Playing Multi-way Draws in Limit Hold’em Poker
In limit hold'em, the sizes of the bets and raises are fixed to a specific amount. Because of this, you have to really work to pick up an extra advantage when you can. For players that have come over to the limit variation of hold'em from the no-limit betting structure, there are some potential edges to be had that can be difficult to figure out. One of those potential edges comes when playing a multi-way draw in a situation that doesn't apply to the no-limit variation of hold'em.
Suppose you have the nut flush draw on the button on the flop with three other players in the hand. Ahead of you is a bet and two calls. A no-limit hold'em player will think that this is a very clear call because you're getting extremely good odds. Such a player would be correct in thinking that calling is profitable here, but as it turns out, raising is even more profitable than that.
The key here is that no one is going to fold to one more bet in a pot this big and you're never folding the turn even if you just call the flop. This means that if you raise the flop here, you expect to get called three times unless you're raised. On the flop you're putting in 25% of the money, but you're going to be winning about 33-35% of the time depending on exactly what your opponents hold. Because of the difference between your pot equity and the percentage of the money you're putting in on the flop, you can raise profitably with your draw.