What are pot odds?

The concept of pot odds is a crucial deciding factor in poker play. Pot odds is the relationship between the size of the pot and the size of the bet. For example, if there is $10 in the pot and you have to call a $2 bet, then you are getting pot odds of 5:1. If you have to call a $5 bet in the same $10 pot, you are getting pot odds of 2:1.

The size of the pot

You should always be aware of pot size. If you are playing Limit poker, you count the number of bets in the pot instead of the amount of money. When the bets double, as in Hold'em, you count the big bets as two small bets. If you are playing Pot-Limit or No-Limit, it is a little bit harder to count the pot and, as a result, the odds will not be as exact. Regardless, you must still do it.

How to use pot odds

Once you know your pot odds, you have to use this information appropriately. You do this by connecting the pot odds to the value of your hand. This means you are able to put your opponents on likely hands and understand your chances of making a better hand than them. For example, you have a flush draw on the flop in Hold'em and you are up against an opponent who you think has at least top-pair. There are nine cards (usually referred to as outs) that will give you a flush when you have flopped a four flush. In the table below it is listed that nine outs gives a 35% chance (2:1 against) of making the flush on the turn and river combined. This means that you need at least pot odds of 2:1 to call a bet on the flop.

Implied odds

Implied odds is defined as the relationship between the size of the current pot and the pot you are expected to win. This means that occasionally the pot does not lay the correct odds even when you decide to play because you expect to get further action and win more when you hit your hand. For example, in Limit Hold'em your opponent bets $20 into an $80 pot, your call gives you pot odds of 5:1 since you are risking $20 to win $120. But, if you expect your opponent to call a bet or raise on the river if you make your hand, your implied odds are 6:1 or 7:1.

A rule of thumb for Hold'em and Omaha

Every out gives you an approximate 4% chance of hitting on the turn and river combined. For example, 5 outs gives you about a 20% chance of improving, 6 outs about 24%, etc.