Pot odds, equity and expected value are important interrelated concepts in poker. As a beginner it is important that you understand the basics if you want to get ahead of your opponents.
The math side of poker is often ignored by a lot of new players but by simply spending a bit of time learning these simple concepts you will be able to improve your game drastically.
Pot odds is simply a ratio of the amount of money in the pot compared with how much money it takes to call. The higher the ratio, the better your pot odds are. If there are $12 in the pot and it costs $4 to call then you are getting 3:1 odds ('cost to stay in'). Display pertinent information on your table about players (stack,position,etc.), the table(pot odds,amount to call, etc.), and more. Customize the border colors to your liking to convey information about the status of the table.
So we will first go through each of them individually and then a full example to tie it all together in the next few articles.
- Getting Started. Background Information. Calculating your pot odds and equity in a hand in poker.
- Odds conversion table with probability. Must be a number greater than 1. Must be a fraction, for example 2/1. Must be '+' or '-' and a whole number over 100. Must be a number from 0-100. By convention only a set of fractions are used in fractional odds betting markets.
- Pot odds are defined as the ratio between the size of the pot and the bet facing you. For example, if there is $4 in the pot and your opponent bets $1, you are being asked to pay one-fifth of the pot in order to have a chance of winning it. A call of $1 to win $5 represents pot odds of 5:1.
Table Of Contents
Pot Odds: The Definition
The odds which are being offered to you when your opponent bets are called pots odds. Essentially it is how much you will win vs how much you have to risk – your risk to reward ratio.
This is particularly useful when in a situation where you're facing a bet with a drawing hand (such as a flush draw). Pot odds will tell you whether is it correct for you to call or fold based on what size our opponent bet and how many cards that will improve our hand.
We can also use pot odds to determine whether or not we can call a river bet based on how often we expect our opponent to be bluffing.
Pot Odds: Using Ratios
To take an example of when we are facing a bet on the river when we have A9 of diamonds:
On the river our opponent bets $26 into a $41.5. If we called would be risking $26 and our reward is $41.5 already in the pot plus our opponents bet of $26.
This means that we are getting odds of 67.5: 26 (67.5 = 41.5+26). This is approximately 2.6:1.
Pot Odds: The Percentage Method
We can also convert that into a percentage (percentages are typically more intuitive) the result is 28%.
So if we expect to win 28% of the time or more we can call profitably.
How did we get that number?
Take the amount we have to call ($26) and divide it by the amount we have to call plus how much is in the pot:
Pot odds percentage = 26/(26+67.5) = 27.8%
Here is a summary of the numbers of outs and the pot odds associated for number of outs:
Why Are Pot Odds Useful?
It first lets us determine our risk to reward ratio. We can then use this along with the strength of our and our opponents potential hands in order to make better decisions.
If we have a very weak hand we should not be willing to call very large bets, only smaller bet sizes; in other words we must have very good pot odds in order to call.
This makes sense – if someone was to bet $1 into a $100 pot on the river we will continue with almost all of our range.
The greater the pot odds (the smaller our opponent bets) the more likely we should be to continue with our hand. Conversely, the smaller the pot odds (the larger our opponent bets) the less likely we should be to continue with our hands. The larger our opponent bets the more the requirement for an extremely strong hand.
Implied Pot Odds
Implied odds is simply the additional chips we expect to win when we hit our hand.
For example if we were to hit a flush on the turn or river, the hand won't just end – we still have an opportunity to win more money from our opponent.
This will reduce the pot odds we need to call profitably. The exception to this is when our opponent has pushed all in – we call we cannot win any more chips.
The reason we call preflop with small unpaired hands is not because we expect to have the best hand all that often; but because we expect to win a large pot when we hit a big hand such as three of a kind.
The reason we call is because with a hand like three of a kind, we have large implied odds and if we hit our hand we expect to win a big pot.
Here is an explainer video of implied odds from GreenBeanVideos:
A Real World Example of Implied odds:
The reason you go to College or University and get a degree is not because of the return you would expect immediately after graduation. It is because of the additional value a degree would bring you in the years after gradation through income, job opportunities etc. The same applied to poker.
Unfortunately implied odds cannot be directly calculated like pot odds – we have to guesstimate the amount our opponent will be willing to pay us off after we make our hand.
If we think our opponent has a very strong hand, and we stand to make a better one, we will have large implied odds.
If our opponent has a weak hand, we will have little implied odds.
Additionally, if we believe our opponent is a very bad player we will usually have large implied odds as he will be more likely to make mistakes and pay us with hands that he shouldn't have. Casino bonus usa.
Finally, if he is a good player we will have significantly less implied odds.
Here is a quick recap on everything we covered on pot odds:
Pot Odds Calculator
You do not need a fancy piece of software to work out your pot odds. As we have seen, it is simply the ratio of the bet you have to call to the size of the pot (including your opponents bet). You can also use a calculator to calculate the the percentage odds (or roughly do it in your head, you don't need to be extremely accurate)
However, on of the best pieces of software you can use in conjunction with calculating pot odds from cardschat.com.
This piece of software can be used to work out your pot equity which we have discussed in detail in other lessons.
You should now be able to work out pot odds and when coupled with our other lessons, you should have a basic grasp on the math of poker.
Follow up this lesson first with Pot Equity and Expected Value (EV)
In poker there are good bets and bad bets – the game is simply a way of determining who can tell the difference. This is where the concept of pot odds comes into play. Put simply, pot odds means is there enough in the pot to call a bet.
The fundamental principle of playing a drawing hand in poker is that you need a pot big enough to call. When we have a flush draw or a straight draw we will make our hand on the next card almost 20% of the time (19% for flush and 17% for the straight draw). That is, 20% of the time we will make our desired hand and 80% we won’t. The ratio 20 to 80 can be expressed as odds of 4-to-1. Therefore, if the pot is $80 we can almost call a $20 bet to break-even. I say almost because we have to make a profit so, a call of $20 is appropriate when there is more than $80 in the pot.
Know the Odds
You should already know how to calculate odds based upon the number of “outs”. If you don’t know the odds of hitting certain common draws then please go back and study our previous lesson on calculating odds and outs in poker. For the benefit of this lesson we’ll include the handy chart below:
Table: Odds and outs from the flop and the turn to the river:
We have created a printable PDF version of the poker drawing odds chart (opens in a new window). You will need Adobe Acrobat on your computer to view it on screen. We recommend you print the chart and be sure to memorize these odds, particularly the common draws – as your time is better spent analyzing your opponents’ play rather than attempting to perform mathematical calculations in your head.
Track the Pot Size
Part of the concept of pot odds is to focus on the calculation of how to figure the odds of your hand becoming a winner. The other part of the equation is to know how much is actually in the pot in order to know what odds it is offering you.
If you’re playing poker online then the size of the pot should be in clear view at all times – simple! If you’re playing poker live then it’s as easy as paying attention and using basic arithmetic to know the pot size at every step of the way. All one needs to do is multiply the total amount bet on each street by the number of active players and add that sum to the blinds if they are not participating in the hand. Hold that total in your head and add the subsequent total of the next street’s betting and you will always have the pot total available to calculate your pot odds. Here are some critical words of advice: know what is in the pot at all times. How else can you make proper mathematical decisions?
Calculating the Pot Odds
At this stage you should know the odds of hitting your card(s) and the size of the pot. The next step is to know what odds the pot is offering you. The best way to teach you is to use an example hand. Take a look at figure 1, below:
As you can see, we have 9 outs for the nut flush draw, so the odds of hitting our flush on the river are roughly 20% or 4-to-1 odds. There is $450 in the pot, and player 2 bets $150, which now makes the total pot $600. It’s going to cost us $150 to win $600. How do we calculate these figures to give us the pot odds? This is fairly simple as 600/150 = 4, so we have 4-to-1 odds for our money.
If we want to know the percentage then we add the bet (call amount) to the pot, to give us a total pot figure. In this example it would be: 150 + 600 = 750. Once we have this figure then we would have to perform the following formula: call amount / the total pot size. In our example this would be 150 / 750 = 0.2, or 20%.
Now we know the pot odds, should we call or not? In our example we can justify the call as we’re getting 4-to-1 pot odds and our odds of hitting and winning is also 4-to-1. But remember it’s a break-even call over the long term if we’re only counting the flush draw. Ideally we’d want the pot to be a little bigger or their bet to be a little smaller. However, if we believe that hitting either an Ace of King (giving us 6 additional outs) on the river would beat our opponent then we’d have more than enough odds to call the bet.
In poker, whenever the pot odds exceed the odds against making your hand, it pays to keep playing. When the odds against your hand coming in exceed the reward associated with it, it’s usually a bad deal. A simple way to think about this is as follows:
- When the prize exceeds the cost, you should call.
- If the cost is more than the money you figure to win, fold.
…did you know that AK flops a flush draw 11% of the time?
The new book Optimizing Ace King has a complete chapter on playing draws (along with chapters on playing pairs, turn & river play, and even ideal lines when AK totally misses the board).
As a bonus for being a Pokerology reader, use code POKEROLOGY at checkout to save $5 when you pick up your copy.
Let’s look at another example:
Here we have a straight and a flush draw, meaning we have 15 possible outs. The odds of hitting one of our outs on the turn is 31.9% or 2.13-to-1. The pot contains $36 ($24 + $12) and it’ll cost us $12 to call.
Are we getting enough pot odds to call? Let’s do the figures, first in odds….$36 (total pot) / $12 (cost to call) = 3. Expressed as a ratio this would be 3-to-1 odds, meaning we’ll win once every 4 times. In percentage terms… the pot odds can be expressed as 25%. Our drawing odds are 31.9%. Since the pot is offering us better odds than our draw, we should call the $12 bet.
Let’s continue with this hand example. As you can see in figure 3, we didn’t hit on the turn, we check and our opponent then bets $60 into the existing $48 in the pot.
Pot Odds Table Games
Are we still getting the correct pot odds to call in the hopes of hitting a straight or flush? The answer is no.
The pot odds are now 1.8-to-1 (108 / 60) or 35.7% in percentage terms. Our drawing odds are 2.07-to-1 or 32.6%. Since the pot odds are less than the odds of hitting, in this instance we should fold. To call a bet here we’d need the pot to be a little bigger or our opponents bet to be a little lower. He has priced us out with his overbet.
So, that old feeling we had, “There is a bunch of money in the pot, I call”, was and is a sound tactic. Now we know more precisely when it is profitable and when it is not profitable to go in on draws. Knowing pot odds does two things; it lets us concentrate on the other players and turns poker into a game of skill.
Make Your Opponents Pay
Let’s take a quick look at a situation when you’re the one with a made hand and you figure one or more of your opponents to be drawing. Understanding the concept of pot odds should help you to determine an appropriate bet size and charge your adversaries for their possible draws.
Imagine raising a bunch of limpers from late position, holding pocket Jacks. The big blind and the three of the original limpers all call your raise and the five of you watch a flop of :
You’ve hit middle set but there are both straight and flush draws staring at you along with four opponents. There is $86 in the pot and everyone checks to you. You are definitely going to make a continuation bet but you need to decide on how much. Allow me to provide a check list of criteria to think about that as you become more experienced will become so automatic as to not even require any conscious thought.
- Know the pot size – in this case $86.
- Acknowledge the texture of the flop and tendencies of your opponents in terms of potential threats to your holding. Limpers and callers are many times on draws.
- Know the odds to the potential draws the flop offers. In this case both flush and straight draws.
- Make a bet that will not offer the potential draws the correct odds.
- You should bet the size of the pot, $86, in order to make the odds being offered by the pot only 2-to-1 which would not be attractive odds for draws.
If it is true, and I believe it is, that the bulk of your poker profit comes from the mistakes of others rather than you own brilliant play, then identifying opponents that overpay to draw to their hands is critical information. Aside from just playing too many hands, one of the biggest and most expensive mistakes less experienced poker players commit is paying too high a price to try to make their draws. Ferret this information out by tracking the pot and watching showdowns and then you can determine how to manipulate the size of the pot against that opponent in a future hand.
This is an extension of pot odds and represents the ratio of the total amount you expect to win if you complete your hand, to the amount you would need to call to continue. Put simply, you don’t have the correct odds to call, but if you reason that there’s a good chance that your opponent will bet again when you hit your draw, you might be getting the implied odds to call.
While implied odds are an important tool to be aware of, particularly in no limit hold’em, many less disciplined players abuse it by using it as a justification to chase draws that are not getting the proper pot odds. While pot odds can be calculated with total accuracy, calculating implied odds takes some guess work and knowledge of your opponents’ tendencies. It’s more of an art than a science.
Are your opponents mostly fish?
If yes, they tend to offer a lot of implied odds – but most players leave chips on the table by missing aggression AND using incorrect bet/raise sizes when they hit their hand.
To ensure you don’t fall into the same trap, sign up for CORE today and pay special attention to the lessons on:
· Value Betting (Level 1)
· Overbetting (Level 2: Postflop)
· Range Elasticity (Level 2: Ranges)
Enroll today for just $5 and see how pot odds (along with 100+ other concepts) fit into the entirety of your poker playbook!
Much of what has been offered so far is beneficial for both cash games and poker tournaments. But you should approach opponents in tournaments that are desperate a little differently. In a cash game, being pot committed doesn’t really come into play. The term pot committed simply refers to a player who has half or more of his chips already in the pot so if he loses this pot he is pretty much finished anyway. This player will be calling, not based upon the pot odds, but due to his predicament. Players calling in tournament play without the correct pot odds does not necessarily indicate poor play. Calling may well still represent their best chance mathematically to move forward in the tournament and make some money. Hence the expression, do or die!
The reverse situation relative to pot odds can also occur in tournament play. Imagine being in a situation wherein you have the correct pot odds to call but folding could be the better option to advance. An example of this type of phenomenon would be holding the nut flush draw with one card to come with two other opponents already all-in by a monster stack late in a poker tournament. The pot could be offering you greater than the odds required to make the call mathematically correct but the fact still remains that you will miss your flush 80% of the time. If you were on the bubble with the big stack bully already having two other players all-in and you knew you would only prevail in the hand 20 percent of time – I think a fold would be in order.
Many believe that pot odds aren’t nearly as important in tournament play. This is especially true in the lower stake “fast” events that are typical in both live and internet play. These players focus on the odds of their opponents’ calling based upon the size of chip stacks. While some of this is true, if you begin to ignore pot odds because you are in a poker tournament, you will begin to slide down a slippery slope. If you are planning to make a decision that is not in accordance with good pot odds play, you should have a very significant reason.
Put in the Work
Knowing what and how to use pot odds is essential if you wish to become a winning poker player. Learning how to use these concepts to your advantage can put you well ahead of a vast legion of players that are just too lazy to put in the work. They are playing on feel and their gut instincts and proud of it. I’m happy they’re proud of this approach because I know they can’t be proud of their bankrolls. These “proud” players are the assets you need in both cash games and tournaments. Let them be proud – you should put in the work – you’ll be glad you did as you’ll end up with their bankrolls.
By Tom 'TIME' Leonard
Pot Odds Table
Tom has been writing about poker since 1994 and has played across the USA for over 40 years, playing every game in almost every card room in Atlantic City, California and Las Vegas.