OK maths time. From a pot odds
perspective, this is a call if I have more than (37.25)/(64+37.25) = 36.8%
Let's cover a few scenarios:
1) Villain has a made flush
If he has random cards, his chances of having 2 clubs, given I've seen 4 already, are (9/47*8/46) = 3.3%.
There's an argument to say people raise more often with suited cards... not sure I buy it though, because people also raise more with pairs, which are never suited. Also, the Ace and King of Clubs are out, taking away a large part of his suited Clubs raising range, so the figure above is probably a maximum.
Say he has Q♣J♣
. I have 28.9% equity so it's a fold
2) Villain is protecting a high pair, AK or AA
I have 37.4% equity so it's a call
3) Villain has high pair without the Ace
I have 46.7% equity so it's a clear call
I have 43.7% equity - also a call
I have 49.5% - call
I have 43.9% - call
4) Villain has a set
- 28.3% - fold
I don't know exactly how to quantify the likelihood of his flopping a set... here's my estimate: say he's raising 20% of the time pre-flop, and raises with any pair, he'll have a pair 1 in 17 times, so that's (1/17)/(1/5) = 5/17 times he raises. He'll flop a set just under one time in 8, so that's about a 3.7%
chance he raises and hits a set (obviously more likely given the action so far on the hand).
5) Bluff with other raising hand
I'm a favourite over pretty much any other raising hand, e.g. I'm 51.8% vs 10♦10♥
In summary it's a call so long as Villain doesn't have a set or made flush. Both of these fit the action so far, although the set may well just call the raise and hope to fill up.