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Instead of trying to get information from the betting, the betting itself is information. You are just looking for who is loose and tight, and who is agressive and passive. You should be able to categorize al players at the table after about 20 minutes. You'll want to keep on watching them after that because there might have been some loose players who tightened up if they lose a huge hand right before you sat down or something. As hands are being played you'll want to play the hand in your mind as if you were still in the hand by trying to predit what each player in the hand will do. This way you'll see if you are right or not.
The second thing is that you want to look at all the cards that are showed at the end of the hand to see which players are playing which hands from which position. You'll also want to replay each hand in your mind if you can. This requires you pay attention to the betting patterns throughout the hand. For example, if someone flopped top pair/bad kicker and raised and reraised with a couple of other players in the hand then you know he may not be a great player because he is not taking into account the fact that another player could have flopped 2 pair or better.
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