Originally Posted by Nick C
In my (admittedly somewhat out of date) experience, donkbets tend to signal weak made hands, draws, and air. (But there is variety within that range from player to player, and then some players donkbet with a variety of hand types, ranging from weak draws to top-pair hands.) In any case, in my experience flop donkbets rarely come from anything stronger than top pair. Fish love to checkraise and/or slowplay their big hands.
What I've been seeing in a few days of playing microstakes on Merge is that donkbets can represent anything up through hands strong enough to LOLslowplay. (E.g. just last night I opened in MP with 88, BTN and BB called, flop came A 9 Xr, and BB donked. I figured the board was dry enough that my pair was no good and folded, but the BTN called down every street. BB proudly showed A9o, and boasted "It's the only way to play two pair!")
We really need to look attentively at hands where a villain donks the flop. If it gets to showdown, make a note. It's very villain-dependent. What's the weakest hand they donk? What's the strongest? Do they donk draws or just value hands? Do they donk-bluff? Find out!