Last night I had an expensive lesson on the importance of paying attention. I was dealt AA in late position a $1-$2 Pot Limit game. Obviously when the action came to me, I planned to raise. However, I didn't see that someone had posted a $5 live straddle.
In this pot limit game, the live straddle allowed me to raise up to $25 (while normally I would only be allowed to raise up to $10. Without the straddle, the first raise is almost always capped at $10 preflop.
When the action got to me, I looked up and saw that the player UTG had thrown in a $5 chip. This was very common for people to simply call the $2 blind by tossing in their $5 chip, and then getting change. I wasn't paying attention, and incorrectly assumed that he had merely called $2.
So I raised to what I thought was the maximum $10 (I could've actually raised to $25 since it was a straddle).
You know the rest of the story. A player calls the $10 with a 10-3 and catches 2 pair on the flop. I get all my money in, but end up taking insurance and getting some back. It was a $180 fine for not paying attention.
I am the culprit. I would not have called $25 with T-3 offsuit.
But for $5 more in a multiway pot in pot limit, I will. Any hand is 3.5% to flop 2 pair, trips, a boat or 4 of a kind - or 27.5:1 against. I was getting 7:1 pot odds (Mark, 2 callers and my initial $5), and could easily make $100+ if I hit the flop (ie the extra 20:1 in implied odds I need).
I caught a flop, and bet into Mark, the preflop raiser. He raised me, and I went all in. Mark thought about it and called with an overpair. Mark had 13 outs (5 on the turn and 8 on the river) to win, and I took some insurance.
Ended up winning about $200 on the $5 call, or 40:1 on my 27:1 shot (would have been more if I took less insurance).
About an hour later, Mark and I played another pot. I raised preflop with K4 suited (clubs) to vary my play. Several callers, including Mark with 99. Flop comes 4, 6, 7 with one club.
When a club hits the turn, I raise Mark all in. I know I am behind with as many as 14 outs, but I figure Mark will take insurance. That way, if I hit a K, a 4 or a club, we both win. Mark declines the insurance, and I hit a club.
Too true! I shoulda laid down those Aces!! Haha! I am not the slightest bit upset the hands for several reasons:
On the AA v. T-3 hand, you opened up for $40 on the flop. I didn't want to slowplay AA, so I correctly raised the pot to $120. When you put me all-in for $180 more, I figured you had 2 pair (Q-T). I probably should've laid it down, but I was committed by that point, and knew I had at least 10 outs (Aces or the unused flop card, twice), and also would get extra outs on the turn (3 outs matching whatever the turn card was).
Luckily I took the insurance and only lost $180. I'm not the slightest bit upset, because I would've lost the same amount, even if I didn't get it all-in on the flop. Consider this: If I smooth call your $40 bet on the flop, I would've been forced to smooth call or raise the rag on the turn (since the board is uncoordinated). When the river came, I would've had to look you up. So at the end of the day, ~$180 was going into that pot one way or the other. With Aces, I'll always get it in early and see what happens.
The next hand, also sits okay with me. I am in small blind with 99 and the flop is all unsuited undercards (486). I'm sitting in the "fabled catbird seat" here. This is the exact flop I could've asked for. Parker had raised preflop to $10, and I fully expected him to make a decent sized continuation bet (75%-100% of the pot). I check to him, and he leads out with a $40 bet (about the size of the pot). I consider raising right here, but decide to wait until the turn. If the turn is another undercard, or pairs the board I plan on leading out with a nice value bet (with what I assume is the best hand). If the turn were to come an overcard, I would reevaulate and possibly check/fold. The turn is a 2, putting 2 clubs on the board. I decide to put this hand to bed right then. I lead out and bet the pot ($125). Parker thinks for a second and says, "let's get it all in" for my remaining $40.
At that point I was ahead and a 9-5 favorite. I decided not to take insurance because I was already stuck $200, the pot was big enough to bring me even, and the board had already brought 2 clubs in a row. Parker needed a K, 4 or a club to win. No way a club is going to come. I mean no way.
Random thoughts from a lawyer, an accountant, a commodities trader, an ex-Marine and a WSOP Main Event money finisher that don't know as much as they wish they did...