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Spread and Fixed
Limits
Limit Texas hold 'em is played with two different
structures, spread limit and fixed limit. An example of a spread limit
game is $2-$5, where there is only one $2 blind, and players have the
option pre-flop of either calling for $2 or raising any amount between
$2 and $5. After the flop bets and raises can again come in any
increment between $2 and $5, provided that each raise on a given round
is larger than the one that preceded it. Other popular spread limit
structures include $2-$10 (less popular now then it once was) and
$1-$4-$8-$8, which is still frequently played in Las Vegas. Generally
speaking it costs the minimum ($2, for instance, in a $2-$5 game) to
call pre-flop, with virtually all players betting and raising the
maximum ($5) after the flop.
A fixed limit game, as we all know, is one with two blinds, and with the
bets and raises coming at set increments. $2-$4, $3-$6 and $10-$20 would
all be examples of fixed limit games.
At first glance these games appear more or less the same, since both
games have a cap on how much one can bet on a given round. But a closer
examination reveals that a winning player needs to approach these two
games very differently. Although there are many subtle differences
between the two games, the key differences are these:
- Your implied odds before the flop are larger in a
spread limit game than in a fixed limit game (provided there has
been no pre-flop raise)
- Your implied odds after the flop are smaller in a
spread limit game than in a fixed limit game
Let's look at these differences on a case by case difference and break
each one down.
Your implied odds before the flop are larger in a spread limit game than
in a fixed limit game (provided there has been no pre-flop raise)
This may sound counterintuitive, so let's take a closer look. Say you're
playing in a $2-$5 game, and are dealt the 2s 2h on the button.. Two
players limp in, and the action is on you. Should you call? If this were
a fixed limit game the answer would be no, or perhaps a very marginal
'yes'.
Assuming the small blind calls in a fixed limit
game you're getting 4:1 to hit your set, which is probably
borderline-and clearly wrong unless your opponents play poorly. But in a
spread limit game a call here is a no-brainer. There is no small blind
in a spread limit game, so by calling you'll be getting 3:1 from the
pot-odds which at first make a call here look unacceptable. But, since
you're only 8:1 against to flop a set or better, you only need about $10
in future action to justify calling pre-flop for $2. Unless your
opponents play incredibly tight post-flop it would seem fair to expect
that you can make a $10 from three opponents after the flop, especially
with bottom set.
What does this mean? Simply put, it means you can play far more
speculative holdings when you initially appear to be getting the worst
of it. Hands that you would 'auto-fold' in limit hold em, like Qxs or
95s, become playable in a spread limit game if you're near the button
and a few (say, three or more) players have already limped. The key
here, however, is understanding that virtually no hands are playable in
spread limit Texas hold em if someone has raised. Which brings us to
point two...
Your implied odds are much worse in spread limit than in fixed limit if
someone has raised pre-flop.
In fixed limit hold em you almost never fold pre-flop if you've already
called one bet and someone behind you raises. But in spread limit this
is a standard play. Why? Actually, there are two reasons. First, realize
that the size of the raise is frequently almost 3 times that of the size
of the original bet. Let's say you call for $2, and now someone behind
you raises to $7. At this point you have to put in 250% more money than
you originally invested in order to see the flop. Compare this to fixed
limit, where you only have to invest 100%. So, when calling pre-flop
raises in spread limit you're usually having to invest far more money in
the pot than you would be in a fixed limit game. As you can imagine this
is just 'implied odds suicide', since even hitting the flop with a 2x4
likely won't average enough profit to justify your large investment in
the pot.
Secondly, the bets in spread limit do not double on the turn and river.
Thus, even if you're fortunate enough to make a big hand on 4th or 5th
st. you won't have the luxury of extracting bets from your opponents
that are twice the size of the flop bet. This is another argument
against playing speculative hands pre-flop if there's been a raise.
Your pot odds after the flop are smaller in a spread limit game than in
a fixed limit game This last point owes to the fact that the amount of
money that goes in the pot pre-flop is relatively smaller than in a
fixed limit game. In a fixed limit game, if four players called pre-flop
and four players called on the flop the pot contains 8 bets. In spread
limit, however, this isn't the case. As we mentioned in the intro,
virtually all players will be betting and raising the maximum after the
flop. Looking again at our $2-$5 example, four players calling pre-flop
puts $8 in the pot, while four players calling on the flop puts $20 in
the pot, giving us a total of $28. With the bets now coming in
increments of $5 the pot only contains 5.6 bets. This means that you
have to be very judicious when deciding what 'hail mary' draws you want
to pursue. In fixed limit, for instance, it's frequently correct to call
on the flop with a little as a gutshot draw, or perhaps third pair.
These types of calls are usually incorrect in spread limit, since the
amount of money in the pot is too small compared to the bet size.
What does all this mean to you? First, it means you
should be limping in with more marginal hands in a spread limit game,
although you should also be fully prepared to fold if someone raises
behind you. And second, it means that you should err on the side of
caution when deciding whether or not to continue on with a marginal hand
post-flop. If you make these critical adjustments you'll find limit
Texas Hold to be just as profitable.
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