I couldn't agree more with Beavis on this.

I make a lot of continuation bets. I dont try to vary my play online too much because people just arent that shrewd and you don't face them often enough. As long as the flop is not scary I will almost always fire a cont bet into 1 or 2 opps....but above that I do not even bother. You are pissing away chips bluffing into more than 2 people.

Remember....A 1/2 pot cont bet needs to be succesful only 1 out of 3 times to break even. Against a single opp I find it will work more like 2 out of 3 times making it highly profitable. I find that against 2 opps its closer to break even, maybe slightly profitable...but against more than 2?

Lets assume that odds are 2 in 3 that an opp will fold.......and all opps have equal chance of folding.....well if there are 3 opps...odds are 2 fold and 1 calls.......hence your cont bet can't buy you the pot.