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Paint
• face cards (jack, queen, king)

Pair
• Two cards of the same face or number value.

Passive
• Checking and calling hands rather than betting and raising hands.

Pay Off
• To call on the final round of betting when you may or may not think you have the best hand.

Penny Ante
• A very low-stake game.

PFR
• Pre-Flop Raise %. Percentage showing how often a player raises pre-flop.

Pips
• The spots or marks on the face of a card.

Play the Board
• To show down a hand in hold'em when your cards don't make a hand any better than is shown on the board. For instance, if you have 22, and the board is 4-4-9-9-A (no flush possible), then you must "play the board" - the best possible hand you can make doesn't use any of your cards. Note that if you play the board, the best you can do is to split the pot with all remaining players.

Pocket
• Cards dealt face down to a player.

Pocket Rockets
• A pair of aces dealt face down to a player.

Poker Face
• A face not showing any emotion or change in expression.

Position
• Where a player is seated in relation to the dealer, therefore establishing that player's place in the betting order.

Post
• To place your chips in the pot.

Pot
• The money or chips in the center of a table that players try to win.

Pot Limit
• A game where the maximum bet cannot be more than the current value of the pot.

Pot Odds
• The amount of money in the pot compared to the amount you must put in the pot to continue playing. For example, suppose there is $60 in the pot. Somebody bets $6, so the pot now contains $66. It costs you $6 to call, so your pot odds are 11:1.

Preflop
• Pertaining to the bet or situation before the flop.

Premium Hands
• The best possible hands.

Prop Player
• A person hired by the cardroom to fill tables.

Protect
• To keep your hand or a chip on your cards. This prevents them from being fouled by a discarded hand, or accidentally mucked by the dealer.
• To invest more money in a pot so blind money that you've already put in isn't "wasted".