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Is that heads-up only? Early massive overbets are nearly a coin toss in heads-up, so you break even in on a call and win on a fold, which is an equilibrium.

However at a large table, you are going to get called only by the person who thinks they have the best hand, which is a lot better than the average hand of a typical opponent.

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This is mostly done at the river where you've ended heads-up even when starting the hand with 6-10 players

Its more common in heads up, yes.

In multiplayer you see it where ranges are narrowed, like 3bet pots or on turn/river

It matters less than you'd think because overbets imply you have a polarized range (nuts or air). You generally pick the bluffs to be hands that have cards blocking the best calling hand combinations.

Okay, that makes sense. I think it matters some still because if someone else has nuts, then they automatically know you are bluffing, and the more players still in the pot the more likely one of them has nuts.

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