|
Playing rags you typically shouldn't is never right in limit, however, at certain types of very loose no-limit tables, it can give you a little extra profit. Occassionally, I play the .01/.02 $2NL at paradise just for the fun of it. I end up seeing over 50% of flops and will typically profit in the range of 20-40 BB/100 for a session. Why can I play so loosely and still have a huge rate? It all has to do with the betting dynamics of the table. And the $2NL at paradise, almost every table is the same:
-7+ on average to see the flop (note that I am playing much tighter than my opponents)
-preflop raises tend to be in one of 3 categories ... the min-raise, 5-10xbb, or 20xbb-allin. (this is important ... more on this below)
-postflop betting typically ignores pot size ... with a strong hand like TPTK, a typical player may bet .20, whether the pot be .10 or 1.00.
-many players will call down with any pair or better
All of these together make playing rags cheaper. Since so many see the flop, there is already more money in the pot to play for ... this is obvious, but is not enough to justify playing a hand like 83o. The reason one can play almost any 2 cards in the right situation is the other 3 points I listed. Basically, at this type of table, the blinds are .01/.02, but the betting apart from the blinds is more like a .03/.06 or .04/.08 table. This means that if you can see a flop for only the price of the big blind, it is like seeing it for the price of 1/4 to 1/3 of the big blind at a higher game like $25NL.
The preflop betting typical to these tables helps because the bets tend to be either too small or too big. If you limp your 83o on the CO, you will typically either get minraised or or raised 5xbb or more. This is good because you can definitely call a min-raise, and definitely fold to the big raise. Rarely will you have the tough decision of a 2-3xbb raise.
The post flop betting patterns of these tables help because people really don't pay attention to the size of the pot. You can make the nut straight with your 74o and bet .20 for 2xpot and get called by several players who may have no more than a single overcard to the board. And due to the fourth point above, they will call subsequently larger bets on the turn and river if they have made a pair or better.
Due to the dynamics of such a table, you may be laid odds of 30-40:1 on your .02 bet preflop. Any hand is worth playing in that type of situation. But you only get that type of advantage by playing your rags at the correct times. You must be very aware of position. The worst of rags (and by the worst I mean about the bottom third of hands) cannot be played earlier than CO, and should almost never be played if there is a preflop raise or less than 4 limpers. An additional and very important condition for playing rags is that none of the players yet to act are raise-happy maniacs. If the one of the 2 or 3 players to your left will raise preflop about 20+%, then you just can't use this strategy ... you will put your 2cents in and end up folding too often.
A final note ... playing rags like this is fun and profitable at the right tables. But it is not a strategy for making money at anything but a table full of very bad players. Even at the $10NL, you will lose your ass playing like this. It's all about the math. The worst of hands need a large overlay to be profitable ... if you can't get better than a 20:1 expected return on a bet, you will lose money. It is a rare table that you can get laid these odds.
|