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Overbetting draws requires a solid assessment of your actual fold equity. Usually you don't do it out of position either. Obviousy you don't want to overbet a draw when your opponent has a great hand, because they'll just come over the top of you. Also, some opponents will notice you do this and start putting pressure on you with anything just because they know what you're doing. Another thing to consider is your live outs. If you have a flush draw with 67s on a As Ks Kc board, then I wouldn't go macho with it, since you may already be drawing completely dead. I'd rather have overcards with my draw.
I personally use this strategy often, but selectively at 50-100NL. This move MUST have a fold equity companion. So it's almost useless at loose tables because not only is your fold equity bad, but your implied odds are high enough not to conceal your draw, because people will pay it off anyway. It works well at mid limits and up. I would think at higher limits you'll get sniffed out if not careful or graceful about it.
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