When you're BB and connect with the flop for free.. now what ?

[45suited]

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It is UB and stacks allow for a little more speculation.

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I'd rather use my chips to either A) speculate when I have a strong draw or B) protect and / or value bet my strong made hands. This hand fits neither criteria.

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The risk of checking however is that it requires me to assess the meaning of a bet if it is bet to me. I have trouble telling the difference between a bet to build a pot, a bet to probe, a bet to chase me out, etc.

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What risk? You have a marginal hand in a nothing pot early in the tournament. Me, I don't really even worry about someone taking this pot from me. I suppose you could throw a small bet out there to try to take the pot (if the table was very passive and you were controlling it), but you could do that with any two cards really.

I would check and see what develops.