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You're right. My math for a flush was off and it is indeed what you reported. That brings the chance of flopping a flush up to .008418 = 0.85%. That doesn't even affect the total I calculated...it's still less than the 5% I rounded up to.
Chances of flopping quads are taken care of in the calculations for flopping trips.
You're right that you will flop draws a lot more. I'm not going to bother calculating it out, but I'll grant that it may be about 1:3, or 25% of the time. Even the most likely of those to complete (excluding the straight flush draw, since this requires such precise cards that it's virtually no error overlooking it) will only do so by the river a grand 35% of the time. With several of them, you won't even necessarily win the hand just because you complete your draw. If your opponent has AA/KK, there's about a 20% chance he'll catch another by the river, making your two pair/set worthless. The board can pair to give him a higher two pair, further devaluing two pair. Ignoring all of that and introducing huge error (in favor of making this play):
Of the 25% of the time you flop something, 5% is a made hand and 20% is a draw. Suppose that of that 20%, every draw completes 35%. That's .2*.35 = .07 = 7% of the time that a draw will come and develop into the best hand. There's no way that 35% is accurate, so I'm going to do something I haven't done in any other part of these calculations: round down to 5%. So in total, this will win a hand 10% of the time, assuming you can stay in to catch every draw that could come.
You now need to make 10 times the size of the bet when it comes in AND lose no extra money when it doesn't. The latter is not going to happen if you're chasing draws. And again, all of that basically ignores the fact that many of these hands won't necessarily win by the river and that very few of your draws will come through anywhere near 35% of the time.
If you're playing with opponents who play sufficiently fishy to pay off 10x this large a bet long term (without having to pay for draws), you should be raping them just playing ABC poker. It's a ring game, when they'll pay off on that wide a range of stuff, I'd much rather have them paying me off when I'm favored to win. As Saucy said, I could theoretically see this being +EV under the right circumstances in a tournament (but then again, the last tournament history I posted, I was scolded for playing WAY too loose).
Note: the one thing I ignored that may be worth factoring in is that your opponents likely have high cards. This would increase the chances that your two pair/trips would win, though it would actually decrease your chances of hitting an xx+++ straight (as well as increasing their chance of developing such a straight into a boat/quads to beat you even though you hit).
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