[WarhammerIIC]

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The issue I have is that the +EV is almost misleading here. You are not actually profiting! If you ran this through a computer simulation for x million hands, you would lose money in the long run even though you are +EV.

And that is confusing! And perhaps I'm missing something else here, because I'm looking for balance. If I'm +EV than presumably my villian should be -EV, no? I haven't done the math yet, but if I'm winning 5/12P then he must be taking down the other 7/12P.

So we are both +EV but I'm losing $$$.

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Your example is also a little contrived, though. First of all, if you knew that your opponent was going to fold 65% of the time, obviously betting 2/3 of the pot is not optimal (you're betting more than your chances of winning). If you were in this situation, you would need to bet less and find the "sweet spot". Constantly betting 2/3 of the pot when you're only going to win 65% of the time is horrible.

In most games, you will win with a c-bet more often than 65% of the time (if you're paying attention to what your opponents do), and you will also sometimes win even when it gets called.