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Why bluffs die in crowded pots

From lock ♥H. Assume each opponent independently folds 60% of the time:

Note carefully: this is opponents in the pot, not at the table. But table size drives that number — at four-handed you're heads-up after the flop constantly, and at twelve-handed a limped pot routinely has five players in it. Short tables are where bluffing lives. Crowded tables are where value betting lives.