This is copied from an email I sent to a friend awhile back... with a few minor edits to apply to your questions.
Blinds:
<ul type="square"> [*]There is only one blind, and it is only required to be $2 [*]You can make your blind more than $2, but to do so would be throwing away money (see exception below)[*]People can live-straddle your blind, which you will find not infrequently ... they usually straddle for $5. People will also make a dead-raise to $6 or $7 but that is very rare[*] Exception: If UTG is
regularly straddling your blind, you can "defend" by posting a $3 blind. To "straddle" you, they then have to put out $6 (i.e. double your blind), but that bet is then dead. Therefore, putting out $3 blind will discourage straddlers who want a live bet b/c they want to jack it up.[/list]
Bets/Raises:
<ul type="square"> [*]Any opening bet on any street must be at least $2[*]Any raise must be
at least equal to the increment of the previous bet or raise (e.g. betting could go $2, raise to $5, raise to $8)[*]Any bet or raise is maxed at a $5 increment[*]Everyone usually bets the max $5 on the flop/turn/river. Some people will bet only 2 or 3 but they are weenies. It's (imho) a big mistake to bet less than $5, though maybe a few times a year, I think I see a good spot for a $2 bet.[*]There is one bet and five raises allowed. Therefore if the blind is $2, the preflop would be capped at $27. An opening bet of $5 on the flop turn or river can be capped at $30. Online usually allows 3 raises and most cardrooms allow 4 raises (I think).[*]Unlimited raises are allowed, of course, if the round begins headsup.[/list]
Strategy:
<ul type="square"> [*] As JR has said, suited cards go to crap, while big cards go up in value. In a structured game, you can draw cheaply and get paid off with big bets when you are on a flush/straight draw. In $2-$5, your draw is expensive and then you can only bet small (relatively) when your flush comes in.[*] To overemphasize what JR said, pairs are golden. Invest $2 from any position with any pair (assuming your game is typical, i.e. usually 5-handed+ to the flop). Flop a set and bet it hard.[*] Pot odds are definitely important, but with good table selection, you can get a 70%+ seeing the flop and don't have to worry too much about odds for your draws.[*] Pick bluffing spots judiciously. It's "only $5" and they will call you just out of curiousity. I once bluffed with Q high, was called by two people, and I still won [img]/forums/images/icons/smile.gif[/img][*] In general, I play tighter up front and looser in LP than I do in a structured game. I play tight up front because I hate having $2 in when someone raises to $7 behind me. But if it's a passive table, then I loosen up EP.[*] If it is after 1am, be wary. The games start ramming and jammin around this time b/c everyone knows they have only 45 minutes left to lose their money, so how bad can it be? Be sensitive to if your game is going on tilt, and if so, either hang on for a wild ride or play only premium cards.[/list]
Rake:
<ul type="square">[*]At 10%, it's bad compared to anywhere else (and in Cripple Creek it's even worse, as they rake $3.50). [*] Tokes are normally $1 for a reasonable pot. Players will often toke $1 even if they only win $6 or $7 (I don't do that). Good dealers will push the toke back to you and say "that was small, get me next time."[*] Between rake, bad beat drop, and toke, you lose $5 a hand. That's a lot for a $5 game.[*] But yes, it IS beatable, if you don't add in the price of gas [img]/forums/images/icons/grin.gif[/img]. I have won (very modestly) over the last four years. I believe JR is a winning player too, from his posts, though I haven't (knowingly) met him. I know one person who averages over $10/hr, if he is to be believed.[/list]
Quality of players:
<ul type="square">[*] It's really hit or miss -- table selection is very important, more so than any other location I have played at.[*] There are a lot of very bad players who nonetheless bet with confidence. Don't let someone's table persona make you overrate them [img]/forums/images/icons/smile.gif[/img][*] There's a lot of players who are very bad preflop but really have solid post-flop skills. As such, raise more preflop to compound their preflop mistakes.[*] If you can beat 2-4 online then you are certainly ready to take a stab at BlackHawk[/list]
Rooms
<ul type="square">[*] Lodge -- "THE" place to play. Lots of crazy action. A haven for 5-5 players (two $5 blinds, aka "river lotto.") Definitely smoky. Sometimes the 2-5 game can be tight because all the loose guys are playing 5-5. Soup/mini-sandwich bar. Soon to add two tables.[*] Hyatt -- non smoking. Good $5 comps for players who stay 4 hours (technically). Usually good action. Loud bands. Half the size of the Lodge. This is my personal room of choice. They are probably moving the room behind the blackjack pit eventually so it won't be so loud. Also soon to add 2-3 tables.[*] Harvey's -- lots of old farts, games tend to be tight, but at least very predictable. Room is small and slower so might be a good place for a newbie. But it is (imho) a really boring place to play. They have a tournament on Thursdays to increase their live action, but after the tournament, all of the guys leave and play at the Hyatt -- which consequently has good games on Thursdays [img]/forums/images/icons/smile.gif[/img].[*] Central Station -- smoky, loud, and will be closing in June. They were just bought by a new owner who tried to close the room last week, but they couldn't legally close the room because the bad beat had not been given away yet, and that money legally belongs to the players. [/list]
I play once per weekend at the Hyatt. If you end up trying the Hyatt, just PM me and I'll meet you there and explain any other answers in person. And I'll tell you if you should switch tables b/c there's too many sharks [img]/forums/images/icons/smile.gif[/img]