[MitchL]

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Even if we are behind UTG theres a good chance we can control the amount of bets he puts in if we are behind i.e. he will shut down pretty quickly when shown strength.

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I'm guessing that UTG raises 99+ as well, and this gives me more incentive to 3bet.

Misread OP's post, where does it state he is mp1? I assumed we were in later position...

Pretty sure coldcalling 88 for set value with 2 (in most games) in late position is a leak.

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We are not open coldcalling. There is already one coldcaller and as OP said 2 to 3 bad players behind. Also, 1 possible hand in villains range shouldnt sway the decision here. If we dont flop a set the hand is going to be flat out hard to play.