A good friend of mine enjoys playing $4-$8 hold'em. Some of these games are played with a $2 small blind and a $4 big blind. We will refer to this as a "$2/$4 game." But most of the $4-$8 games in Vegas have a $1 small blind and a $2 big blind. We will refer to this as a "$1/$2 game." Now, in the $2/$4 game, it costs you $4 to limp in. If you want to raise, you must raise $4, bringing the total bet to $8. In the $1/$2 game, it costs you only $2 to limp in. If you want to raise, you must raise $4, which brings the total bet to $6. Both games are the same once the flop arrives. I believe there are some profound strategy differences between these two games. The purpose of this column is to discuss some of these differences. This discussion is by no means exhaustive.
Before getting into specific hands, there are some general observations to be made about how these games play preflop. Since it is more expensive to call the big blind, there are fewer players, on average, taking a flop in the $2/$4 game. Since there is more money in the pot to start with, there is more raising. This game tends to be tighter and more aggressive than the $1/$2 game.
The $1/$2 game is usually loose and passive. Since loose, passive games tend to be the more profitable, I believe most serious low-limit players should prefer the $1/$2 game. Now, let us get into some specifics.
1. Stealing the Blinds: You have the J
10
on the button. Everyone folds to you. The two blinds are strangers to you. What should you do in a $2/$4 game? What should you do in a $1/$2 game?
Answer: All other things being equal, in a $2/$4 game, I would raise to $8 and be happy to win the $6 in blind money. For every dollar I put at risk, I stand to win 75 cents when they both fold. In a $1/$2 game, I can raise to $6, but I will win only $3 in blind money. For every dollar I put at risk, I stand to win only 50 cents. Now, when you couple the more unfavorable reward-to-risk ratio with the fact that you will pay a rake when you get played with and a flop is taken, I believe blind stealing is unprofitable in the $1/$2 game. Because of the rake, an argument could be made that all blind stealing in low-limit games is unprofitable. A discussion of this is beyond the scope of this column, but I believe that it is definitely unprofitable in a game with a low blind structure. Of course, you still should be open-raising with your good hands.
2. Calling Preflop Raises From Behind: You are in middle position and limp in behind an early-position player. You have the 9 8. The player right next to you now raises. It is folded to the early-position player, who calls. What should you do in a $2/$4 game? What about a $1/$2 game?
Answer: In a $2/$4 game, it costs just one more small bet to call and see the flop. Calling is automatic in this situation. In a standard structure, a player who limps in preflop should almost always call a single raise from behind in order to see the flop. But in a $1/$2 game, the raise increases the total bet from $2 to $6, which is the equivalent of calling a double raise from behind. When this happens, you have to be more circumspect about hanging around. In this case, I think you have a clear fold with your medium suited connector and only two opponents. Had more players been involved, calling would have been OK. As an aside, it is amusing to watch the typical player in this game limp in for $2 and unthinkingly call a $4 raise. Presumably, he had a hand that was not good enough to raise with initially, but now he thinks his hand is good enough to call a double raise back to him.
3. Playing Middle Pair: You are in the cutoff seat with the 10 9. Two early-position players and two middle-position players limp in. You limp in. The button folds and the small blind limps in. The flop is A 10
2, giving you middle pair. The small blind comes out betting. An early-position player and a middle-position player call. The action is now on you. What should you do in a $2/$4 game? What about a $1/$2 game?
Answer: In a $2/$4 game, there would be $40 in the pot and it costs you $4 to see the turn with no possibility of having to call a raise from behind. Your pot odds are 10-to-1. You have five outs to either trips or two pair, so your drawing odds are 8-to-1. The two-flush is problematic, but you have an overlay. Furthermore, you have only two opponents. You should call. But in a $1/$2 game, there is only $26 in the pot and it costs you the same $4 to call. Your pot odds are not even 7-to-1, and your drawing odds are still 8-to-1. Furthermore, the two-flush could kill the 9 as an out. It's agreed that if you hit, you will win some additional money. But, this is offset by the fact that you are starting with an underlay, and you will not win all the time even when you improve. I would fold.
4. Playing Gutshots: You are on the button with the J 10. An early-position player, two middle-position players, and the cutoff limp in. You limp as well, as does the small blind. The flop is Q 8 4
, giving you a gutshot-straight draw. The small blind comes out betting. The big blind, the early-position player, and a middle-position player all call, and everyone else folds. What should you do in a $2/$4 game? What about a $1/$2 game?
Answer: In a $2/$4 game, there would be $44 in the pot and it costs you $4 to call. There is no possibility of having to call a raise from behind, the flop is rainbow, and there is no open pair on the board. Your pot odds are 11-to-1 and you have four outs to hit your gutshot, which is also about 11-to-1 on the next card. Because of the additional money you will win if you hit, you have an easy call here. But in a $1/$2 game, there would be only $30 in the pot, so your pot odds have dropped to a little more than 7-to-1. I believe calling is wrong because there is too large a shortfall between your pot odds and your drawing odds, although you do rate to win some additional money if you hit. An optimist could argue that you can still call because the implied odds are good.
5. Drawing on the Turn: You are in the cutoff seat with the 8 7. An early-position player, two middle-position players, and you all limp in. The button folds and the small blind limps. The flop is A 6 3, missing you completely. Everyone checks. The turn is the 9, giving you an open-end straight draw. The small blind comes out betting, the big blind calls, and the other players fold. What should you do in a $2/$4 game? What should you do in a $1/$2 game?
Answer: In a $2/$4 game, there would be $40 in the pot and it costs you $8 to catch a 5 or a 10 at the river to make your straight. There are eight cards from 46 unseen cards, so your drawing odds are slightly better than 5-to-1. Your pot odds are exactly 5-to-1, and you figure to win another $8 if you make a straight, since you will get at least one crying call from someone having a pair. All of your outs look like clear winners. But in a $1/$2 game, there would be only $28 in the pot, so your pot odds are not even 4-to-1. Even if you hit and win another $8 bet, you are still short of what is required to merit playing on.
6. Flopping a Flush Draw: You are in middle position with the 10 9 and limp in behind an early-position player. Only the small blind limps in behind you. The flop arrives with the A K 2, giving you a flush draw. The small blind bets and the other two players fold to you. What should you do in each of these games?
Answer: In a $2/$4 game, there would be $20 in the pot and it costs you $4 to see the turn, so your pot odds are 5-to-1. Your drawing odds on the next card are about 4-to-1. You have an easy call. But in a $1/$2 game, there is only $12 in the pot, so your pot odds are only 3-to-1. I think you should fold.
7. Continuing Your Draw: Assume the same conditions as outlined in No. 6 concerning your flush draw, and suppose that you call. The turn is the 3. Your opponent bets. What should you do in these games?
Answer: In the $2/$4 game, there would now be $32 in the pot, so you are still getting 4-to-1 pot odds. But in the $1/$2 game, there is only $24 in the pot, giving you just 3-to-1 pot odds. Your drawing odds are 37-to-9, so even if you hit and win a bet on the end, you are still not getting the right price.
Additional Thoughts: As can be seen from these last few examples, the $1/$2 game can really punish the chasers while increasing the edge for the player who is in the lead. Even flush draws are not necessarily automatic calls once the flop comes, because the pot odds can be substantially worse than in a game with a normal blind structure. In the $1/$2 game, the money is not made by trying to steal blinds or playing in heads-up pots. The real money gets made when you catch a big hand in a large field, or when you start with a very strong hand that holds up in a raised pot against multiple opponents. You should be taking lots of flops cheaply with a large field, hoping to bag a big one. You should play aggressively when you know you have the best of it, so you can max out on your good hands. This is something many of your opponents will fail to do, which is what makes the game so profitable. When you are chasing with a speculative hand, you are doing so cheaply. When your opponents are chasing you, you should make them pay premium prices to do so. Finally, these are "best-hand games," in that it will take the best hand to win major pots. It has been my experience that fancy moves to eliminate opponents, manipulate pot size, and so on will cost you money in the long run, because you are dealing with players who are playing their own cards and hoping for the best.
Editor's note: Jim Brier has co-authored a new book with Bob Ciaffone entitled Middle Limit Holdem Poker. It is available through Card Player.