To be honest, I expected a bit more deep answers.
I read an aswer on the flop flush draw thread here, which made me actually open this post. I will quote the answer from there:
Originally posted by mbml
the concept of "laying odds" is a very backward and primitive one, because it works with the assumption that you always have a made hand and your opponent always have a draw. But this is 100% untrue.
Smaller bet sizes allow you to bluff a lot more cheaply but causes you to extract less value with your best hands. Then the next question is to think about how often you/your opponent has different combinations of each type of hands.
For example, if you were the Preflop raise and the board came AK2, you would have an overwhelming advantage given that your opponent would have likely 3bet AA KK AK. This means that you can just bet a really small sizing with your entire range and he will not be able to do much against you. You could even mix in huge pot bets or overbets with certain types of hands and he cannot exploit your smaller bet sizing simply because he rarely has strong hands here and cannot start getting wild.
Second factor to think about is Stack:Pot Ratio. When stacks are shallower, it is not necessary to bet so large since you can easily get in stacks by the river. Also, you have less reverse implied odds (assuming your opponent has a draw and you have a made hand) so it's ok to "give him good odds". Multiway pots have lower SPRs and they also force players to have stronger continuation ranges. Both of these factors encourage a smaller % bet size in theory, although there are plenty of bad players who look at "pot odds" only even if it's 5way and call with bottom pair in an attempt to draw to 2-pair or trips. Vs such guys, feel free to make an exploitative increase in your bet size with your stronger hands to extract more value.
Just think for a second, how strong you would look, if you were potting the Flop 5way on a J97 board. I might even fold AJ here in this situation given how the pot better seems to clearly have 2-pair+ here very often. And if you were doing it with a hand like KJ or QJ it would be a massive mistake. So a 1/3 pot bet here even if it doesn't protect as well, could make some sense vs a tighter lineup.
Another consideration is to think about elasticity of ranges. There are elastic and inelastic boards. Those that are low and coordinated then to cause defenders to have more elastic ranges (people will call with all sorts of weak gutshots or overcards in an attempt to draw). Then there are boards with 2 high cards where defenders tend to have more static ranges. Would you call T9o on AK3 vs a 20% pot bet? I don't think most people would. But many people might call JTo on a 223 vs a 20% pot bet, or a A8 on a J97 board vs a 20% pot bet but fold vs a 80% pot bet.
So, if someone as in-depth like mbml could explain why we should raise 2.5 BB and not 3 or 2.1, I would be really delighted. Of course don't get me wrong, I still learned a few things. I think the dynamic approach to postflop play could be however applied to the preflop play also. I did order the book: Modern Poker Theory: Building an Unbeatable Strategy Based on GTO Principles however, and I am looking forward to study it. With 2 other books along.
I personally use 2.2BB in HJ,LJ,CO, 2.5BB in BU and 3BB in SB.