11- 3-04, LearnTexasHoldem:
Coin Flips In No Limit
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Answer: You are absolutely right that a coin flip in no limit is not something you should greet. I think there is a misconception about coin flips because of the World Poker Tour. Most of the time when the person gets into a coin flip, like a small pocket pair all-in versus two over cards, Mike Sexton says, "we have a race situation" and the look on the all-in player's face can be perceived as joy.
It may very well be that he is joyful that he has a coin flip for their tourney standing but it isn't because a 50/50 is good, it is more relief; he is happy that he isn't a big underdog, he has a chance yet. In no limit holdem 50/50 situations aren't great. Even QQ, in a no limit cash game when you have a lot of chips and the other guy does as well, isn't something you are happy about going big money with preflop.
I've read of many good tournament players who have even passed with AK and QQ sometimes (and certainly AQ) because they felt they could wait for a better situation. Obviously, if you don't have many options left, having QQ or AQ is a God send but those aren't hands that do well against big preflop raises.
The key to knowing when to go all-in or call someone else's all-in is to get inside their head. Knowing how they have previously played, what type of player they are, what they type of hands they raise with and how many chips they have are all indicators of hand strength. For example, if someone has raised 10 times before with hands as weak as KJ or KT, you definitely can't pass up on your AQ, but if someone has only raised with premium hands and you have a hand like AT or AJ, you'll be right in passing.
Statistically someone has the same chance of getting AA if they have 1 chip or 1 million chips but we know that when the blinds start eating up people's stacks, they get desperate. The flip side is also true. If you are down to the felt, you have limited options and you have to make a stand sometime. You welcome a 50/50 all-in at that point. If you can get a playable hand before the blind comes around again you'll play anything and hope for the best.
Lastly, let me point out that no limit holdem (both cash games and tournaments) doesn't put a premium on the all-in play. If you use the all-in play too often, your night will be very short. What will happen is you'll win a bunch of small pots (because no one will call you), and then you'll lose one big one and that will be it. When you are down to a few chips left in a tournament, of course you'll go all-in, but normally betting in no limit is relative to the pot size.
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