Button

The button is the dealer's disc and at the same time the best seat at the table: after the flop you act last on every street. Everyone else has already shown whether they bet or check, and only then do you decide. The disc moves every hand, so the button comes to each player once in six hands, about 50 times a session.

That is why the button opens the widest set of hands: if the blinds fold, the dollar and a half is yours; if they answer, you play with position. In the Daily 300 base I open 35.9% of hands from the button and 18.4% from first position: the same deck, the same cards, almost twice as much play.

An example from session 8

K♠J♠ against a button open, board J♣ 8♠ 8♥ 9♥ 7♠. The opponent bet every street, and the share of his range I beat kept falling: 85% on the flop, 79% on the turn, 66% on the river. From the button he saw each of my decisions before making his own, and the price of his bets grew with that knowledge.

The same in business

The button is the last word, and it is worth more than the first. A tender where you bid after seeing the others is a different tender. An investor who joins a round last knows the terms of everyone who joined before. The difference between the button and first position is not brains or cards but how much information is on the table by the time you act.

The whole hand is in session 8: “A move out of turn says something about you that you did not mean to say”.

The other terms are in the glossary.