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Article has been taken from PokeriInfo website with their permission.

Slowplaying is playing a very strong hand weakly in order to disguise its strength, keep the opponents paying and let the pot grow as large as possible.

Slowplaying assumes that your strength can be observed easily and therefore the opponents would fold, if you bet. A set with 7c -7s  in the pocket and 7h -2c -Qh  on the board is not strong enough, because of the flush draw. In addition, because the hand is well concealed, there is no reason for slowplaying. The opponents will misread the hand and call.
 
There is no need for slowplaying either with a hand like Qh -Jc  in the pocket and Qs -Qd -Jh  on the board. The opponents may have something like A-J, K-J, J-T, A-K, A-T, K-T or T-9 in the pocket. In other words, someone has two pair or a straight draw. He will pay, and hence there is no reason to give a free card.

On the other hand, if you in the blind have 7h -2c  in the pocket and the flop comes with 7s -7h -2c , it is very probable that the opponents don't have anything, since only a few playable starting hands fit the flop (A-7, A-2, K-7, Q-7, 8-7 and 7-6 suited and the pairs). Because the strength lies on the board and is easy to read as well, the opponents probably don't have anything and would fold if bet, slowplaying is now the preferred strategy.

Notice the big difference between the flops Q-Q-J and 7-7-2. In the first case there can be a straight draw and the proper starting hands can be unsuited, too. There are many more alternatives and the flop probably helps somebody. In the second case, there are no draws and the proper pocket hands (except the pairs) have to be suited. Therefore it is much less probable that the flop helps someone.

There are very few situations where slowplaying is recommended. Most often it is better to play aggressively and try to win the pot immediately than to risk the whole pot for a couple of extra bets. For example, when there is a draw on the board, slowplaying is correct only with a full house or better and even so, only if the draw doesn't get proper pot odds to call. There is no reason to slowplay an A-high straight, either, because the big cards on the board have produced many hands worth a call, and you get paid.
 
Slowplaying is most profitable in no-limit games and in the final rounds of tournaments. Especially in low-limit mini-tournaments, one can meet very aggressive opponents. Trapping them with a slowplay is a very effective defensive strategy. On the other hand, in loose fixed limit games disguising is usually unnecessary, because the pot odds allow calling regardless of a threatening board.

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