Free card raise in no limit hold'em

I saw an online discussion on raising for a free card in no-limit hold'em the other day. The conclusion is that it doesn't apply to no limit games. The reason for the consensus seemed to be that for such a raise to be effective you need to make a substantial raise, the the risk of getting re-raised an even larger substantial amount negates any small value you might accrue if the raise succeds.

That doesn't mean that semi-bluff raises aren't effective in no-limit, it's just a conclusion about free card raises.

Of course the raise doesn't know the purpose of the raise, and the name comes from that purpose.

A free card raise is a raise that's intended to induce the other guy to check to you on the turn, so that you get a free look at the river without calling a turn bet. With structured bet limit hold'em the turn bet is twice the size of the flop bet so a flop raise costs 1 small bet while potentially saving you 2 small bets on the turn, a net gain. In spread limit hold'em or in no-limit hold'em, such a bet differential doesn't exist. In spread limit, by the time you get to the flop pretty much all bets are usually maximum bets and any raise you make on the flop is just going to be the same size as the turn bet you're trying to save, giving you a net of no gain. The same thing is pretty much going on in no-limit, for the raise to be effective it will need to be about as large as the turn bet you're trying to avoid will be.

A semi-bluff raise is a multi-purpose raise. It's a value raise where the value raise comes from the combination of possibilities of winning right now without the best hand, or actually having the best hand, plus the chances of improving to a winner just in case you get called by a better hand. The classic situation is a raise with second pair and an overcard. The bettor might be betting a draw, in which case you have the best hand. The bettor might be betting top pair with a weak kicker which he might fold to a raise. And, if the raiser does have the best hand and calls you probably have 5 outs even if he has two pair.

But contrary to the conclusions reached by that online discussion, a free card raise does have have a place in no limit. Most writer's miss it because they tend to analyze heads up sitations. The free card situation in hold'em most often arises when you have a flush draw in late position. If you have two opponents and expect them both to call if you make a small raise then a flop raise itself is pretty much neutral value with a flush draw. If they check to you on the turn after your raise then you'll see the river for the cost of that raise and if they both call you'll get 2 to 1 on the raise, exactly the price you need to value bet a flush draw on the flop if you know there won't be any more betting on the turn.

Combine that neutral value with the idea that by making the pot bigger now you're more likely to get paid off if you make the flush, and you have a positive value free card play in no limit if the situation is right.

Because of that risk of getting reraised you do need things to be right. You need two callers with plenty of chips who you have reason to beleive won't re-raise (figuring that out is a whole 'nother topic). You should be drawing to the nut flush and should have at least one overcard. That overcard gives you an extra three outs against top pair and gives you enough extra equity to offset the chances you're wrong about not getting re-raised. And you should probably have something a little extra to go along with it. Maybe a 3 card straight or two overcards instead of one. Every little bit of extra juice helps offset that risk of getting re-raised.