[Nichlemn]

The format is pot limit.

So, let's assume the second play always played any two cards.
They would always limp in the SB, Aces will always raise to 3x BB, the any two would always call.

If Aces call down pot sized bets to the river, the final pot is:

6 BBs after preflop betting
18 BBs after flop betting
54 BBs after turn betting
162 BBs after river betting

(If the river bet was removed (let's say because with no cards to come it's even more tilted in favour of the any two cards) does this make the implied odds poor enough to make the Aces the favourite?)

Now even though this makes it appear to have great implied odds, it's not that simple to win that pot with the random cards. If the random card player only ever bet with a hand that beat Aces, the Aces would always fold and lose the minimum only when outflopped. If the random card player always tried to bluff when the Aces were unimproved, the Aces could simply call to the river and win over 80% of the time. Therefore, some combination in between may work.

A starting point:

- Obviously, always bet with a bigger made hand and give up if they flop a set, maybe bluffing against a tiny percentage of the time with a scary board.

- Usually bluff/semi bluff on monotone red flops. You are just as likely to have flopped two pair or trips than on any other flop, but there's a reasonable probability you will already have a flush, and the Aces will be forced to fold on any fourth card of that suit (semibluffing potential, though with no implied odds).

- The same deal with any three connected cards. You could just as easily have two pair/trips/a straight made already, and if not, a fourth connected card later makes it near impossible for the Aces to call.

- With either of the above, you could alter the strategy if the Ace player will always or almost always bet a drawy board to protect itself, or never bet for fear of it. If they make a PSB on such a flop, you have the potential for a 486 BB pot if you were to raise them with the goods. If they never bet but would often call, it may be best to take a free card.

- In general, a lot of optimal bluffing % can be made up with semibluffs - any pair or any draw, giving you at least 4 outs, is much better than betting with nothing and having no outs if the opponent decides to call you down that time.

- Paired boards are roughly the same as nonpaired boards in aggregate. Pokerstoving Aces vs. random cards on paired boards vs. nonpaired boards give basically the same equity. While paired boards allow for a single hole card to make trips, they counterfeit any two pairs.