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.

Implied Odds Application

Let’s say you’re in a game with five other players, and the button is in front of you. The cards are down and you take a look: Jh3h. The pot is currently $15 after the blinds. The third and fourth player fold while the last player calls, and you follow, leaving $35 in the pot – actually $25 plus your $10 ante.

The flop goes down: 9hQdQh. Your interest is caught – the chances of a flush draw look good and you’ve got a Queen high kicker.

You watch the action: the small blind folds, the big blind calls, the last player calls, and the ball is in your court. Do you call or fold?

Gut reaction is call – chances of a flush are good, and there’s an outside chance of a flush or even a straight flush. There’s the matter of one of the players holding a possible King-high flush or a full house to beat you, but the possibility is slim.

Pot odds, however, are a different story – there’s $55 already in the pot which means a so-so pot odds of 2.5:1 if you call. Pot odds strategy would call for you to fold and wait for a better pot and another opportunity to score big.

On the other hand, you know that – from watching the others – the big blind is a tight player who would likely fold if he senses that you’re drawing a flush while the other is a very loose player whose game plan seems to be to continue playing. More importantly, you know that bluffing him is like waving a red flag at a bull – he’s had an extraordinary run of luck with bluffs so far, taking down the other players’ bluffs and winning big.

You’re not bluffing, though. Chances are that your loose opponent may be enticed to check-raise you before the river, which will increase the size of the pot. Based on this analysis – which is implied odds at its purest – you make the call.

The dealer flips the turn – 4h. You’ve got your flush but keep your face blank. Big blind calls, the other player calls – you raise to $15. As expected, the blind checks but your opponent meets your bet. After the river, the blind folds while your loose opponent checks. You call; your opponent calls and you show your flush – his cards turn out to be Queen-high trips. In the end, you win a hell of a lot more than the original $55 that you would have folded on.