TPTK, can you find a fold?

[Agthorr]

Draws want to see the next card as cheaply as possible, unless their odds are very good and there's enough callers for a value-bet. If he's got a OESD, it's definitely -EV with only two callers. With a flush draw, it's barely +EV with two callers, but by making it two-bets to Hero he's making it more likely that Hero will fold, making it a -EV play. If UTG has a flush draw and Hero has a moderately strong hand, UTG is still better off calling because he can then reraise if Hero raises with very little risk of anyone folding (since it'll be one-bet to everyone at each step).

If he had some fold equity, it'd be a good play as a semi-bluff, but he doesn't have any fold equity unless he can beat BB or thinks he can get BB to fold (unlikely).

Of course, there is some chance UTG has only a draw, is making a -EV play, and Hero is ahead of BB. If that's the case more than one-third of the time, then re-raising is correct. There aren't that many combinations of cards that raise (but don't cap) from UTG and will yield a flush draw, and we aren't certain UTG would play the draw this way. It's very likely he'd play JJ this way, though, and there are 3 combinations of JJ available. If you still think there's a strong chance he'd raise with a draw, then I guess this is a marginally +EV play. It's definitely a +variance play. :-)

The pot is already big, we're not likely to get anyone to fold, and there's a decent chance we're not ahead, so my inclination would be to just call down.