I'm gonna start a series on basic poker concepts for the readers that have just started, and are interested in the theory behind the game. This will be the first installment of many to come, which will, hopefully, help clarify the elementary concepts of poker.
So, what are pot odds? The "pot", in poker, is the term used to describe the total amount of money invested by all players involved in a hand at any given time. So, in that respect, "pot odds" refer to the ratio of a bet against the pot. E.g. All players on a $1/$2 table fold to the small blind, who is getting 3 to 1 odds ($1 more to bet for a chance to win $3) to call. If the small blind raises to 3xBB instead of calling, he is giving the big blind 2 to 1 odds to call ($4 for a $8 pot). Simple enough to understand.
How does this translate into profitable betting? If you get odds of 2 to 1, you only have to win it once in 3 times to break even. Anything more than that would be an automatic profit. In a very simple scenario, Player A and Player B are betting on a coin flip (50% to turn up heads or tails). Player A gives B $2 every time heads turn up, while B gives $1 to A every time it comes tails. If they run it 100 times, Player A would win 50 times, and B would win 50 times. This means that at the end, Player A would pay B 50x$2, while B would pay A 50x$1, netting B a profit of $50. A simple summary of this would be that every time you receive 2 to 1 odds with a 50% chance to win, you bet.
Rule of thumb is that every time you get more than, or equal odds to your win percentage (e.g. 3 to 1 odds, 33% chance to win) it is profitable, and therefore the correct choice to bet. Calculating your chances of winning will be in the next installment.
Till then, may your bets always be profitable!
So, what are pot odds? The "pot", in poker, is the term used to describe the total amount of money invested by all players involved in a hand at any given time. So, in that respect, "pot odds" refer to the ratio of a bet against the pot. E.g. All players on a $1/$2 table fold to the small blind, who is getting 3 to 1 odds ($1 more to bet for a chance to win $3) to call. If the small blind raises to 3xBB instead of calling, he is giving the big blind 2 to 1 odds to call ($4 for a $8 pot). Simple enough to understand.
How does this translate into profitable betting? If you get odds of 2 to 1, you only have to win it once in 3 times to break even. Anything more than that would be an automatic profit. In a very simple scenario, Player A and Player B are betting on a coin flip (50% to turn up heads or tails). Player A gives B $2 every time heads turn up, while B gives $1 to A every time it comes tails. If they run it 100 times, Player A would win 50 times, and B would win 50 times. This means that at the end, Player A would pay B 50x$2, while B would pay A 50x$1, netting B a profit of $50. A simple summary of this would be that every time you receive 2 to 1 odds with a 50% chance to win, you bet.
Rule of thumb is that every time you get more than, or equal odds to your win percentage (e.g. 3 to 1 odds, 33% chance to win) it is profitable, and therefore the correct choice to bet. Calculating your chances of winning will be in the next installment.
Till then, may your bets always be profitable!
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