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Poker Strategy - Understanding Pot Odds
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This is the one concept that every serious poker player needs to understand and feel comfortable applying in every game, regardless of size, structure, or format. Pot odds is the relationship between the size of the pot and the size of the bet that you are about to make.
Let's say there is $100 in the pot and your single opponent has bet $20. If you call this bet you are effectively saying that you are betting $20 to win $120 ($100 in the pot + $20 bet by your opponent) and you are getting pot odds of 6:1. If there was only $10 in the same pot and your opponent made the same $20 bet your call would now be with pot odds of only 3:2. You need a far better hand to call with in the second example (1.5 to 1 return) than you would in the first instance (6 to 1 return).
To play poker well you must always be aware of the size of any particular pot. The beauty of the online game, and one of its definite advantages over live action poker, is that all software programs now show you the size of the pot, and calculate it on the fly. This makes working out pot odds a far easier task for any poker player, and you really need to pay attention to it, particularly when you step up to pot-limit and no-limit action.
Now you know what pot-odds are, but hey, how do you use them to win at poker? Every poker hand you hold has a certain probability of being the best hand at the table. The value of your hand can be expressed in the same percentages as pot odds. For example you hold the nut-flush draw with two cards still to come. You may reasonably assume that if the flush hits you will win this hand (we will assume that the board does not pair, but even if it did you could reasonably expect to win the majority of hands in hold'em). The chances of this happening are 2:1 against. You have 9 "outs" or chances to make your hand, and with two cards to come that works out to 35%. You will make your hand 1 time in 3, and you won't make it the other 2 times, so it is 2:1 against. Now you simply need to work out the pot odds that you are getting. If they are 2:1 or better you should chase that flush all the way to the river. If they're less than 2:1, say 3:2 as in our previous example you should lay down that juicy nut-flush draw, because you will go out in the long run chasing 2:1 shots if you're only being paid out at 3:2.
This is a lot to absorb and we haven't even touched upon implied odds, which is a term that bad players use to justify bad calls. Only kidding.
Implied odds is defined as the relationship between the size of the pot right now, and the potential pot that you could end up winning once all future bets have been made. Let's say that there is only $10 in the pot and you are being asked to call a $20 bet with your nut-flush draw. Pot odds strictly applied would force you to fold, but what if you knew that your opponent would continue to bet his hand on the turn and the river even after that third heart hit the board? In that case the implied pot odds, or the potential pot you could win would justify hanging around for your draw. Implied pot odds are a useful crutch for inveterate gamblers and analytical players alike, but the former refer to them as feelings.
There is a very easy way to work out the chance you have of hitting your hand in either Omaha or Hold'em. First take the number of "outs" you have - so if you flop an open-ended straight draw you would have eight outs to make your hand - then multiply it by 2 for every card still to come. In this case there are two cards to come so you would say: 8 outs * 2 * 2 = 32% chance of making your hand. If you only had one card to come your odds would be: 8 outs * 2 = 16% chance or odds of 5:1 approximately of hitting your hand. If you are betting $100 in that situation to win a pot bigger than $500 you should make the bet. If you are betting $100 in that situation to win a pot smaller than $500 you should fold that draw.
Related Poker Articles And News Items:
> The Basics Of Playing Position In Poker
> Basics Of Playing Position
> Hole Cards That Will Cost You Money
> Basic Online Poker Skills
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