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:
“Genius will live and thrive without training, but it does not the less reward the watering- pot and pruning-knife.”
—Margaret Fuller (1810–1850)
“Irish? In truth I would not want to be anything else. It is a state of mind as well as an actual country. It is being at odds with other nationalities, having quite different philosophy about pleasure, about punishment, about life, and about death. At least it does not leave one pusillanimous.”
—Edna O’Brien (b. c. 1932)
“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)
“I don’t think I can be expected to take seriously any game which takes less than three days to reach its conclusion.”
—Tom Stoppard (b. 1937)