Miller, Ed. Smallll Stakes No-Limit Holdem

PART 4: BEYOND $1–$2

This section features slightly more advanced material aimed at readers who are looking to take their games to the next level. Some of the concepts are complicated and require you to put on your thinking cap. But if you’re looking to move beyond $1–$2 and eventually play at higher and higher stakes, you will find this section to be extremely valuable.

Understanding Fixed Bet Sizes

Fixed bet size means when you bet, you always bet the same amount or percentage of the pot. Most successful online players used fixed bet sizes before the flop, especially when open raising. Many also use fixed bet sizes on the flop. If you face tough opponents who read hands well, you should too.

When you use fixed bet sizes, you are betting a range, not the actual hand. For example, suppose one player’s opening range is AATT, AK-AQ under the gun in a 10-handed $1–$2 game. When he gets one of these hands, he bets 4bb. Otherwise he folds. It does not matter which hand of his opening range (AA-TT, AK-AQ) he has. If he has AA he bets 4bb. If he has AQ he bets 4bb. This is a fixed bet size. Every hand in the range is bet the same.

Fixed bet sizes make hand reading tougher. When our example player raises to 4bb under the gun, you can guess he has AA-TT, AKAQ. However, you have no idea which of those hands he has. Now suppose instead he typically raises to 5bb with AA-KK and 4bb with QQ-TT and AK-AQ. These variable bet sizes give you information. When he raises to 5bb, you know he probably has AA-KK. His varying raise size allows you to read his hand more easily.

Variable raise sizes give up information that opponents can exploit. Here is a practical example. A weak player raises in front of you, and you call in position. Suppose his range is roughly AA-22, AK-AJ, KQ. The flop comes ace-high. He bets the pot. Some time later the same situation comes up. This time he bets half the pot. After a few thousand hands against him, you realize that he usually bets the pot when he hits top pair and half the pot when he misses or flops a set. You now have a huge edge. A few hands later a similar situation comes up. You have 55 and miss an A♠9♥8♥ flop. He bets half the pot. What does he have? You know he is unlikely to have top pair. That makes AK-AJ unlikely. His range is probably AA-22, KQ. It’s

very likely he missed.* So you play to steal: raising the flop or calling the flop to steal on the turn.

When To Use Fixed Bet Sizes

Use fixed bet sizes when your opponents pay attention. For example, if you are under the gun against tough regulars in an online $2–$4 game, you should always open raise for the same amount regardless of your specific hand. Betting and raising a fixed portion of the pot disguises your hand range. It makes hand reading harder.

When Not To Use Fixed Bet Sizes

That said, don’t fall into the trap of always using fixed bet sizes. Fixed bet sizes disguise information, but often at the cost of value. Many times the trade-off is not worthwhile, and you should vary your bet sizes to exploit weak opponents. This comes up most often in live games. For example:

You are in a loose live $2–$5 game with $1,000 stacks. Your opponents aren’t paying attention, don’t adapt, and don’t care about calling sizable raises preflop. One player makes it $20. It means little. Two players call. You have K♠K♦ on the button. What should you do?

You could use a fixed bet size like “raise the pot,” which is a raise to $67. However, these opponent don’t use information well, and kings is a strong hand. It may sound crazy, but in some games you can make it $150 and still get called by several weaker hands.

* Of the range AA-22, KQ, nine combinations make him a set, 60 combinations make him an underpair, and 16 combinations make him king-high, one of which is the K♥Q♥. He is 76–to–9 against to have a set. Even with a small chance he bet half the pot with top pair, he is still a substantial dog to have top pair or better.

242 SMALL STAKES NO-LIMIT HOLD’EM

Even against astute opponents, you can vary your preflop raise sizes if your opponents can’t or won’t use that information to reduce your hand range. For example:

You are playing in a loose aggressive $10–$20 online game with $4,000 effective stacks against astute opponents. They use information well. However, preflop many players are making huge raises with marginal hands in late position. The cutoff opens for $60, and the button calls. The small blind folds. You have A♥A♦ in the big blind. What should you do?

Ordinarily you’d just raise pot. But this time you decide to raise bigger, for several reasons. One is that the game has been playing very aggressively over the past hour. Everyone is 3-betting and squeezing left and right, so a big 3-bet will be viewed suspiciously even though you yourself haven’t been involved in the shenanigans. Also, you are 200bb deep, so you’d like to get a lot of money in preflop with aces. This cuts a caller’s implied odds to hit a better hand and may get him to stack off with KK/QQ or even less.

Sometimes within a game you can pick and choose which opponents to vary your raise sizes against. In a tough game, say you have a good hand against the one weak player, a calling station. Against any other opponent at the table, you would use a fixed bet of two-thirds pot. But this opponent will call much more. Take advantage. Bet as much as you think he will call.

If your opponents won’t notice, or won’t change their actions even if they do notice, vary your bet size and make the more profitable play. Otherwise, use fixed bet sizes to disguise your range.

Fixed Bet Sizes Should Vary With The Situation

Fixed bet means you always bet the same amount in a given situation. Many players take “situation” to mean something like “on the flop.” But poker is more complicated than that. For example, betting the flop after opening from under the gun with a narrow range is not the same as betting the flop after opening from the button with 60 percent of

your hands. They are vastly different situations, and they deserve different fixed bet sizes.

Fixed bet sizes conceal information. But some information cannot be concealed. For example, you cannot hide your position. If you raise under the gun, opponents know you are under the gun. So feel free to use a different fixed bet size under the gun than on the button.

Many other factors are also known to all. Everyone can see the board, so you are free to choose a different fixed bet size based on what cards are showing. Everyone can also see the stack sizes, the pot size, each player’s position, and which opponents remain in the hand. Good opponents will also know something about how each opponent plays. You can use different fixed bet sizes as these factors change. “Fixed” means that when you bet in a given and specific situation, you always bet the same amount regardless of which hand in your range you happen to hold.

The best fixed bet size for a given situation depends on your range, position, stack sizes, opponent tendencies, and board texture. You also have to consider your opponents’ ranges and playing styles, implied odds, how much aggression you may face, and most of the other factors that go into poker. It sounds complicated, but in practice it’s not hard to do. Let’s get to it.

Sizing Fixed Bets

Choosing a fixed bet size starts with your range and what you are trying to do. Is your range small and skewed toward made hands? Or is your range large and full of air? Are you playing primarily to make the best hand or to steal? Many other factors can come into play, such as stack sizes, the pot size, which opponents are in the hand, and implied odds.

We’re going to go through hand situations and give general recommendations for fixed open-raise sizes for different positions, ranges, and stack sizes. These recommendations are just suggested starting points. The modern online game is too tough for cookie-cutter poker. In some cases, we give the theory recommendation and then

If your range is weak such that the profit comes from stealing, use a smaller fixed bet size as your starting point.

We say starting point because range strength isn’t the only factor. Sometimes game conditions or opponents will push you to make larger or smaller bets. For example, if no one folds to your 2.25bb button raises, make a larger raise.

Remember, we are talking about fixed bet sizes. When you bet, bet the same amount regardless of which hand in your range you happen to have.

Let’s go through some specific scenarios. We’ll start with a few from 10-handed games to better illustrate some key points.

Hand Situations

In the following situations, you are in a relatively tough online $1–$2 game.

Situation 1: Open-Raising Under The Gun

Players at the table: 10

Effective stack size: 100bb

Your position: Under the gun

Your range: AA-TT, AK

Preflop. Most players open for 3bb or 3.5bb under the gun, regardless of how tight their range is. However, we contend that if you are playing a very tight range like this one, you should consider choosing a larger fixed bet size.

First, a larger raise size does not cost you. Big pairs and AK can call or reraise typical 3-bets. Since you won’t fold preflop, there is no immediate penalty for raising to 4bb or 4.5bb instead of 3bb. Compare this with a steal attempt. If you open-raise with a wide range on a steal, you will fold to 3-bets fairly often. When you raise to 4bb