[Zybomb]

This is a fairly complete and thorough walk through of the BASICS of pot odds ---

Pot Odds: Are the size of the pot in relation to the bet you have to call.

If the pot is 400 dollars and someone has bet 100 dollars, the pot now contains 500 dollars (the original 400 plus the 100 dollar bet) and it is on you to call 100 dollars. The pot odds on your call are 500 (the money in the pot) :100 (the money you need to call), or simplified 5:1

So how the hell does one use this when playing poker?

If you are drawing, you need to know the percentage of the time your hands will complete. For example if you have an open ended straight draw you will hit on the turn OR the river 32% of the time (1 out of every 3 times for easy math...)

So if there was 500 in the pot and you had to call 100 with your straight draw you'd be getting 5:1 pot odds and your chances of making your straight are 3:1. Since this is favorable you should call

Keep in mind I said 3:1 on the turn OR the river. There is nothing saying that if you miss the turn, your opponent won't bet again and make you pay more money to see the river.

for simplicity (if thats a word) lets assume your opponent will check the turn if you call his flop bet here, and then we'll demonstrate how pot odds works.

If you call 100 dollars on the flop and your opponent checks the turn (we'll assume you check the river if you hit even though you obviously won't... but this will be addressed later on in the implied odds section) that means you will hit your straight 1 out of 3 times, and you'll miss it the other 2. So lets plug in numbers

Time 1: You call $100 and miss your straight
Result: $-100

Time 2: You call $100 and miss your straight
Result: $-100

Time 3: You call $100 and hit your straight
Result: Win $500

So if this process repeats an infinate number of times, you'd come out ahead $300 each time by making this call (youd win $500 once and lose 100 twice)... thus this call is correct

If instead you had to call $400 into an 800 dollar pot, now you'd only have 2:1 odds, which are lower than your 3:1 chance of making your straight...now lets see what happens

Time 1: You call $400 and miss your straight
Result: -$400

Time 2: You call $400 and miss your straight
Result: -$400

Time 3: You call $400 and hit your straight
Result: +$800

This is a break even play

If you had to call $800 into a $900 pot. You'd lose -1600 (800 twice) and win 900, making this call unprofitable

Using 'pot odds' it can help you determine whether or not call to or fold

Now the next issue is fairly obviously. OBVIOUSLY the opponent isn't always going to be checking the turn if you miss... and onbiously you aren't going to be checking if you hit! Thats where IMPLIED ODDS come in

Implied Odds are impossible to exactly calculate, but what they are is an ESTIMATE of how much MORE money you can make off of your opponent if you DO hit your hand.

The example above was a break even play. But what if I told you that it was likely that if you hit your hand, you could get your opponent to call a bet of $600 dollars. This nows becomes profitable for us

There are also NEGATIVE implied odds... these are a bit more complicated and I wont go into them much since you are new to these concepts, but they basically are when you hit your hand but it's still not the best hand, how much money you will lose by thinking it is the best hand. For an example say the flop had 3 spades on it, and your straight completed on the turn.... someone could have a flush, so you have negative implied odds for making your straight.

Now also keep in mind, like I said before, your opponent isn't always going to check the turn if you call his flop bet.

What if I now told you that after his $400 flop bet was called, he was going to bet $800 on the turn. So it is now costing you $1200 essentially, rather than $400. This is something to take into consideration as well when deciding what to do -- but for now the basics are a good start.

Recap:

- Learn to calculate pot odds, this is fairly easy to do on the spot (an approximation is fine you dont need to be exact)... be fimiliar with them before even begining to examine implied odds

- Know how many outs you have if you are drawing (a flush draw has 9 outs, an open ended straight draw has 8 outs, an inside straight draw has 4 outs, a pair has 5 outs to two pair or trips, there are 10 outs that will turn your three of a kind will into a full house etc etc)

- Know the percentages for the number of outs... you don't have to know EVERY amount of outs percentage, but memorize the ones that come up often

9 outs (flush draw): 36% (roughly 3:1)
8 outs (open end straight draw) 32% (roughly 3:1)
15 outs (a straight AND flush draw) 54% (you are a favorite here -- unless you are up against a set but ignore that for now)
6 outs (two over cards) 24% (roughly 4:1)
4 outs (gutshot straight) 16% (roughly 6:1)

- After this is mastered think of implied odds... how much MORE money will your opponent give you if you hit your hand? Will he put you on the hand you have a fold and give you nothing more? Will he bet again? If he checks and you bet will he call?

- Finally don't forget that these percentages are the %s that you will make your hand on the turn OR river (with 2 cards to come) With only one card to come these percentages reduce dramatically.

- Also remember that even with 2 cards to come, there is nothing saying your opponent wont bet the turn, and if you miss if you want to see a river you need to reevaluate your pot odds (adjusting them for only 1 card to come) an see if you can call this bet. When deciding to call the first bet on the flop, if you expect there to be a turn bet that you will have to fold to if you miss, keep this in consideration when deciding what to do as well

Well there, that should be more than enough to get you started. Read up