People say all the time, “In the games I play in, bluffing doesn’t work. Everyone calls anyhow.” Well, if you’re in that kind of game, then it’s simple: Don’t bluff. There’s no value in it. And lest you think that’s a rule or something, here’s how you can come to that conclusion yourself.
First, I want you to think of your bluffs as sort of an advertising budget. Considering present equity, your advertising might or might not pay off right away. If not, that’s called a negative spend and that’s okay. You’re spending money now, thinking you’ll get something for it later.
But imagine for a moment that you sell a product called Poker-Cola, the only soft drink on Earth. You have a total monopoly on carbonated beverages, so anyone who wants to drink soda has to drink yours. Now, if you owned Poker-Cola, would you ever spend a dime on advertising? Of course not. The whole world has to buy your product regardless. No one has any choice. Why would you spend money to advertise when the supermarket aisles are lined with your product and people are clamoring for it and you have no competition? That would be the very definition of lighting a match to your money.