Using Pot Odds To Determine Expected Value
When a player holds a drawing hand, or a hand that is behind now but is likely to win if a certain card is drawn, pot odds are used to determine the expected value of that hand when the player is faced with a bet.
The expected value of a call is determined by comparing the pot odds to the odds of drawing a card that wins the pot. When the odds of drawing a card that wins the pot are numerically higher than the pot odds, the call has a positive expectation; on average, you win a portion of the pot that is greater than the cost of the call. Conversely, if the odds of drawing a winning card are numerically lower than the pot odds, the call has a negative expectation, and you can expect to win less money on average than it costs to call the bet.
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Famous quotes containing the words pot, odds, determine and/or expected:
“Would I were in an alehouse in London. I would give all my
fame for a pot of ale, and safety.”
—William Shakespeare (1564–1616)
“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)
“Maybe a nation that consumes as much booze and dope as we do and has our kind of divorce statistics should pipe down about “character issues.” Either that or just go ahead and determine the presidency with three-legged races and pie-eating contests. It would make better TV.”
—P.J. (Patrick Jake)
“Most governments have been based, practically, on the denial of equal rights of men ... ours began, by affirming those rights. They said, some men are too ignorant, and vicious, to share in government. Possibly so, said we; and, by your system, you would always keep them ignorant, and vicious. We proposed to give all a chance; and we expected the weak to grow stronger, the ignorant wiser; and all better, and happier together.”
—Abraham Lincoln (1809–1865)