Poker
Pot Odds, Part 2
We have been getting several requests for more
information regarding pot odds and the
practical application of them to everyday poker. This
article will address some of our more popular
questions regarding pot odds, what are pot
odds? How do I calculate pots odds? What do I do once
I know the pot odds?
To
start, let’s take another look at the definition. Pot
odds are simply the amount of money in any given
pot in relation to the amount you must call to
continue playing in the hand.
The
easiest way to explain pot odds is to think of it like
betting on a horse. When you bet a horse you are
getting odds based on its chance of winning. If a
horse is 5 to 1, you will receive $5 for every $1 you
bet. A poker pot is also constantly giving you odds;
they are just a little hard to see.
To
calculate your poker pot odds, take the amount
in the pot and divide it by the amount you must put in
to call.
Example:
The pot contains $25. A player has bet $5. To remain
in the hand you must call the $5 bet. In order to
determine the pot odds divide 25 by 5 and you get 5.
The pot odds in this example are 5 to 1.
Keep
in mind, when calculating your current pot odds you do
not count money you have put in the pot on previous
rounds of betting or blinds. Once the money is in the
pot it is no longer yours. You only figure in the
amount it will cost you to call the current bet.
Hopefully
this clears up the “how” of pot odds. Now lets
move on to the “why”.
Despite popular belief, pot odds alone
are rarely reason enough to make a call. One exception
is when a bet is such a small percentage of the
overall pot that not calling is absolutely the wrong
play. This occurs most often when a player is all in
or doesn’t have enough money to make a full bet.
Aside
from the above instance pot odds are most often
piece to a larger equation. To correctly use pot odds
you must compare them to your estimated odds of
winning the hand. In doing so, you are looking for a
higher payoff if you win then your actual chance of
winning.
As
in the horse example above (horse is 5 to 1 to win)
– if you believe the horse has a 2 to 1 or 3 to 1
chance of winning you would bet it because the pay off
is higher then the chance of the horse winning.
Applying
pot odds to poker can be similar to betting
horses. In most cases with poker you can exactly
determine your odds of winning by calculating your
true odds. This is unlike horse wagering, where you
are just guessing what the true odds should be.
To
calculate your actual odds of winning you must first
determine what cards will make you a winner. If you
need to complete your open end straight to win, you
need one of the remaining 8 cards that will give you a
straight. You have 8 outs. Next, figure out the chance
of getting the card you need. For our example, we’ll
use the 4/2
method
outlined in our article poker
outs.
If
you have 8 outs after the turn - you have roughly a
16% chance of getting the card you need to make your
straight, or about 7 to 1.
Once
you have determined your chance of winning the pot,
you compare it to your pot odds to decide whether or
not to call. Here you are looking for the pot odds to
be higher than your actual odds of winning.
In
our earlier example, we determined our pot odds
to be 5 to 1. We can see now that this is not a great
call since our odds of winning the hand are 7 to 1. We
are getting paid less than true odds if we win.
If
we had calculated the pot odds to be 10 to 1, you
would most certainly call because 10 to 1 is higher
than the 7 to 1 chance you have of winning.
In
addition to calculating the true odds and comparing
them to the pot odds, there are select situations
where you should figure in future bets before deciding
whether or not to call.
For
example, if you are on a draw hand such as a straight
or flush and you know that if you make your hand you
will be able to raise and get more money in the pot,
you may want to call even if your current pot odds
do not warrant it. Even
though the pot odds don’t tell you to call now, by
factoring in the money to be made on future bets, the
pot odds will change. This example talks only about
calculating future
bets, as I mentioned before you never consider
past bets when figuring pot odds.
Hopefully
this crash course has shed some light on what pot
odds are and how they should be used. Please feel
free to contact
us with any further questions regarding pot
odds or other poker inquires. And be sure to check
back often for the latest online poker industry news
and informative articles only available at
ThePokerSource.com.
