What is a Bluff?

In poker, the distinction between a value bet and a bluff hinges on the strength of your hand relative to the range of hands your opponents might hold.

Anchor

 - Not beating the midpoint of combinations that call
 - There are many strategic resons to take action with bluffs

Value Bet: This is a value bet when you make a bet with a hand that you expect to be ahead of more than half of the hands that might call you. It's a strategic move based on the strength of your hand and the potential of your opponent's hands. The idea is that your hand is strong enough that, on average, you will likely be winning when called. You're betting for value because you want worse hands to call and put chips into the pot.

Bluff: On the other hand, this is a bluff when you make a bet with a hand that you don't expect to be ahead of at least half of the hands that might call you. The goal of a bluff is to make your opponent fold a better hand. You're not betting because you think you have the best hand if called, but there are many strategic reasons to have and take action with bluffs.

Example:

Suppose you have a medium-strength hand, like a second pair. If you bet, hoping that weaker hands like a lower pair or a draw will call, you make a value bet.

Conversely, if you have a complete miss on the board (like holding a low pocket pair on a high board), and you bet hoping that your opponent will fold a better hand (like a top pair or middle pair), you're bluffing.

In summary:

Value Bet: Beats the midpoint of combinations that call.
Bluff: Not beating the midpoint of combinations that call.