Pot Odds, Implied Odds and Poker Probabilities
The relationship between pot odds and odds of winning is one of the most important concepts in poker strategy. Pot odds are the ratio of the size of the pot to the size of the bet required to stay in the pot. For example, if a player must call $10 for a chance to win a $40 pot (not including their $10 call), their pot odds are 4-to-1. To have a positive expectation, a player's odds of winning must be better than their pot odds. If the player's odds of winning are also 4-to-1 (20% chance of winning), their expected return is to break even (on average, losing four times and winning once for every five times they play such a pot).
Implied odds is a more complicated concept, though related to pot odds. The implied odds on a hand are based not on the money currently in the pot, but on the expected size of the pot at the end of the hand. When facing an even money situation (like the one described in the previous paragraph) and holding a strong drawing hand (say a Four flush) a skilled player will consider calling a bet or even opening based on their implied odds. This is particularly true in multi-way pots, where it is likely that one or more opponents will call all the way to showdown.
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Famous quotes containing the words pot, implied, odds and/or poker:
“Steam was till the other day the devil which we dreaded. Every pot made by any human potter or brazier had a hole in its cover, to let off the enemy, lest he should lift pot and roof and carry the house away.”
—Ralph Waldo Emerson (1803–1882)
“As for the graces of expression, a great thought is never found in a mean dress; but ... the nine Muses and the three Graces will have conspired to clothe it in fit phrase. Its education has always been liberal, and its implied wit can endow a college.”
—Henry David Thoreau (1817–1862)
“A man can seldom—very, very, seldom—fight a winning fight against his training; the odds are too heavy.”
—Mark Twain [Samuel Langhorne Clemens] (1835–1910)
“The poker player learns that sometimes both science and common sense are wrong; that the bumblebee can fly; that, perhaps, one should never trust an expert; that there are more things in heaven and earth than are dreamt of by those with an academic bent.”
—David Mamet (b. 1947)