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His flop bet is quite small, only $12 into a ~$20 pot with a King and a flush draw. Especially when we remember he was happy to put in $10 before the flop!
If we assume he is a standard Stars rock who is only 3 betting his AA-KK preflop this bet is unusual on this board (I think) and normally he would bet much stronger against the heart draw. Indeed thats why sets are so good against these guys as they bet enough to get it all in on the flop no problem. To me it looks like a QQ that feels it 'has' to bet but doesnt really want to. Of course it could be a bet designed to look like this if the guy is a bit tricky!
As he is already starting to show weakness, or at least pretend to, I think you can:
1. Call and see what he will do on the turn, QQ will probably grind to a halt and check. Letting you bet him off. Also if you bluff at any heart you will probably take the pot.
2. Re-raise him to say $25, QQ etc. probably folds there; he's happy as he got his info, you're happy as you got his $$. If he pushes over you probably time to fold.
3. Push over him, pay off AA and maby get a crying call from hands you beat. However if we assume he has a big PP of some description do we really want to scare him off yet?
To be honest I don't really know what is the best! I normally wouldnt play AK into a re-re-raise PF. However if you do and hit I dont think you can give up the hand at the first sign of life from the opposition, especially when you have position on him. I'd probably call and see what the turn brings, looking to bet him off hand (option 1).
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