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(beginner)
Ok, I'll just meander around this one before getting into the meat of it. First a few observations based on stats. Both seem stationish, with UTG probably the bigger station. At least CO sometimes bets.
Notable for stations with low low aggression there's actually not a bad bit of betting going on in this hand, so they probably both have something.
I'm going to assume that both players are straightforward - tricky players are unlikely to end up with these kinds of stats.
If we disregard cards completely and only look at betting it looks as if CO is winning. He 3bet pre, checked to trap on the flop, min-raised on the turn to keep UTG in and bet for value on the river. Basically the only thing he didn't do that communicates strength is size his bets properly to get the stacks in.
However, looking at UTG he seems to also have a strong line, considering that he's a bit more of a station. He makes a rare raise from UTG and is content to flat call a 3bet - not desperate to put money in on the flop, which could be pot control or a WA/WB play, bets turn a good amount for value and doesn't get scared by a min-raise, is content with the pot size on the river and happy to check it down or call a small raise.
For both players, looking at the hand as a whole, straight and flush draws are basically impossible holdings. The QJ holding did complete a straight on the river, but none of the betting is really consistent with that. (Note as I begin on ranges - I may need to retract this)
The general principle for reading this hand I think is that we have somewhat loose and passive players betting, raising and calling - which is unusual for both (more for UTG than CO, balanced by CO taking more aggressive moves).
On range considerations my initial thought was to make UTG have a very narrow range (TT+, AK, AQs, KQs) based on his low PFR stat and being out of position, but tbh I don't think he's necessarily positionally aware, and I would think it quite likely that he likes high card hands, and he could be playing some danger hands like KJ or AT - the big spread between VPIP and PFR and very low aggression suggests a potentially poor player who could make that mistake.
CO strikes me as someone who plays a somewhat loose, not completely passive small-pot strategy with a narrower range than ordinarily associated with loose play. He is more likely than UTG imo to consider what his opponent may be holding and is more likely to have a read on UTG than UTG on him. Although I think he knows UTG is likely to be playing two high cards, I don't expect him to 3bet with something like T9s. I consider his 3bet something of a "call me" 3bet due to bet sizing. Maybe he wants to inflate the pot a bit, expecting UTG to miss the flop (and to KNOW if he does) and fold to a cbet, or maybe he has a strong holding. I don't think he wouild take this line with a medium or small pocket pair - a medium pocket pair would probably have called for set odds. He's more likely to have unpaired cards, and I think I make Axs hands more likely for him than middle connectors also. I don't think he would play K-high hands (even KQs) vs UTG in this way. I think (and I think CO thinks) that UTG will play his position in this way with any two high cards, without one necessarily being an A, dramatically increasing the value of an A if CO holds it.
And now - to ranges:
UTG PFR: TT+, AQ+, ATs+, KQ, KJs, QJs
CO PF 3bet: JJ+, A8s+, AQo+
UTG PF call: Discount KK+, otherwise same. A station having already decided to play this hand is not folding here to a small 3bet.
Flop: Since both parties checked, we cannot reduce any range by means of asking what they would have folded - we can only ask what they would definitely have bet. Based on what I think about these players, it is unlikely anyone has any kind of draw on the flop, making it likely that both are in a WA/WB mode or with a simple "missed flop" mode - making it hard to reduce ranges. KK would be slowplayed by most players, but passive players especially would bet it to put money in the pot and since they don't we can probably rule that almost completely out. There's a lot of WA/WB going on.
UTG flop check: TT-QQ, AQ+, ATs+, KQ, KJs, QJs
CO flop check: AA, QQ, JJ, A8s+, AQo+
Turn: Turn sees a decent sized bet from UTG that looks like a value bet, and a min-raise from CO, which is called. A min-raise gives very favourable pot odds to someone who just showed strength and is usually a trapping play with a very strong hand - basically AK is the weakest hand that plays this way. Both show on the turn that they definitely have a hand worth playing.
UTG Turn bet: TT, AK, KQ, KJs
CO Turn raise: AA, AK
UTG Turn call: TT, AK, KQ
River sees UTG check - he's content to check it down. He is presumably in pot control mode. He has a hand and he thinks he's put enough money in the pot for the size of his hand. CO makes a "call me" bet of less than half the pot. This is the second "call me" bet he makes in this hand (the other was PF), which makes me slightly more likely to weigh AA (although the number of AK combinations available - even with UTG holding one K - still makes it the more likely holding). CO's bet is weak enough that I think he hopes to get re-raised (though I have no idea why he would think he would get re-raised by UTG with any holding), but he probably couldn't make it much bigger without folding out KQ, so as a value bet I guess it's fine. For UTG it's tempting to suggest he might take a more offensive line with TT, but since it's not top set, and I don't think he knows that KK is unlikely for CO and that he is afraid of AA I think he would just call.
UTG river check: TT, AK, KQ
CO river bet: AA, AK
UTG river call: TT, AK, KQ
I don't think CO thinks TT is in UTG's range. CO probably does best in this hand.
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