I've been playing a good deal of limit at Bodog recently and I started to wonder about a certain concept. Then the following situation, which I will detail, occurred and more or less crystallized my thinking.
I'm sitting at the .50/1 tables and on 2 of my 3 tables some guy sits with 20K on one and 15K on the other. His buy in alone sends both tables a flutter. Maniacal preflop. He raised every hand. If there was a raise in front he three bet, 2 raises he capped. I was stuck pretty good, but basically his presence and my hands actually holding up a couple times got me unstuck and a nice profit. I would have stayed at the tables as long as he did, but in my old age, stamina ain't so great and I eventually left with a tidy profit. Some of it from him, but most of it from the rest of the table.
How did I get unstuck? Well, I would raise my AK, he would 3 bet and 3 people would call trying to bust him (oblivious that I had raised it first), then I would cap and catch the flop and someone or two would pay me off.
So what did this change in my limit game? I had been operating under the control the odds theory. Don't raise in the BB with a big pair to keep the pot small enough so that on the turn draws have poor odds to chase, for example. Sklansky looks at poker as a game in which you take advantage of mistakes. Getting draws to chase for poor odds is one way of exploiting mistakes. I think Pockett posted an article at some point on this, which I will search for and bump. Now, playing with my well-rolled friend taught me that I just want a ton of money in there. I don't really care if people have odds to chase when I'm the fav in a limit game. The more money out there, the more I win. Currently working on an article for this, but this is my thinking at the moment. I want to quantify this stuff before committing. Since a significant portion of the active membership plays limit, I thought I would put this out for consideration.
BTW, well-rolled maniac was about even when I quit for the night.
If you play strong hands maniacs make you a huge profit in the long haul. The temptation to play marginal hands is there with the huge pots. I think it becomes too expensive to play suited connectors, but i will try small pairs with a maniac if i have position.(but dump it on the flop if I miss) i ran into this the other night in a limit tourn when a NL player accidentally signed up for a limit tourn. He was actually pushing people off of everthing but premium hands. I took 3-4 huge pots off of him and the callers, with big pairs that held. You just have to know when it's time to release with a player like that.
One of the advantages to BOdog is that there are alot of gamblers that sport bet and only play poker for a rush. They also don't have any tracking software that I am aware of that works with their site. I am tracking several players I see regualary on the tables.
I've seen a lot of live cash games with guys that raise about 90% of the time. They almost always break even in my experience, I'm starting to think that it's a way of limiting losses rather than going for huge wins.
This guy was pretty easy to read post flop, actually. So maniacal preflop, but gave up pretty easy when he missed. The other players were just so atrocious they didn't notice that when he 3 bet them on the turn, he had a big hand. So his 73o would get paid off nicely.