Poker OddsWhat are odds and how do they work? Using odds is a means to express probabilities for certain occurrences to take place and is convenient to use while playing poker.
How definite odds are calculated but then there are tables that will be of great usage to all of you. We might for example be interested in knowing how often you will make it in calling a bet and get a straight on the turn card if you at the flop have got 8-9-T-J or the probability to succeed in getting other draw hands. In a way we are interested in finding out what the probability is that our hand will be improved and if the pot contains money enough to make it worthwhile to call a bet in order to create a winning hand. As poker players the world over find themselves in this situation every day these probabilities have already been calculated – and these values are the ones you will learn to utilize.
This is how you normally interpret the odds
The odds are written in the format of X: N
X and N can stand for anything … for example the number of days with no rain in relation to the number of rainy days.
X can also be the number of times your favourite team wins in relation to a certain opposing team N.
If we know there will be no rain 80% of all the days during the year we will be able to write this as 8:2.
The above instance means eight days with no rain every time you have had two days with rain. In all this equals 8 + 2 days = 10 days. 8 out of 10 equals 8/10 = 80%
The occurrence with the most chance to take place is termed”favorite” and the opposite is called ”underdog”. Example “No rain” is an 8:2 favorite and “Rain” is an 8:2 underdog.
Odds and betting
Let us say that you and your best friend have decided to bet what tennis player will win a certain game.
You bet on player A while your friend on player B.
You though have an advantage as you know that your player is a 6:4 favorite (can be shortened to 3:2). This then means that for each batch of four losses there is also a batch of six wins.
The pot odds are used to determine if a bet is worth making. Is the size of the pot in relation to the bet you have to make big enough when compared to the probability for you to succeed in making your hand?
Imagine it is your turn to act in the betting round after the flop and that the pot has $7 at a $1/$2 fixed limit Hold’em table. In order to advance you have to bet $1 and this gives the pot odds 7:1.
In order to make the draw worth making the pot odds have to be higher than the odds against being triumphant with the draw.
When we discuss implied odds we are not focused on what is in the pot for the time being. We are more concerned with what the pot has to offer in later rounds provided you get the hand you are interested in getting. If you make out the other players will go on throwing money into the pot even when you have managed to make your hand it might be a basis to take the costs to make a bet even if the pot odds are somewhat lower than the odds for succeeding in making your hand on the turn card. Implied odds are relevant also when playing fixed limit but they are far more interesting at the no-limit and the pot-limit-tables