Betting out of turn and not taking advantage-know your house rules!
I was watching episode 3 of the most recent WPT Venice Grand Prix. After Mike Sexton went out in third, a very interesting situation developed heads up. Keep in mind this could only happen in a live game.
Palumbo and Montagner both had hit the flop with straight draws. Once the action got to the river card, Montagner bets 100k - out of turn! Nice for Palumbo, as he had hit his straight on the river. Or was it?
Now, here is where knowing the rules comes in handy. If Palumbo checks, then the Montagner 100k bet is considered a live bet; he has to leave it in. If Palumbo bets, however, Montagner can take his bet back!
So, in this instance Palumbo decides to bet 400k. Montagner was able to take his 100k back and fold! So, by betting, the only thing he did was lose the 100k out of turn bet. I think he might have over-thought this hand, perhaps thinking Montagner was strong enough to call the extra 300k (that strong of a hand could only have been a better straight, so bad idea on Palumbos part still). Maybe Palumbo thought he would still get the 100k out of turn bet from Montagner even if he did bet out.
So next time you play a live game, give the house rules a second look. It could save you from losing some money like Palumbo.
BTW, It did not matter in the end; Palumbo later won. This, despite what some considered a bad fold earlier when Palumbo was holding aces. In his defense, he was looking at a bet and a raise before him. That does say strength by at least one of them. Maybe a set or two pair. So Phil Hellmuth's assertion that this was a horrible fold was a little harsh; I am sure if PH had made that overcall and then lost, he would be be crying like a baby! But a bet and a raise does look strong, so I cannot really blame the guy.
Here is that fold. I could not find video on the out-of-turn bet.