Oops, sorry about the delay. The real world intervened.
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This is a difficult situation and, as is often the case at poker, there is no simple and obvious answer upon which we might all agree. Let me offer you my answer, for what it`s worth.
When we make a modest raise, to build the pot, we are betting that we have a better hand than the opponent. However, if we make a large raise, to take the pot down, we are betting that the opponent does not have a hand with which he can call. A subtle difference, but a very important one.
Therefore, turn it around and think about this: what hand (or range of hands) have we represented so far ? What is the opponent likely to put us on ?
I would suggest that he might very well believe (if we were to reraise at this point) that we have a heavyweight pocket pair AA-TT. (TT would be the nuts, of course). That would fit with our playing of the hand to date.
I would further suggest that, if he believes we have that range of hands, it will be very difficult for him to call a scary reraise unless he holds something which is ahead of most of our supposed range. In other words, he would probably have to have nothing less than AA, KK, or TT before he could call with confidence. This is a very narrow range and, therefore, there is a good chance that he will not be holding one of these hands and cannot call if we reraise.
Tough stuff this, especially if any of you are not entirely sober.
It is like "what do we think that he thinks that we have ?" I hope I am making sense so far.
Next question is bet-sizing. If we decide to re-raise, how much should we bet ? This is a bit easier. Standard re-raise would be three times the opponent`s bet. In this case $720.
If you notice, $720 is more than half of the opponent`s remaining stack. I would suggest this to you as a general principle – if you are asking your opponent for more than half his stack (in other words, a sum which will make him seriously pot-committed), put him to a decision for
all his chips. There is a strong chance that it`s going that way before the hand is over anyway, so put maximum pressure on him and give him a hard choice now rather than allowing him to dribble his stack into the middle in bits and pieces.
But hold on a moment, you may say. That is a helluva risk. If we play for his whole stack and lose, our own stack will be very seriously depleted. We will have only 18 Big Blinds left and it is still early in the tourney. We will be seriously at a disadvantage compared with other players and faced with a tough battle to get back into contention.
So, this is where we should think about the wider context, what you will sometimes see referred to as the “Metagame”.
In a sense, because this is (as I said in the second paragraph of this post) a close decision without an obvious correct course, this is where hand analysis breaks down. Hand analysis can`t tell us the right answer if there is no single right answer. Therefore, the correct course is the one which best fits my goals in my poker career today and in the long term. And, crucially, my correct course may not be the same as yours if you were the one playing the hand, because my context may not be the same as yours.
When you play in a ring game and have a stack of (say) $100, the value of those chips is $100. That much is simple. However, when you play in a tournament, the real value of your chips may bear very little relation to their numerical value. The value of your chips lies in the amount of the buyin which you have paid and the time which you have invested (and, in the later stages, expected payouts come into the equation, but that is a complexity too far for this present discussion).
To fill in my context, I play mainly MTTs and have had some success. I have built up an online bankroll of ~$10k. However, I play for recreation more than for money. I withdraw a little occasionally to buy a vacation or a treat for my wife, but I have a good day job and no desire to be a poker pro. I sometimes play $100 buyin tournaments and that is within BR management considerations, but I am just as happy playing tourneys in the $5 to £20 range, and they are my daily diet. It is about relaxation and the challenge of the game, rather than money per se.
The game from which this hand comes is a $5 buyin with a guaranteed prize pool of $6000. So, the rewards for reaching the FT are not to be sneezed at, but I have invested only $5 (an amount wholly insignificant in relation to my BR) and have played for only a few minutes (this is still Level One). Therefore, the value to me of my stack is quite low and I am prepared to take a calculated risk with it.
So, if your decision is to fold here, you are not wrong and I do not for a moment suggest that is not the right decision for you. But my decision was to attack, and we continued:
Egon Towst raises [$1380.00 USD]
Perceval1er folds
Egon Towst wins $1890.00 USD from main pot
Villain used up all of his thinking time before reluctantly folding and, although we will never know for sure, I wouldn`t be at all surprised if he had QQ or JJ.
The point of all this is not to say, "Look how clever I am, I won a big pot". I took a big risk and (on another day) might have crippled my stack, which would not have been so clever. The point is to suggest some thinking at the next level, beyond analysis of just the board and our hole cards.
I hope that doesn`t sound too pompous.
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For those who like to know results, I had a good first hour and was lying 3rd at the first break (of 528 players remaining). However, I took two nasty beats in the 2nd hour when my AA and my QQ were both cracked, and finished outside the money, not quite bubble boy but close to it.
Ah well, that`s poker.