Pot Odds and Implied Pot Odds
Pot Odds and Implied Pot Odds
In the previous article, we discussed odds and probabilities in
general terms. Now, it is time to start learning to use odds to
our advantage.
Both pot odds, and implied pot odds are used when you believe
that you do not currently have the best hand, but you think that
you can improve to the best hand. They are 1 part of the answer
when you ask the question "should I bet, call, raise or fold?".
Pot Odds
The term "Pot odds" refers to the odds you are currently
getting from the pot. For instance, if there is currently $5 in
the pot, and it will cost you $1 to stay in, you are getting 5:1
odds for your $1 call. Another way of stating this is that the
pot is laying you 5:1.
There are several important concepts to understand about pot
odds. First, once you have put money into the pot, by making, or
calling a bet, that money belongs to the pot. It is irrelevant
where the money in the pot came from. There are only two things
that are important. The size of the pot, and the odds you are
getting from the pot.
Next, understand that pot odds only consider the money that is
currently in the pot. The money in the pot is made up of the
money from bets on previous betting rounds, and bets on the
current betting round. For instance, before the flop, 3 players,
including you, and the small blind call, and the big blind
checks, putting $5 total in the pot. After the flop, the small
blind bets $1, the big blind and the next player each call. Now,
it is your turn to decide. There is $5 in the pot from before
the flop, a $1 bet from the small blind, a $1 call from the big
blind and a $1 call from the next player. There is a total of $8
in the pot, and it will cost you $1 to call, so you are getting
8:1.
In the same example, assume that instead of calling, the player
before you raises $1. There would now be $9 in the pot. However,
because of the raise it will cost you $2 to call instead of $1.
Your pot odds in this case are 9:2 or 4.5:1.
Pot odds, and implied odds for that matter, are usually
calculated, and discussed in terms of small bets and big bets
instead of dollars. This makes it easier to generalize the
calculations. It does not matter if you are playing in a
$.05/$.10 game or a $5/$10 game. The bets before the flop, and
on the flop, are small bets, while the bets on the turn and
river are big bets. If 3 people have called before the flop,
there are 3 small bets in the pot. Note that the small blind is
typically a portion of a small bet, such as