Implied Odds in Poker
To win a game of poker, you need to understand the concept of odds. A pot odd in poker is the amount of money in the pot as compared to the amount you need to bet to make a call. In simple words, an odd in poker is the ratio of the winning amount in the pot to the amount you have to shell out for it. Implied odds are similar to pot odds, but are calculated considering the future estimated bets. Here are some details that will help you understand the concept better.
Understanding Pot Odds
The easiest way to understand pot odds is through an example. If there is $100 in the pot and you have to pay $10 to call, the pot odds are 10:1. Knowing pot odds is however not enough if you want to win. You should be able to calculate pot odds and then compare them with your chance of winning. Unless your chance of winning is better than pot odds, the average outcome of you betting is going to be against you. This can be used as a long term strategy to decide whether you should stay in a hand or fold.
Understanding Implied Odds
Unlike pot odds that consider the current amount in the pot, implied odds take into consideration the expected future amount in the pot to calculate how much you can win. The pot value that is so adjusted to calculate the odds is called Implied Pot. Implied odds are usually considered when a player has to calculate his chances of winning in the following round, expecting to make more money form further bets made by other players.
Implied odds are very useful when it comes to no-limit poker, where there is a good chance of winning all of your opponent’s chips if you have a powerful hand. However, you should be careful when placing high stakes based on implied odds, as this measure, like any other in gambling, is probabilistic.
What are Reverse Implied Odds?
Reverse Implied odds refer to the direct opposite of the idea of implied odds. While implied odds are associated with what you stand to win after a draw, reverse implied odds are associated to what you can lose in case of a draw, when an opponent has a better hand. Reverse implied odds are important when it comes to aggressive bets and raises. A weak opponent will not call your bets, but one with a strong hand will continue to raise.
Calculating Implied Odds
Theres no point getting a great poker bonus if you don’t know how to calculate odds. Calculating implied odds can be easy when you know how much there is in the pot and how much you expect your opponent to bet. For example if your pot value is $50 and you expect your opponent to bet $5, the pot value will become $55 and your bet value $5. So your implied odds are at 55:5 or 11:1.
Converting Odds to Probability
To be able to quickly compare implied odds to your chance of winning, you can convert your odds to probability. You need to simply divide your odds by the sum of numbers in the ratio. Consider the example below, to convert your odds to probability:
If your implied odds are 3:2, then the equivalent probability would be 2/5, i.e. 40%. If your odds are 4:1, then your probability would be 1/5 or 20%.