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In general, the small blind is a trap, and shouldn't be played any differently than under-the-gun. You are in an even worse position post-flop than UTG, you have no chance of even buying position on later streets (by making the later positions fold to a raise), and you are tempted to play crappy hands that shouldn't be played out of position because of their negative expected value simply because it is "cheap" to do so.
There are two aspects of small blind play that interest me, however:
1. If you have a player to your left who won't protect his big blind and there are either no limpers or the limpers have shown a tendency to fold to a pre-flop raise, it is possible to steal blinds and limps from the small blind just as it can be done from the button. Obviously this is much more risky, as if you get called you don't have the positional advantage you have on the button. But it's worth watching the table action and what the other players do pre-flop to see if you have an opportunity here. (And some players may be even MORE likely to fold to a raise from the small blind because they figure you must have something whereas a button raise might look like an attempt to steal or exploit position with a marginal hand.)
2. There may be a difference in how you approach the small blind depending on the spread between the small and big blind amounts. Consider 3 possible blind structures, all of which can be found in California casinos, and one structure that is found a lot online:
A. $1 / $2
B. $2 / $3
C. $1 / $3
D. $0.10 / $0.25
Note that the relationship between small and big blinds (and therefore the ratio between the amount to complete your bet and the amount that will be in the pot for you to possibly win post-flop) is very different at these 4 tables.
I haven't done all the math on this, but it seems to me that the relationship between cost-to-complete and potential pot size is a very important consideration as to whether you might decide, in otherwise favorable circumstances on otherwise favorable tables, to complete a small blind and limp in. The structure that encourages this is "B", because your cost to complete is just $1 and with a $3 big blind / minimum pot, you are getting twice as good odds on your completion bet as you are at a $1 / $2 table. In contrast, at tables C and D, the blind structure is effecting a heavy tax on completing your small blind-- you are being forced to add almost as much as a full big blind into the pot, so your pot odds and expected value on that bet are much much worse.
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