This is interesting. I said raise 1.5 million as a value bet. I'm thinking that if I go all in, he must suspect I have the Ace or a high pocket pair. Why else would I stay in the hand? If he raised pre-flop, post flop and on the turn, he must have to think I have something otherwise I would have folded a long time ago. If I go all-in he would have to assume I have the high pocket pair or the Ace and he would fold. Why would he think I would bluff in that situation? If I was bluffing and he called me, the chip situation would flip flop and I would be the short stack and he in the drivers seat. He would have to know this and suspect that a bluff would be highly unlikely in this situation. Even though checking is a sign of weakness hoping he will bet to get me to fold may not happen. He might just check it down thinking he would not get any more money out of me because he knows he has me beat and if he raised, I would fold any way. So checking is not an option. Betting would accomplish the same thing as your hope if you check. By betting he would have to make a decision. He has to fold call or re-raise. He knows if he gets called or re-raised he's in the same situation as before, fold or go all in. He would put himself in a major quandry. We both know what he has. It's a win win for me no matter what. If he folds, I have a huge chip lead. If he calls, I have a larger chip lead, if he re-raises I win. If I were him, an all-in bet to me seems as a warning that I should fold and try again. After all, a chip and a chair is better than going home. I vote and still say a value bet is the best move.
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