Is checking out "unethical"?

[TakeMeToTheRiver]

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Imagine this sceanrio three players in a NL hand after the flop. First player has a stack of $600, you are the second player with a stack of $50 third player has stack of $200. There is $50 in the pot.

First player checks. You push your stack in hoping to take the pot with this pot sized bet. The third player goes into the tank, and keeps looking at the first players stack -- he wants to call but is concerned that the First player will come over the top if he calls. While he is thinking, the first player leans across the table and says don't worry about me I fold and throws his cards in the muck. Now Player two calls you because he no longer has to worry about player 1 coming over the top. Do you feel this was fair?

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No. Player 1 acted out of turn and after Player 2 made his bet.

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Isn't Player one checking out just doing the same thing, leaning across the table and saying you don't have to worry that I'm going to check raise you.

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100% different. In our situation, Player 2 has to decide what to do based on the fact that he is heads up and with full knowledge that Player 1 is already out of the hand. He may now determine that a pot size bet is or is not the best move, but he has all the information before he acts.