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I suppose my subconscious reasoning was that if it was 100% sure CO would bet, it would be very likely he would raise after we bet too, and if it was 100% certain CO would raise, a bet from us is of course correct.

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It would make the decision closer, but I still would check/raise. As said, facing the 2 other players with 2 cold will only help them to make the correct decision. Protecting our hand will only make hands that don't have the odds to call to fold, while check/raising will make these hands (gut-shots, pairs etc...) to call.

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This has to be wrong. I really don't mind getting gut-shots to fold, even if that's the correct decision for them. In this large pot, the most important thing is to win it, hasn't that been written like a thousand times in ToP and SSHE and such?