Explanation of Price
The term “price” is usually used to describe the amount we need to call in a certain situation, especially in comparison to what’s already in the middle. If the amount needed to call is small with respect to the current pot-size it is often said that “we are getting a good price on the call”.
Less commonly, the term “price” may also be used to describe the relative cost of bets and raises. For example, if we made a very small bet as a bluff we might say that “we are getting a good price on our bluff”.
Example of Price used in a sentence -> Villain was only betting 40% of the pot so we were getting a good price on the call.
How to Use Price as Part of Your Poker Strategy
As a general guide, the better our price, the wider the range of hands we can continue with. For example, if our opponent utilizes a very small bet sizing we should avoid folding too frequently. If he bets large with respect to the current pot-size, i.e. we get a worse price on our call, then we are incentivized to fold more frequently and continue with a tighter range.