A classic example

You are on the big blind with

There are three callers, and then a raise in late position. You (correctly) call the raise. Now the flop comes

At this point, you suspect you have the best hand. However, if you bet out immediately, you will be putting the 11th bet into the pot, making it correct for hands such as 98 and 65 to call. Opponents with those hands might well call anyway, but you want them to make a mistake by calling when they're not getting sufficient pot odds. Now suppose you check, and it's checked to the pre-flop raiser. When he bets, you raise; the players in the middle have to call two bets cold. Instead of getting 11:1 pot odds, the player directly behind you is getting only 13:2. If he has 98 or 65, he may decide to fold rather than call two bets. If he chooses to call, you make money because the pot odds do not justify his call.

But suppose you check, and the person immediately to your left bets. Now some people call, and then you raise. If the original bettor re-raises, the other players are forced to call two (more) bets cold — another mistake. If the bettor doesn't re-raise, the other players are getting correct odds to call the raise. Nevertheless, the net effect is that you get a lot of money into the pot when you are a big favorite and your opponents have weak draws.

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