AQ beaten by check raise on the river?

[tshak]

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Really? Playing bottom pair when your paired with a 4 into an aggressive player with a probably higher pair is good play? (Calling i mean)

What is the EV on this over the long period? Is it positive or negative.

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It's borderline considering potential flush draws and domination against AK, or an already made two pair, but Villian is getting 11:1 at the flop and 9:1 at the turn with an 8.2:1 draw. It's certainly correct to call if you believe you're only up against a pair and that your outs are live most of the time. I'm not sure what the other Villians had but it's the weaker Ace's, small pocket pairs, and gutshot draws that are giving hands like K4 enough dead money to draw with a marginal profit. I think UTG's biggest mistake is limping with K4 UTG. After that there's really no good fold, except for arguably the turn due to reverse implied odds (although in this case Villian got implied odds, but I think that's rare).