Optimum Bluffing Strategy
Let's say I choose specifically 6 key cards to bluff with. That means I will bet 24 times. 18 of those times I have the best hand, and 6 of those times I am bluffing. Therefore, the odds against my bluffing are exactly 3-to-1. The pot is $200, and when I bet, there is $300 in the pot. Thus, your pot odds are also 3-to-1. You are calling $100 to win $300. Now when the odds against my bluffing are identical to the odds you are getting from the pot, it makes absolutely no difference whether you call or fold. Furthermore, whatever you do, you will still lose exactly $600 after 42 hands. If you were to fold every time I bet, I would beat you out of $100 24 times when I bet and lose $100 to you 18 times, when I don't bet, for a profit of $600. If you were to call me every time, you would beat me out of $200 six times when I'm bluffing and $100 18 times, when I don't bet, for a total of $3,000; but I would beat you out of $200 18 times when I bet with my good hands for a total of $3,600. Once again my profit is $600. So other than being a psychic, there is no way in the world you can prevent me from winning that $600 per 42 hands, giving me a positive expectation of $14.29 per hand. Bluffing exactly 6 times out of 24 has turned a hand that was a 4-to-3 underdog when I didn't bluff at all into a 4-to-3 favorite - no matter what strategy you use against me.

We can now move to the heart of game theory and bluffing. Notice first that the percentage of bluffing I did was predetermined- one time every 19 bets or 5 times every 23 bets or 7 times every 25 bets. Notice secondly that my bluffing was completely random; it was based on certain key cards I caught, which my opponent could never see. He could never know whether the card I drew was one of my 18 good cards or a bluff card. Finally, notice what happened when I bluffed with precisely six cards - which made the odds against my bluffing in this particular instance identical to the pot odds my opponent was getting. In this unique case my opponent stood to lose exactly the same amount by calling or folding.

This is optimum bluffing strategy - it makes no difference how your opponent plays. We can say, then, that if you come up with a bluffing strategy that makes your opponent do equally badly no matter how he plays, then you have an optimum strategy. And this optimum strategy is to bluff in such a way that the odds against your bluffing are identical to the odds your opponent is getting from the pot. In the situation we have been discussing, I had 18 good cards, and when I bet my $100, creating a $300 pot, my opponent was getting 3-to-1 odds from the pot. Therefore, my optimum strategy was to bluff with six additional cards, making the odds against my bluffing 3-to-1, identical to the pot odds my opponent was getting.
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Making a Stand

 
You don't really want to just call here because you don't have many chips left, and you don't want to have to be faced with a decision if you miss the flop. You don't want any callers.

What to do depends a lot on the stack sizes of the players who haven't folded yet. You don't really want a caller. The players who are most likely to call an allin bet are those with very large stacks or those with very small stacks.
So, although folding might not be a mistake, a raise is probably the best thing. But the worst thing to do here is make a small or medium-sized raise. A raise is essentially committing yourself. You don't have enough chips left to do anything but call if someone reraises, and a small raise doesn't have the power an allin raise does. An allin raise both makes it less likely you'll get another player to play with you and protects you from having to make a very tough decision on the flop.
 
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