When poker players discuss strategy, the talks eventually lead to calculating odds – usually pot odds and drawing odds. An often overlooked aspect of any strategy discussion, however, are IMPLIED odds – a means of calculating the odds based on the current pot plus the potential bets that will be made in a game. This will then provide a basis for your subsequent actions.

Imagine that you are playing in a short-handed game – only four of you are playing, to be more precise. The game has been on for quite a while. Currently, the button is in front of you, the cards have been shuffled, and you watch the dealer deal out the hole cards. You take a quick peek – pair of fives. You sit back as the play unfolds. The small blind bets five dollars. The big blind puts in ten dollars. The other player calls and antes up and the ball is now in your court.

Poker, as many players would agree, is more of a mind game rather a game of luck. Admittedly, your game is highly influenced by the cards you’re dealt with. However, deciding on your game plan is done not on the basis of cards alone. It is best accomplished only after considering the odds.

To be successful in the game, a poker player should be able to see whether the odds are on his or her side or are swinging his opponents’ way. Take for example a post-flop situation. Given the cards on the board and your hole cards, what are the chances that your cards can beat everybody else’s hand? Furthermore, what are the chances that your opponents have a better hand than yours?

Poker is an investment game as it is a card game. It is an investment game because you invest a certain amount (your bet) on the odd that your card is better than the cards that your opponents are holding. When you invest, though, you expect a certain return on your investment. The next question would be how do you determine if you’re betting on something that will give you adequate returns?