Odd hold'em structure

[Lottery Larry]

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I think tight is right. It costs you less than 1 SB to play 2 full rounds.
PP

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Just to be clear:

PF, the betting is limited to calling the $0.50 BB
Flop, the opener for $2 is the only bettor allowed.
Turn-river, the $4 opener is the only bettor allowed.

Is that correct?

I'd LOVE to hear the logic that went behind the development of this game that vaguely resembles "poker".