If it's folded around to my SB, I play pretty much "heads-up poker." But do we need to consider that the BB may have a better than average distribution of cards, since the 7 or so hands folded ahead of us are, by the fact that they were folded, less likely to contain aces or kings?
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I think that is a decent point and the inverse perspective is also true: the BB needs to worry that you are slightly more likely to have a better than average hand as well. I think both sides of this perspective (as the position issue) really drive home why it is important if you are going to play the hand from the SB when everyone folds, you need to be raising the vast majority of the time. Especially when a player is fairly straightforward in the BB and play their hands rather than the situation. Even though they may know you are raising with 70%+ of hands in SB, do they still want to get involved with K7o? Sure, stronger players will, but most players will likely not want to get involved with a post-flop c-bet looming.
However, if the BB calls your raise I do think you have to proceed with caution on flops that contain aces and kings. I do think a lot of their calling range is A2-A10 and larger kings (I think even fairly straightforward players 3-bet all pairs and bigger Ax hands, and should either fold or raise suited connectors in a two-way pot). I often will curb my c-bet percentage a bit when one of these cards hits the board against these players.
My experience in LV is that when it is SB vs BB, there is usually a chop pre-flop, so this really doesn't come up much in the cash games.
Is it because of a no flop no drop policy in those poker rooms?
You nailed it !!
Typically the rooms have an rule (sometimes an unspoken rule) that during that session whatever decision you make (chop or no-chop), you must follow.
Occasionally you will find someone who "likes" to play the hand out; or if there is a big bad-beat jackpot in progress, the players will see the flop and depending upon the flop either check it down or the get minimum amount in the pot to qualify for the jackpot.