Liar's Poker; Something I don't understand

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I just started reading this today and I don't quite understand how Liar's poker is actually played, in a way that requires skill.

The problem I am having is that the money wagered seems fixed and in a sense spent when the game starts. Thus the game boils down to whoever was dealt the best "hand", since there is no reason to fold.

Specifically from the book, The head of the firm challenges the top bond trader to a $1million game. Now if the challenge were to be accepted how exactly would any poker be played from here on out, since both people have already bet $1million. Basically boiling down to holdem game where both people go all in before the cards or even dealt, thus hoping they get dealt the best hand?

Thanks

[luckyharr]

The hand is the combination of your serial number and all other serial numbers in the game. You only know yours. Therefore you misrepresent your hand and influence your opponent to call out a hand that is unlikely given your serial number.

[Green Kool Aid]

I forget the exact logistics im sure you could google it. But the essence of the game IIRC is that you have to tell whether or not a person is lying/bluffing about what numbers they are reading.

Make sure you read Moneyball too.

[tuq]

This game is probably played best with about 5-6 people. Before I went on a recent trip I hit my bank and got about $200 in non-consecutive $1 bills.

The key to success is like poker itself in that you want to be playing at a different speed than the others. If everyone is trying to outbid everyone else, just sit back and collect one win at a time. If everyone is being tight and afraid to throw a bid out there, push the envelope.

There is actually some skill to this game, e.g. someone bids up a number they don't even have on their bill and then someone jumps on the bandwagon, outbids them, and loses.

[DrunkIrish05]

it's the best hand using numbers from all the dollars, but if you call out a hand bigger than that and someone calls your bluff then you lose

[Andrew Karpinski]

I think you are looking for this forum. Mods plz move this.

[Brain]

This is an awesome book. I re-read it a few times a year.

Here are the rules to the game as I play it: rules

[Metal_Rat]

I made a lot of money playing this game when I was in H.S.

In general, the people who played this game weren't the brightest folk and you could easily figure out their strategy.

Plus, these guys didn't play where you did a random draw of bills. You played the bills you brought. Pretty scary...

The 'gamblers' always wanted me to play and after reading their tendencies i'd join in, play my 'stacked' bills and take their $$$. Then i'd make more $$$ by selling them my bills (5 or more 0's, 1's, 2's...).

[theBruiser500]

i wasn't exactly clear on how the game worked either, the book was so great that i was completely engrossed and kept reading reading

[The DaveR]

I've done it and it has a lot to do with quickly estimating probabilities given the numbers on your bill, the number of people playing, and what you expect them to guess.

What you "offer" is the total number of a specific digit on all of the bills.