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Fug, if you are holding a pair of 9s, and one of the other guys has a nine, then you know that your outs and potential for a set has dropped by 50%. In the same manner, if you pull a couple of decent clubs, and your other players all have at least one club, you have taken 3 card out of potential play for making a flush, which changes dramatically your play.
It isn't 100%, but it redoes the numbers and in the end gives you an advantage to NOT buy into bad hands.
Now, if you have 100% access to everyone's hole cards, you can back out of bad situations and kill guys who are bluffing. You only have to move the numbers about 2 or 3% to truly make a huge difference in the game.
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