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Implied Odds In Poker
To fully understand this article, you should have some knowledge of pot odds and how they are used during play. Otherwise you will find this article a little too confusing, as it builds upon the theory behind making calls with drawing hands according to the pot odds.
But anyway, lets get into the meat of this article. 'Implied odds' is essentially the money that you can expect to win from your opponent after you have hit your hand. For example, if you make a call on the flop with a flush draw and hit it on the turn, the amount that you can expect to win from your opponent from that moment on will be known as your implied odds.
It may sound strange calling an amount of money that you are expecting to win 'odds', but just take it as it is, you will get used to it after a while.
So what are these implied odds good for?
In a nutshell, the amount that you expect to win after you make your hand will have an effect on the decision that you make according to your pot odds. This is because when you work out your pot odds, you are not factoring in the possibility that you will be winning more money after you hit your hand. Pot odds are only working with the amount of money that is currently in the pot, and nothing else.
Therefore if you expect to win a lot of money after you hit your hand, it would make it the correct decision to make a call even if you do not have the correct pot odds to play on. This means that after you have calculated your pot odds, you should consider whether there is a chance that you will win more money after hitting your hand to compensate for the fact that you do not have the right pot odds to play on.
However, if you have the correct pot odds to make a call, you do not even have to consider the implied odds. This is because even if you did not make any money after hitting your hand, the pot odds are telling you that it is worth making the call for the money that is currently in the pot alone. So if you've got the pot odds, don't worry about your implied odds.
Unfortunately, unlike pot odds, there is no mathematical formula or process to give you an accurate figure on your implied odds. The only way to work out implied odds is through your own educated judgement and from past experience at the table. However, there are a few common situations that are an indication of whether or not you have good or bad implied odds.
Good implied odds situations
If you have a pocket pair, it almost always makes it worth it to call a raise before the flop to try and hit a set. According to pot odds, it does not make it profitable to call a 4BB raise before the flop in an attempt to hit a set, but the overwhelming implied odds make it silly to consider folding preflop with a pocket pair. You should know that if you hit a set, you can expect to get paid off big time (not always, but usually).
Straight draws generally have good implied odds, as they are frequently overlooked by players, especially if you have the middle card for a straight so it looks less obvious (e.g. if the board is 346TK and you have 57). So when you are on a straight draw, always think about factoring in your implied odds if your pot odds aren't looking to great.
Bad implied odds situation
In general, flush draws rarely have great implied odds. Players these days are incredibly cautious of potential flush draws, and you will often find that players will close up and slow their play down if more than 3 cards of the same suit are on the board. So don't throw your pot odds out of the window the next time you are on a flush draw, you are going to need them to determine whether a call will be profitable.
Evaluation
It is important to remember that just because there is a chance that you will win money after hitting your draw, it doesn't mean that you should forget about the basics of pot odds. Pot odds are always going to be important, and they should forever be the basis of any decision when you are facing a bet with a drawing hand. Many players will start making crazy calls with terrible pot odds and claim that they had the correct implied odds, when they know deep down that they were just looking for an excuse to call – don't become one of these players.
The ability to profitably apply the theory of implied odds to your game comes with experience and practice, so don't try and rush things. After a while you will start to get a feel for how different drawing hands play, and you will then be able to make your own educated decision on whether or not to play on even if you do not have the correct pot odds to warrant a call.
Practice makes perfect!
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