Re: Building a Pot v. Protecting Your Hand
Overcharging someone for a draw is more profitable than forcing a correct fold. This follows directly from the fundamental theorem and in heads up play it is an absolute rule. If it's correct for him to fold a gutshot when confronted with calling two cold, then you make money if you contrive some way to make him pay two bets. It doesn't matter whether he puts them in cold or one-by-one.
The fundamental theorem has a limitation when applied to multiway pots. It's not useful for your opponent to make a mistake if you are not the one who benefits. In fact, there are situations where your opponent's mistake actually costs you money.
A trivial example of this would be an idiot SB who raises several players preflop with by far the worst of it. BB loses the full value of his free play whenever calling would be a mistake.
In the hand in question, I can't imagine a typical 3/6 opponent folding a hand to a checkraise where it would be correct to pay three bets to see the turn against TPTK.
The multiway exception also plays some role here. We may not have the best hand. If we are behind PFR's aces or kings, we benefit from any bets the other players put in because our draw gives us a share of the pot. But folding their outs is often useless because they may be drawing dead or thin to the hand we hope to make. We will have the best trips and the best aces up. Even a gutshot is a reduced threat because we cannot make our hands with the same card. The burden of gutshot outs falls disproportionally on the overpair.
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