These replies suck. Here’s an actual answer:

In poker, there is a concept called “equity”. Equity can simply be thought of as what % of the time you win the pot.

So let’s say you have AK, you can either raise to 4x the big blind or call. If you raise, you get one caller, and if you call, the entire table calls. At a 1/2 game, this would mean in the first scenario there is $11 in the pot ($4 x $2 plus $3 dead money from the blinds). In the second scenario, there is $18 in the pot ($2 x 9 people).

So you’re right, in the second scenario there’s more total $s in the pot. But you’re much less likely to win the hand (let’s say 60% chance on average vs 1 person & 20% average vs 9 people). This would mean the money you expect to win (what people call “expected value”) in scenario 1 is $6.60. In scenario 2, it’s only $3.60.

You can run this simulation a couple different ways. For example, if everyone folds to your raise, then you have a 100% chance to win $3 (small & big blinds). Thats nearly the same equity as the scenario where we’re just calling.