Looking for Value
I was watching a 25NL video from a beginner named Ben the other day and he picked up A :spade:T
in the big blind. It folds around to the Small Blind who, after around 1.2K hands is playing 26/19. He opens to $0.75.
I paused the video. The conversation went something like this:
"So what are you thinking here?" I asked.
"Well - he's loose and seems aggressive. My A♠T♦ is ahead of his range," Ben answered. "So should I three-bet?"
"Why do you want to three-bet?"
"For value."
"How does three-betting here get you value?"
"I have very high equity versus his range so I want to get value," he essentially repeated what he said the first two times.
I find that a lot of players I work with know a lot about poker stuff. There is a reason they reached out to me - they must have read or seen my work (articles, videos, posts) elsewhere and then gone through the effort of getting in touch with me. They also are willing to pay for private coaching, so none of them are novices.
They understand that people three-bet light, they understand the idea of different ranges from different positions, but I think most grossly misunderstand the concept of value. Poker is a game of making decisions which provide the highest value. Everyone here can probably give me a few quick examples of a value bet. Easy enough. What about examples of a value check? What about a value fold?
For example - imagine a hypothetical situation in which you have K :spade:K
on a 8 :heart:7
2
2
4
board and you know (because in a stroke of magic, you saw through his cards) that your opponent has a missed flush draw. Should you put out a value bet?
Spoiler
"It Depends" ... don't you hate when people say that?
But back to the A :spade:T
hand. There are a lot of factors to consider here, but the first and most important one is how the villain responds to three-bets. This one had an overall Fold vs. Three-Bet percentage of 56% and a Fold SB Steal vs. BB Three-Bet of around 60%. He tends to four-bet aggressively and I imagine that he amps that aggression up even more when faced with a blind-on-blind three-bet.
So where is the value?
1. Unless we think that he is going to call with a lot of dominated and weaker hands and then pay us off postflop when we both hit, there is limited value in three-betting, unless ...
2. He four-bets us and then we five-bet shove and he either calls with worse (unlikely) or folds, or ...
3. We want to develop an aggressive imagine and cause someone to spew against us in the future. I often hear this argument from players who are looking to justify their own epic spew.
4. There is value of seeing the flop in position versus his opening range (which is wide). This opens up a whole other discussion of ways to get value postflop which I won't go into in this blog entry. I believe that this player was ripe for getting some value from postflop based on his postflop tendencies and the fact that Ben was in position.
When we started the video again, we watched Ben three-bet and the villain folded. Even though Ben won the hand, I felt like he missed out on bigger value in this situation.