Pot Odds

What the heck does 2:1 or 3.5:1 even mean!? These are examples of pot odds, which are the lifeblood of making good poker decisions when facing bets and raise. While you don't have to be a mathematical genius to play poker (although it can certainly help), it is worth knowing some of the basic odds, probabilities and percentages behind the various hands.

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:

Figure 1

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:

Figure 2

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.

Figure 3

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.

Pot Odds Vs Equity

Make Your Opponents Pay

Pot Odds Practice

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.

Implied Odds

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!

Tournament Play

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

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.

Mathematics: Flushes & Straights : Simple Pot Odds : Implied Odds : Reverse Implied Odds

Watch SplitSuit's video on Flushes and Flush Draws for 8 hand histories involving strategy on playing flushes in Texas Hold'em.

You are on the flop with a pretty decent flush draw. You have two hearts in your hand and there are another two on the flop.

Unfortunately, some cool cat has made a bet, putting you in a tricky situation where you have to decide whether or not it is in your best interest to call to try and make the flush, or fold and save your money.

This is a prime example of where you are going to take advantage of 'pot odds' to work out whether or not it is worth making the call.

Pot Odds Chart

What are pot odds? What about flushes and straights?

Basically, just forget about the name if you haven't heard about it before, there's no need to let it throw you off. Just think of 'pot odds' as the method for finding out whether chasing after a draw (like a flush or straight) is going to be profitable. If you're on your toes, you might have already been able to guess that it is generally better to chase after a draw when the bet is small rather than large, but we'll get to that in a minute...

Pot odds will tell you whether or not to call certain sized bets to try and complete your flush or straight draw.

Why use pot odds?

Because it makes you money, of course.

If you always know whether the best option is to fold or call when you're stuck with a hand like a flush draw, you are going to be saving (and winning) yourself money in the long run. On top of that, pot odds are pretty simple to work out when you get the hang of it, so it will only take a split second to work out if you should call or fold the next time you're in a sticky drawing situation. How nice is that?

How to work out whether or not to call with a flush or straight draw.

Now, this is the meat of the article. But trust me on this one, the 'working-out' part is not as difficult as you might think, so give me a chance to explain it to you before you decide to knock it on the head. So here we go...

Essentially, there are two quick and easy parts to working out pot odds. The first is to work out how likely it is that you will make your flush or straight (or whatever the hell you are chasing after), and the second is to compare the size of the bet that you are facing with the size of the pot. Then we use a little bit of mathematical magic to figure out if we should make the call.

1] Find out how likely it is to complete your draw (e.g. completing a flush draw).

All we have to do for this part is work out how many cards we have not seen, and then figure out how many of these unknown cards could make our draw and how many could not.

We can then put these numbers together to get a pretty useful ratio. So, for example, if we have a diamond flush draw on the flop we can work out...

The maths.

There are 47 cards that we do not know about (52 minus the 2 cards we have and minus the 3 cards on the flop).

• 9 of these unknown cards could complete our flush (13 diamonds in total minus 2 diamonds in our hand and the 2 diamonds on the flop).
• The other 38 cards will not complete our flush (47 unknown cards, minus the helpful 9 cards results in 38 useless ones).
• This gives us a ratio of 38:9, or scaled down... roughly 4:1.

So, at the end of all that nonsense we came out with a ratio of 4:1. This result is a pretty cool ratio, as it tells us that for every 4 times we get a useless card and miss our draw, 1 time will we get a useful card (a diamond) and complete our flush. Now all we need to do is put this figure to good use by comparing it to a similar ratio regarding the size of the bet that we are facing.

After you get your head around working out how many cards will help you and how many won't, the only tricky part is shortening a ratio like 38:9 down to something more manageable like 4:1. However, after you get used to pot odds you will just remember that things like flush draws are around 4:1 odds. To be honest, you won't even need to do this step the majority of the time, because there are very few ratios that you need to remember, so you can pick them off the top of your head and move on to step 2.

2] Compare the size of the bet to the size of the pot.

The title pretty much says it all here. Use your skills from the last step to work out a ratio for the size of the bet in comparison to the size of the pot. Just put the total pot size (our opponent's bet + the original pot) first in the ratio, and the bet size second. Here are a few quick examples for you...

• $20 bet into a $100 pot = 120:20 = 6:1
• $0.25 bet creating a total pot size of $1 = 1:0.25 = 4:1
• $40 bet creating a total pot size of $100 = 100:40 = 2.5:1

That should be enough to give you an idea of how to do the second step. In the interest of this example, I am going to say that our opponent (with a $200 stack) has bet $20 in to a $80 pot, giving us odds of 5:1 ($100:$20). This is going to come in very handy in the next step.

This odds calculation step is very simple, and the only tricky part is getting the big ratios down into more manageable ones. However, this gets a lot easier after a bit of practice, so there's no need to give up just yet if you're not fluent when it comes to working with ratios after the first 5 seconds. Give yourself a chance!

To speed up your pot odds calculations during play, try using the handy (and free) SPOC program.

3] Compare these two ratios.

Now then, we know how likely it is that we are going to complete our draw, and we have worked out our odds from the pot (pot odds, get it? It's just like magic I know.). All we have to do now is put these two ratios side to side and compare them...

• 5:1 pot odds
• 4:1 odds of completing our draw on the next card

The pot odds in this case are bigger than the odds of completing our draw, which means that we will be making more money in the long run for every time we hit according to these odds. Therefore we should CALL because we will win enough to make up for the times that we miss and lose our money.

If that doesn't make total sense, then just stick to these hard and fast rules if it makes things easier:

If your pot odds are bigger than your chances of hitting - CALL
If your pot odds are smaller than your chances of hitting - FOLD

So just think of bigger being better when it comes to pot odds. Furthermore, if you can remember back to the start of the article when we had the idea that calling smaller bets is better, you will be able to work out that small bets give you bigger pot odds - makes sense right? It really comes together quite beautifully after you get your head around it.

What if there are two cards to come?

In this article I have shown you how to work out pot odds for the next card only. However, when you are on the flop there are actually 2 cards to come, so shouldn't you work out the odds for improving to make the best hand over the next 2 cards instead of 1?

No, actually.

Even if there are 2 cards to come (i.e. you're on the flop), you should still only work out the odds of improving your hand for the next card only.

The reason for this is that if you work using odds for improving over two cards, you need to assume that you won't be paying any more money on the turn to see the river. Seeing as you cannot be sure of this (it's quite unlikely in most cases), you should work out your pot odds for the turn and river individually. This will save you from paying more money than you should to complete your draw.

I discuss this important principle in a little more detail on my page about the rule of 2 and 4 for pot odds. It's also one of the mistakes poker players make when using odds.

Note: The only time you use odds for 2 cards to come combined is when your opponent in all-in on the flop. In almost every other case, you take it one card at a time.

Playing flush and straight draws overview.

I really tried hard to keep this article as short as possible, but then again I didn't want to make it vague and hazy so that you had no idea about what was going on. I'm hoping that after your first read-through that you will have a rough idea about how to work out when you should call or fold when on a flush or straight draw, but I am sure that it will take you another look over or two before it really starts to sink in. So I advise that you read over it again at least once.

The best way to get to grips with pot odds is to actually start working them out for yourself and trying them out in an actual game. It is all well and good reading about it and thinking that you know how to use them, but the true knowledge of pot odds comes from getting your hands dirty and putting your mind to work at the poker tables.

It honestly isn't that tough to use pot odds in your game, as it will take less than a session or two before you can use them comfortably during play. So trust me on this one, it is going to be well worth your while to spend a little time learning how to use pot odds, in return for always knowing whether to call or fold when you are on a draw. It will take a load off your mind and put more money in your pocket.

To help you out when it comes to your calculations, take a look at the article on simple pot odds. It should make it all a lot less daunting.

Go back to the sublime Texas Hold'em guide.

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Pot Odds Practice

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