PRO ANSWER: We are playing a low stakes, $1/$2 live cash game. The table is loose and splashy with lots of limping and calling. There are several stacks over $400 and the rest have $200. We have the table covered with $550. We are dealt K♦Q♦ in the Small Blind. Action folds to MP1 who open limps. MP2 makes a small raise to $6 and everyone folds to the Button who calls.

We have a speculative hand in a multi-way pot and only have to call a very small percentage of our stack, so we meet all of the calling criteria and can call here. Raising would also be an option, however with the table being loose/passive the raise from MP2 is likely to be a stronger than normal range. We’ve seen that this table is full of opponents who like to call a lot, and with several players also having deep stacks our implied odds are very good in this hand so we do elect to call. The Big Blind calls and MP1 shockingly folds for $4 more.

The flop is A♣K♠Q♥ and we are first to act. It is quite likely that we have the best hand right now with bottom two-pair. MP2’s raising range does contain QQ+/AQ+ here, however since the other players just called preflop they are unlikely to hold these types of hands and we block many of the possible combinations with our specific hand. Given the opponent profile JTs or even JTo are possibilities for the Button and Big Blind calling ranges. Weak Ax hands are more likely as well, and this board is scary enough those hands would likely call a bet but might not bet themselves.

There are compelling reasons to both bet and check, but generally speaking when we flop a big hand we want to start building a pot as quickly as possible. With that in mind we bet $14 and are called by only the Big Blind and everyone else folds.

The turn is the 7♠ and action is on us again.

With the Big Blind being the only caller, we are likely only dominated by A7 and JT combinations. There are a lot of KJ/KT/Ax type hands that will definitely call if we bet again but would likely check behind if we checked. If we bet and our opponent made a sizable raise we could make an exploitative fold. This exploit would be viable because our opponents in this game are playing quite passive and likely only raising hands that beat us. We bet $26 and the Big Blind, once again, just calls.

The river is the 2♦, and this is a spot where many players make a mistake in lower stakes passive games. There are very few, if any, realistic missed draws so if we check it is unlikely to induce a bluff from our opponent. When we check in this spot the Big Blind then gets to check behind with their marginal Ax/KJ/KT/QJ/QT type holdings and realize their equity all the time. When they do have us beat they are likely to value bet and get paid off by our two-pair.

As long as we think our opponent isn’t capable of bluff-raising, this is a great spot to bet small and then fold if we are raised. Betting small accomplishes the goal of allowing us to extract value out of many of the hands that would just check behind, and also set the price of the bet versus the hands that beat us. Since we’re targeting hands like Ax/KJ/KT in Big Blind’s range we could bet a smaller amount of around $35-$40 and get lots of value out of those hands, while also setting a smaller price than the amount we would likely have to call if we checked and our opponent bet.

Note that this is a somewhat exploitative line based on our read that our opponents are generally passive and not capable of turning some of their weaker holdings into bluff raises with an appropriate frequency.

Betting small, around $35, is the best play.