Annie RKH
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Slowplay is often defined as the opposite of bluffing (though both are about deception at the poker tables). It means you are holding a very strong hand but under-representing and playing it passively - checking and calling rather than betting and raising. Beginners seem more inclined to slowplay monsters but will often fall into the trap they think they are setting for their opponents. In the hands of the best card readers, slowplay can be a powerful - if still double-edged - weapon.
Most basic poker tutorials will caution you against slowplaying for the simple reason that you are likely to stray from what should be your main goal in poker: to win the most money possible. Strong hands are rare enough and you must therefore make the most of them to build the pot.
On the other hand, slowplay, or sandbagging as it is also called, can be a great trapping tool and is part of the 'arsenal' of all experienced players.
As @Phil Hellmuth explains in the video below, because it is very difficult to find the fine balance between 'giving rope and giving too much rope', he relies on his reading of people when he starts slowplaying hands, always ready to fold if he feels he's outdrawn.
Essentially, you should resort to slowplay in order to mix up your game and 'change gears' from time to time, especially when you have already established an image for yourself as an aggressive player.
You check-call with your monster hand against an aggressive bluffer or an opponent with second-best hand; the pot builds up and your opponents get so far committed, they cannot fold when you finally make your move and raise them all-in.
You don't bet and with checks all round, no additional money is put into the pot.
Don't slowplay against multiple opponents on a wet board or be prepared to fold if you do.
Slowplay only when you are confident in your read of your opponents. Either when you feel they have some catching up to do or when you believe they will try to bluff you.
Here are the five 'requirements for slowplaying' as postulated by the guru of poker theory, @David Sklansky:
And before you head off to your favorite poker room to put it all to the test, check out what @Daniel Negreanu and @Phil Hellmuth have to say about slowplaying:
Finally, slowplay should not be confused with slowroll, which will be the topic of another post on rankinghero.com :)