I am UTG and there is a solid losing fish in the BB so I want to play hands with him. I am dealt
Ah Kh 8d 6c and limp it in. Limping is usually not a good strategy but you gotta play hands with losing players. I don't want to raise because if I get 3b I have to fold but I can limp and call a raise. There are a few more limps and the BU raises, we go multi way to the flop.
Flop is
As Ks 2d I flop top 2p but have no spade. Check to the BU who bets 100 into 200. The action is on me, he has 300 behind and I cover. If I choose to raise pot, its 500 which puts him all in (he has around 300 after betting 100).
I have 2p and most people would pile the money in without thinking but I want to consider the hands he will stack the flop. Firstly, he is a competent regular who is raising over multiple limpers and should expect the hand to go multiway. He will have a reasonable preflop range. Secondly, he can't be betting the flop too light because of the multiway nature (was 4 or 5 ways to the flop).
His cbetting range will contain strong hands such as: sets,2p, combo draws and I can't think of too many bet/folds. My equity vs this range is around 35%
So if I jam the flop and he never folds, I'm risking 400 to win 1,000 which means I need 40% equity.
However, he might have some bet/folds on the flop. He needs to fold 20% of the time for me to break even against his calling range. I don't think he will fold 20% so I rule out folding.
What about calling and jamming a non-spade turn?
Approx 50% of turns are non-spades and non-straights so I could call to jam on a brick. It turns out that this is a losing play (assuming he has no turn folds): a) I don't have enough equity on the turn for when we get it in, and, b) I'm check folding too high of a percentage.
I did in fact call to play a turn. The turn came a spade so I checked. He checked back.
River paired the 2, I checked and he bet all in 300 into 400. Now, I only beat a bluff. I chose to fold because I didn't think he had enough bluffs. Lo and behold, he showed a bluff!!
This hand really made me second guess myself. First, he showed up with a hand I never thought he had. So now I need to update my reads on him in terms of what ranges he can have preflop and what hands he bets on the flop multiway. Second, by writing this blog post, I learn that calling to jam a non-spade turn is actually a losing play (though I kind of already had a feeling that was the case). The best play (given my read at the time) was simply to fold the flop. It's just painful to fold top 2p.
People reading this might think it's ludicrous to fold the flop with 2p but if my read had have been correct then it was in fact the best play. And folding those spots is where the big money is made. I still believe folding is the best play (readless) and going all in on the flop here is the exploitative play.
The big takeaway from this hand for me is to know which people I can stack lighter against.