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I play lots of deep-stack cash game poker, so I do see a lot of situations where I draw to gut shots... here's two examples:
Bodog, waiting for a tourney to start, I was playing a microlimit ring game... I don't know of a converter for bodog hhs, so I just edited it.
Player Information
Devyl (button) :Jc: $25.75
dantehall (SB) :Ks: $15.50
utg calls, I call, v calls, BB checks
pot is 1.00
:Kd: :Qc: 
v bets .60, I call
pot is 2.20
v bets .60, I call
pot is 3.40
:Tc:
v bets .60, I raise to 3.00, v calls
rake is .45, pot is 8.95
I was a bit distracted, and I didn't really do the calculations on the flop. I remember the flop call being a bit automatic, seeing if I can catch a good turn, maybe a club or a pair. I tend to like going heads up with uncreative players like this guy, but this call was kind of hopeless. So I recover my senses and the turn comes out. I miss my backdoor flush, I don't make any kind of hand, I can safely put the guy on a pair, so all I have to work with is a gutshot.
Given one card to make a gut shot, you need about 10:1 on your money. He re-bet it on the turn, a really hopeless kind of bet IMO. So I need over 6$ in profit to make this work.
his .60, the 3.40 in the pot, that's 4, I need 2 more. I get 2.40 more, marginally meeting my goal.
So if we have some selective amnesia about the flop call, this hand is alright.
The second happened in a bloodbath of a regular home game... We're playing an advancing limits cash game. We started at $1/$3 NL. I'm on the button, staring directly across the table at a fairly good player. This game was full of gamblers, but he played pretty tight... he was predictable.
V has about $500 in front of him and I have almost $600.
He raises to $10 and I call it, I think a buddy called in the blinds, but I'm not sure. We'll say the pot is $25.
The flop comes out AK9 rainbow. He leads right out for $20 and I call, trying to decide whether or not it's a c-bet. He knows me well enough to know I could have any two.
The turn is an off-suit rag. He bets $45. At this point I can assume he's got a fairly big hand. He would slow down with just AQ or AJ, so it's a set of kings (hoping I have an ace) or it's AK or he was feeling fruity with A9. My money is on AK, and AK can pay me off if a jack comes. I call.
Sure enough, my miracle card hits on the river, he bets $60, I move all in.
I think everyone at the table was pretty surprised by the move. No one gave this guy much action, and here I was, one of three pros in the room, throwing my money into the pot when he obviously had a hand. I thought I could get him to call without thinking if I did it quick enough, but that didn't work.
He managed to lay down his hand after a while in the tank, which makes my calls absolutely terrible. I talked a bit there, I gave away too much... live and learn.
You have to have a really good read on your opponent so that you can get enough money in the pot when you hit.
Yes, naked gut shots can be profitable, but they go much better when they're paired with a flush draw or a pair.
 VS :Ad::Kc:
:Ah: 
37%-63%
Last thing... This kind of stuff has an effect on your opponent, That comparison between AK and 53s happened at foxwoods, I was calling a shortstack AI with like 4:1 in a $1/$2 game. The guy threatened my life :P. If you want someone on tilt, let them weak-bet you into calling with a gut shot, then beat them over the head with it.
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