U R right ...More people = less % chance of winning
You are right in think your chances of winning are less BUT you have a lesser chance of winning a much biiger pot. I see your logic in folding in that the more people in the pot the less % chance you have to win against a random hand in that (% aren't exact)
Against 1 player - 85% chance to win
Against 2 player - 74% chance to win
Against 3 plauer - 65% chance to win
Against 4 player - 56% chance to win
Against 5 player - 49% chance to win
Against 6 plauer - 45% chance to win
But you are failing to see the outcome (or net profit) in the long run of calling in each of this situations. Lets say you put $100 in the pot. Then your long run return will be that you win a net of $70 (85% of $200 less 100) everytime. But the more people the more the return in that the net won each scenario is greater with more people in the pot in the long term is
Against 1 player - 85% of $200 = $170 - less $100 = $ 70
Against 2 players - 74% of $300 = $222 - less $100 = $122
Against 3 players - 65% of $400 = $260 - less $100 = $160
Against 4 players - 56% of $500 = $280 - less $100 = $180
Against 5 players - 49% of $600 = $294 - less $100 = $194
Against 6 players - 45% of $700 = $311 - less $100 = $211
Against 7 players - 39% of $800 = $312 - less $100 = $206
So since you have a net profit in the long run you must call in all situations.
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