What Are You Implying?
For the majority of serious amateur poker players and the bulk of professionals, being able to figure pot odds, card odds and overall winning chances can be the difference between a positive bank balance and a monthly statement that isn't so pretty.
A brief review on the general topic of poker odds is probably in order at this point. David Sklansky is one of the best players on the professional poker scene. He admits to working the tables with a math/odds calculation mind set. (There are also many professionals who rely more heavily on "feel" and reading opponents.)
Sklansky, who is also recognized as a fine seven-card stud player, defines pot odds as "The ratio of the amount of money in the pot to the bet you must call to continue the hand."This information should be enough to convince the novice that he or she should expect to win in some situations where the odds are in his favor. This same information should help any player make a good decision to fold his or her hand when the pot is not offering enough money in comparison to the card possibilities.
"The ratio of what you should win – including money likely to be bet in subsequent rounds – on a particular hand to what the current bet costs." (Secrets The Pros Won't Tell You About Winning Hold 'Em Poker, Kensington Publishing Company, 2006). It isn't simple, but it adds another very important level to the idea of getting value from a decision at the table.
Poker odds calculators, online and in printed material, will generally do a good job of providing straightforward pot odds and card odds, as well as telling the player how often a certain pair or other card combination will win against another pair of card combination. Implied odds calculation is a bit different, though some of the new online/Web calculators do employ complex mathematics that take several variables into account (position, cards, even playing style of an opponent). This can be particularly helpful as the "student" gets into the realm of implied odds. There are even a few free calculator programs that sync with a live, online game to help in real-life situations. The world of poker calculators is getting better all the time.
At one point, we offered this example: A player can win $10 by calling one last bet of $1 – for 10 to 1 odds. Another example: If the pot contains $20 and you must call a bet of $4, pot odds are 5 to 1. (One of the most important factors here is to understand that the money you put in the pot is no longer "yours." Cut the numbers down to the total pot and the amount you must put in to continue.) But if the pot is offering $20 for a $4 bet (5 to 1) and the chances of making your winning hand on the next community card are only 1 card in every 10, it may be time to fold and wait for a better opportunity. This could be a good time to touch on another type of odds, a more nuanced sort called implied odds. While comparing pot odds to card odds becomes relatively straightforward for most players, working with implied odds can be trickier. Lou Krieger and Sheree Bykofsky used The Official Dictionary of Poker definition for implied odds:
