A coinflip is any situation where the outcome is relatively close to 50/50. For example, in Hold’em, we stack off preflop with our TT vs our opponent’s AKs. He will have around 46% chance to win while we will have around 54% chance to win. Seeing as this situation is very close to even, it’s common to refer to it as a coinflip. Often the word coinflip is shortened even further to flip.

BRM stands for “bankroll management”. Bankroll management refers to the skill of setting aside money to play poker and using it carefully. The goal of good bankroll management is to maximize the chance of our bankroll growing quickly while minimizing the risk that we lose everything. A common bankroll management error is to play a game with a buy in that is too large compared to our total bankroll. Even if we are better than the other players at our table, all it might take is one streak of bad luck to wipe out our bankroll.

Low Hand is the term used to describe a poker hand that is made as part of a low hand ranking system. The ea`siest way of describing a low hand is ‘worst hand wins’, although this an overly simplified view. Different lowball variants have different criteria for constructing low hands. For example, the nut low hand in Stud is A,2,3,4,5 while in 2-7 Triple Draw the nut low hand is 2,3,4,5,7.

WSOP is an acronym standing for ‘World Series of Poker’. It’s a series of tournaments held every year in Las Vegas. Although there are tournaments with larger payouts than the WSOP main event, the WSOP is still considered by many to be the most prestigious tournament series in the world. Although the main event each year is No Limit Hold’em, a variety of other variants are offered throughout the series.

Wrap is the name given to straight draw with 9 or more outs in Omaha variants of poker. These types of straight draws are only possible as a result of us being dealt 4 cards on the preflop betting round. The maximum straight draw in Hold’em is the open ended straight draw which has 8 outs. Wraps on the other hand can have an many as 20 outs, not including any possible flush draw outs.

Wired is a term from Stud that is used to describe pocket pair in the hole on third street. In other words, neither of our paired cards are visible to the table meaning it will be extremely disguised if we make three of a kind. A pair where one of our cards is an upcard (visible to the table) is instead called a ‘split’ pair.