Odd structure at Mandalay Bay. Strategy?

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It's weird structure that I've never seen anywhere else. The blinds are $1-$2, and it costs to $2 to call PF if nobody raises. Raises are still $4, though, so the first raise makes it $6 to go. A cap pre-flop (bet and 4 raises, 'cause its vegas) means it'll cost you $18 to see the flop.

From the flop on its a normal $4-$8 game.
--Goober

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What implications will this have on your preflop approach? In unraised pots, you get in cheap, but the pot is half the normal size. In raised pots, the blinds are dwarfed but a raise has a much better chance of thinning the field.

[AaronBrown]

In this game the penalty for folding is half what it is normally. That means you fold more hands and wait for better cards. Since you're playing tighter on the first bet, you will probably want to loosen up on later bets. That means raising more when you do come in, and seeing more turns and river cards.

However, this is only theoretical. It's more important how the other players react to the game. You'll probably get more benefit out of exploiting their reactions than optimizing your blind calculations.

[kpux]

You can really kill the implied odds of small pairs and suited connecters when you raise with AK or JJ or something like that.

So you would definitely tighten up preflop, and only play "drawing" hands in late position, and only if you were sure you could get in for the $2. Of course, if you can get in for cheap with these cards, the payouts would be pretty big because the game is 4/8 postflop.