Limit, No Limit & Pot Limit

As the name implies there are no limits.  The player can bet any amount up to every chip he has on the table.  (Remember Table stakes.  You cannot go into your pocket during a hand.) The minimum bet is the "big blind," or the size of the last bet or raise. Unless a player is going all-in.  If a player does not have enough to cover a bet he can be declared all-in and a side pot will be used if needed.  He will still be eligible to win that portion of the pot to which he has contributed.  This is a "Big Bet" version of poker and the most common in tournaments.

Pot Limit

Pot Limit is another version of "Big Bet" poker, although as the name implies there is a limit.  In Pot Limit, a player may make a bet up to the size of the pot at any time.  This way although there is a limit, that limit increases as the hand progresses.  Although you might find all poker variations played for Pot Limit, the most common is Omaha or Omaha Hi/Lo. Like in No Limit the minimum bet is the size of the last bet or raise of that round.  Unless a player is going all-in. There is one modification you may see to the Pot Limit structure that originally gained popularity in Australia.  The 'Half' Pot Limit game.  Same idea, the limit though is only half the pot instead of total pot.

There are also some house variations you need to be aware of that occur during the first round of betting.  If there is a bet the player must call, most rooms allow the player to include his call of that bet as part of the pot for his raise.  So if the pot is $15 but he must call a $5 bet,  He can call the $5 then raise $20, instead of $15.  In a few rooms this is not allowed.  You can only raise the value of the pot before you put your money in.  Remember Check the house rules.  Usually this isn't used after the first round.

Limit

By far Limit is the most common variety of poker.  Even though most of the big tournaments are No Limit games, most of the professionals still prefer a Limit ring game.  It allows you manage your money much better.  There are actually two forms of Limit poker;  The Fixed Limit, and Spread Limit.  There is a significant difference and it has a big impact on your style of play.

Fixed Limit usually has two levels a small bet that is used for the first two rounds of betting and big bet which is usually double the small bet for the rest of the betting rounds.  Of course there are some variations to this to.  Big Bet Texas Hold'em raises the limit on the last round to 10 or even 20 times the small bet.  This really favors the drawing hands.  In fact the split limit structure in general favors the drawing hands more than the spread limit.  You can make several small bets at the beginning then win them back when you hit your hand on the end.  Always check the house rules.  A fixed limit game is normally denoted with the small bet separated from the big bet by a slash; $2/4 or $10/20.  Fixed Limit games usually have an Ante.

Spread Limit usually has a minimum and a maximum, usually 5 times the minimum.  The player can bet from the minimum to the maximum at any time. The Spread Limit game is denoted by a dash, $1-5, or $2-10. This Limit variation tends to punish draw hands since they cannot recoup their smaller bets with the large bet on the end.  Sometimes you might find a split level Spread Limit game.  The $4-4-8-8 structure used to be quite popular in Las Vegas.  Online you will seldom find the spread limit game.  (I actually prefer them myself.)  Low limit Spread Limit games often do not have an Ante.  Check the house rules.