Though nobody is getting killed at the poker table (at least not physically), trying to beat the maniac by becoming just like him is clearly not the way to go. Much like the police, you must use your head. There are some facts you must face when one or more maniacs are at your table.
First of all, stealing the blinds is not an option, and just about every hand will be contested to the turn or river. Showdowns will be the rule, not the exception and the cost of going that far will be high, so prepare for some very big pots. Your best action in the face of a maniac player is to go to the other extreme and play very tight. Remember that the maniac is usually playing with drawing hands, and hoping for luck. This flies in the face of the conventional wisdom of a good player who will do their best to take luck out of the equation during a hand.
Good players will notice that you only play when you have a good hand and fold when you bet. To a maniac, this is irrelevant because they believe that they can either bully you out of the hand (no matter how good your cards are) or that Lady Luck will bail them out at the end.
Your tight play will allow you to win big pots when you have the sort of hand that allows you to compete for the prize, but the down side is that there may be long breaks between hands that you put into play, so bring something to read.
Another strategy for this particular day is to put the cards down and enjoy your families. Poker is a great thing, but Christmas only comes once a year, so enjoy it. Have a very Merry Christmas, Happy Holidays, and a wonderful New Year!
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