[Dazarath]

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AJo does have an edge in most multiway pots, it's just not that huge.

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AJo is the kind of hand that loses equity very quickly as more people enter the pot. Against a bunch of random hands, AJo does very well. But if you plug in AJo vs 7 players with the top 30% of hands, you actually have an equity deficit. Assuming that the players have some amount of hand selection, you won't be pumping any equity edge by raising after many limpers.

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Would you fold AJo UTG in that game?

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I would not fold, but I wouldn't raise either.

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Just out of curiosity, how much of an equity boost do you think suitedness gives AJ? Do you think AJs or 86o has more preflop equity in this situation?

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This can be quantified very easily if you assign ranges.

equity (%) win (%) tie (%)
Hand 1: 15.7904 % 15.04% 00.75% { AJo }
Hand 2: 35.0400 % 32.32% 02.72% { 99+, AQs+, AQo+ }
Hand 3: 49.1696 % 46.43% 02.74% { JJ+, AKs, AKo }

equity (%) win (%) tie (%)
Hand 1: 20.1659 % 19.45% 00.71% { AJs }
Hand 2: 33.3341 % 30.80% 02.53% { 99+, AQs+, AQo+ }
Hand 3: 46.5000 % 43.95% 02.55% { JJ+, AKs, AKo }

equity (%) win (%) tie (%)
Hand 1: 19.2784 % 19.19% 00.09% { 86o }
Hand 2: 34.2153 % 31.76% 02.46% { 99+, AQs+, AQo+ }
Hand 3: 46.5063 % 44.05% 02.46% { JJ+, AKs, AKo }

It's not the equity of AJo vs AJs that makes me fold one and call the other. It's the fact that AJo is horrible against reraising ranges. What kind of flop are you hoping for? Basically, JJx, KQT, or maybe AAx, hoping that neither of them have AK/AQ. If you hit an Axx flop, either you're dead and you'll lose a lot, or you're ahead and not going to get much action. AJs has the potential to make a nut flush. Paying 2 more SBs getting over 5:1 on my money is good enough, IMO.