to $8, Player 3 calls as does player 5. Since the $1 raise was not a Full Raise, if Player 6 had just called like Player 5, and the next to act is Player 3 again, he cannot raise himself and can only call the $1.
We now have 3 pots. The main pot from the Turn of $220. The first side pot of $20 from the Turn plus $20 from the River. And the final side pot of 4x$3, or $12.