This article discusses the different actions we can take at a poker table and their impact on the rest of the hand.
A value bet is a bet you make with the best hand intending to be called by a second-best hand. You make value bets when you're ahead. When you have a hand like on a board, you'll be betting for value, because you expect that a player with a ten will call. When you have a strong hand like this, you want to be sure to value bet all three streets in order to extract maximum value from a hand that is second-best. Typically a value bet is sized between two-thirds and three-fourths of the pot, though you can bet more. The question to always ask with value bets is whether or not they will call with a second best hand. If your opponent folds any hand that you beat, you're not actually making a value bet.
A blocking bet is a bet you make on the river with what might be the best hand intended to prevent bluffs from worse hands but may be called by third-best or fourth-best hands. You make blocking bets when you want to see a showdown cheaply. While value bets are more effective when you're in position, blocking bets are more effective when you're out of position.
Way ahead, way behind
Way ahead, way behind situations occur when you are either way ahead OR way behind, but you're not sure which yet. A good example of a WA/WB hand is the following: on a board. If your opponent has a range of hands, in some cases, he'll have an ace, and in other cases, he won't. If he does have an ace, we need a king to win, which gives us just two outs, or about an 8% chance to win the hand. If he doesn't have an ace, we're likely significantly ahead, probably 92% to win the hand. To learn how to deal with WA/WB strategy, watch our video on Playing Kings when an Ace Flops.