COTW: Raising vs Completing from the Blinds Preflop in Limped Pots
Introduction
This COTW came about as there are several misconceptions about what to do in the blinds with certain hands after multiple limpers. When discussing the possibility of doing this COTW, a regular 2+2 poster for whom I have great respect was of the attitude of "raise it up with good holdings (such as AJ, 99 etc.) - end of COTW". This poster's reasoning was that we are ahead of the limper's limping range and therefore we should raise. I am sure many of you who are reading this are of a similar attitude and it will come to you as a shock, that (in my opinion) this attitude is a dangerous one to have. There are many more factors to consider as opposed to just having preflop equity.
An example hand:
For what it's worth, I like to raise 5-6bb+1 for every limper if I elect to raise from the BB as being out of position sucks.
MP2: 100bb
CO: 100bb
BTN: 100bb
SB: 100bb
Hero (BB): 100bb
UTG: 100bb
UTG+1: 100bb
MP1: 100bb
Pre Flop: (1.5bb) Hero is BB with 8

8
1 fold, UTG+1 calls 1bb,
1 fold, MP2 calls 1bb, CO calls 1bb, BTN calls 1bb, SB calls 1bb, Hero raises to 10bb, UTG+1 calls 10bb,
1 fold, CO calls 10bb, BTN calls 10bb,
1 fold
Flop: (42bb) T

6

5
Hero does what????
We have an SPR of just over 2 and we are in no way committed (i.e. if the money goes in here, we won't usually have the best of it). If we c-bet this for about 28 bb, we leave ourselves with around 62 bb left when called. Assuming 1 caller, we have a stack size of 98bb and we are going to hate all turn cards basically. This leaves us in a various awkward spot where in all likelihood we have the best hand on the flop, but we subject ourselves to reverse implied odds in a large pot where bet/folding, bet/calling, check/folding, check/calling and check/raising all feel so wrong. We raised with what was likely to be the best hand pre-flop and now we find ourselves in a terrible spot.
At this point some of you will say, "Oh that's unlucky, that's a bad flop for our hand". I put a challenge to those of you who feel this way, what board without an 8 do we feel happy with? With a medium pocket pair, an overcard will flop a huge percentage of the time.
In this scenario, have we made a wrong play somewhere? Surely it isn't pre-flop?
Other Factors worth Considering
So at this stage, rather than just telling you what the answers are, I'd like each and everyone of you to stop for a minute before reading on and think "What factors should determine whether I should raise or not?" Go on, think about it, and don't read on until you have thought of at least five other factors.
Note this list is in no way exhaustive and I encourage each and every one of you to contribute to the discussion if you think of something that is not on the list.
1. Number of Limpers
Hopefully this should be obvious - the more limpers there are, the more likely we are to be called and the more likely we are to be playing multi-way post-flop while being out of position.
Say we have 9

9

and the flop comes down Q

8

3

and we have 2 callers? Do we make a continuation bet? What if we have 3 callers?
What if we have A

J

and the flop comes down K

J

7

. How many people do we feel comfortable c-betting into?
Also, what's our plan for various turn cards?
2. Limpers' Limping Range
If you have a bunch of fish who will limp with a bunch of crap, raising medium strength hands for value becomes more automatic.
3. Limpers' Calling Range
Similar to the above. If players will limp/call with J9s and 33, raising TT and AJ type hands for value is more automatic.
4. Effective Stack Sizes
SPR is king in these spots. It (and various other factors including number of players) usually determines whether we can commit post-flop profitably. (See
COTW: Using SPR at uNL) I'm not going to go into detail about SPR, but SPR in these scenarios depends on the number of callers.
5. Is it +EV to play this hand out of position?
This is heavily related to post-flop tendencies of our opponents and hence whether we can commit profitably.
6. What is my post-flop plan if I hit?
First thing I ask is "If I hit, will I be willing to stack off?" - If the answer is no, I normally just complete, check or maybe even fold. The thing is, by making a raise to 8+ bb with 100bb effective stacks, we are getting to the point where we need to make a commitment plan pre-flop!!! If we hit post-flop and can't stack off profitably, maybe we should consider playing a small pot where folding post-flop isn't so bad.
7. What is most post-flop plan if I miss?
As an example, if we have 3 limpers and we are pretty confident that, by making it 9bb pre-flop, we can get the pot heads-up with KJ we need to have good fold equity in order to steal pots. We will only hit ~35% of the time and so we need to make up for the times that we miss.
As an aside, if we raise to 9bb from the BB and we know that we will get one caller (ignore the fact that we can never know this), and the pot becomes 20bb, by making our opponent fold to a 14bb c-bet 60% of the time, we net on average: 20*0.70-22*0.30=7.4 bb which is a huge profit. The point is, if we can get our opponents to invest large sums of money pre-flop and make them fold post-flop, we stand to win an awfully large amount of money.
As an extreme example say we have AA in the BB 100 bb deep and the SB raises to 90bb and we shove. Would we prefer that the SB calls or folds??????
We actually prefer the SB to fold.
If villain folds, we win 90bb outright which is great.
If villain calls, AA has 85% equity vs a random hand and we look set to win 100bb 85% of the time and lose 100bb 15% of the time EV=100*0.85-100*0.15
EV=70bb
The point is, if we can get our opponents to fold post-flop in large pots, sometimes it can be better than getting all in as a big favourite.
8. How likely will I be to extract value post-flop?
This is basically the opposite to the previous point - if we have low fold equity post-flop, we need to be able to ruthlessly extract value the times that we do hit which need to more than compensate for the times that we miss and have to fold. This may be a point where people go majorly wrong in my opinion because fish won't fold J

9

on a A

9

3

board to your 7

7

because they never fold.
9. How likely will I be bluffed off the best hand post-flop?
Again with 9

9

on a Q

4

8

board, if we bet and get raised, we can definitely be bluffed off the best hand a good percentage of the time if our opponents are aggressive post-flop.
10. Probability of being limp/re-raised and how to respond to it[/QUOTE]
If we want to get all in pre-flop to a limp re-raise then this shouldn't matter however if we intend to fold to a limp re-raise, then we should be less likely to raise pre-flop if we are more likely to face a limp/re-raise as we don't want to fold out or good equity.
In general, playing most marginal hands out of position is a bad in a raised pot when the pot is likely to be multi-way. For this reason, if I am reasonably confident that I will be called in more than two spots, I am more likely to complete/check as opposed to raising. I mean AJs and 99 play really well as drawing hands multi-way especially against limpers. Just as an aside, how comfortable do we feel stacking off on a 9

7

4

board with T

T

with an SPR of 2 against 4 opponents? I don't think anyone would feel thrilled about this spot if they bet and get raised (even though they commit themselves with a bet and checking that flop just feels so dirty when we are going to hate a bazillion turn cards).
However on the other hand, the more likely I am to get the pot heads-up, the more inclined I am to raise it up and combine value-bets, bluffs and semi-bluffs to make money against a weaker player even out of position. Note that this also merges your range quite a lot and makes it very balanced in these spots against good players.
There is a key factor in determining how to likely a raise is to get this pot heads-up: The tendencies of the first limper. Say the we have five limpers in the pot, all the limpers but the first one usually have some medium strength hand which won't like to see a huge 10bb raise right? However, if the first limper calls again, the others are more likely to follow suit as they have better implied odds and pot odds. Limping, like calling, is contagious in these spots. Harrington aptly described this as the waterfall effect. If we are confident that we can get the first limper to fold, we can take the pot down pre-flop unopposed a large percentage of the time which will net us a good win-rate from the BB! Folding in these spots is also contagious!!!
Hopefully this will generate some good discussion points.
Alex