Studying Janda - Day 4
Making Our Opponent Indifferent To Calling Or Folding On The River
Firstly, the EV of both calling and folding on the river with a bluffcatcher versus a
balanced range is zero (EV0). A balanced range is one which contains the correct ratio of value bets to bluffs.
To work out our ratios we have to consider the pot odds
our opponent is getting. So, if we make a pot sized bet on the river our opponent is getting pot odds of 2psb to 1psb = 1/(1+2) = 0.333 = 33.3%. So he needs to win 33.3% of the time to break even so we need to have 2 value bets for every one bluff.
Other examples for practice....
We bet 2/3 pot on the river so let's say $66 into $100. Our villain is getting pot odds of $166 to $66 so needs to win 66/(166+66) = 0.284 = 28.4% of the time to break even. This means we should value bet around 72 value bets to 28 bluffs. This is roughly 2.5 to 1 or 5 to 2.
We bet 1/3 pot on the river so let's say 26bb into 80bb pot. Villain is getting pot odds of 106 to 26 so needs to win 26/(106+26) = 0.197 = 19.7% of the time to break even. This means we should value bet 80 times to 20 bluffs or 4 to 1.
Just to get this correct in my mind... For a psb we can put in 1 bluff for every two value bets and remain balanced (when our opponent holds a bluff catcher) and when we bet 0.33x we can have one bluff for every four value bets.
I found this in my treasure chest....
So what is the point!? Well when we come up against really good players they will know how to react with bluff catchers if we are not balanced. They either throw them away if we don't bluff enough or call with them all if we bluff too often.
When we do bet the river with a balanced range our opponent should call with enough hands to make us indifferent to bluffing. It makes sense for him to call with the the hands in his bluff catching range that have the best removal effects to our value range. For example top pair medium kicker is a better hand to call with (on a dry board) because it blocks some of our top pairs and hence our value range.
The Grey Area Between Value Betting And Bluffing
I have been looking forward to this bit. However, in reality, having read it around four times now, I think MJ is just telling us that there is a "grey area" and not a whole lot more. Hopefully that will come.
There is a temptation to talk about situations in binary terms (this means to oversimplify in to A or B). This happens a lot on the flop when we talk about whether we are value betting or bluffing. A lot of the time when we bet the best line available has both bluffing and value betting properties.
The example given.... We open Ts9s CO v BTN and flop is 9d 4h 2s. When we bet are we value betting or bluffing? Now our villain might call with AK, AQ, 98s, 88, 77 and we will
usually win at showdown if it goes XX XX - that would all suggest that we are value betting. Also though, we make hands like AJ and KQ fold (because they do poorly against our
range) which have over 24% equity against us. This is also quite favourable when we are OOP, deep and with two streets still to play. MJ states that in fact it is the fact we make villain fold two overcards that makes betting here so desirable. The temptation is to think that we are value betting and protecting our hand by not letting villain see a free card and to think this does not make our bet any less of a value bet. In actual fact this is a huge simplification - apparently!!!
MJ says that when we bet this flop there are several important things that happen....
1. We make villains turn range stronger.
2. We make the pot bigger.
3. We risk getting raised and there are still two more streets to play.
Things to consider:
1. Even if we are ahead on the flop, how can we keep getting value on almost any turn or river cards.
2. Was betting the flop really a "value bet" if we now have to check the turn and play a big pot, out of position and against a strong range?
So, because the hand does not actually end here (if called) and furthermore, once we are called we will struggle to realise our equity, we can see that just calling our bet a value bet is an over simplification.
So what we are basically saying is that "value bet" and "bluff" are almost always imperfect terms (unless we are talking specifically about the river) and this is because there are additional cards to come and weaker hands can outdraw stronger ones. Also its worth noting that not all value bets or bluffs have the same equity so some are more likely to win at showdown than others. For example we 3bet AA and AK and term them as value bets but looking at the massive contrast in equity they can have shows there is a difference. Also, comparing some bluffs - we could bluff a gutshot with backdoor flush draw or we can bluff a backdoor flush draw with a draw to second pair - although they are both bluffs one has 4 cards to a very strong hand and the other relies on its backdoor equity to make a very strong hand, so although they are both bluff raised on occasion they are of quite different equity.
Also there are "draws". Often times we call a hand a draw when it has little showdown value but it does have significant equity. Whether to call it a draw or a bluff is arbitrary as a draw is usually just a very good bluff.
Summary... Remember that the terms we use discussing hands are imperfect. We have to have these terms to make discussion easier. It is good to know the specifics and have good understanding of poker theory.