It's called a slow play, maybe you've heard of it? Normally it pays off to let someone chase a straight flush or possibly a 4th 10 if you can beat anything other than that. Its a very effective way to make money, however when someone catches a 1 outer, there normally is not anything you can do about that. Do you realize how funny your question sounds?, why did i let him chase a straight flush. So you would have known he had a straight flush draw and then would have bet him out of it?
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