Explanation of Pot Odds
It's important to note that we don't always have to hold the statistical advantage to make a call worthwhile. Given that there's often money already at stake, our potential winnings can outweigh the chips we risk when deciding to call. Therefore, it can sometimes be theoretically valid to call even when we aren't the frontrunners to win. underdog .
The concept known as pot odds describes the ratio between the amount we must call and the chips already in play. Although this is typically shown in ratio form, many contemporary players prefer to express it in percentage terms for clarity.
Our pot odds improve as the size of our call becomes smaller in comparison to the chips already in the pot. This can also be viewed as getting a favorable rate for the call when our contribution is relatively minimal. To illustrate this, let’s explore an example of calculating pot odds .
Example: At the river, there are 100 big blinds in play. Our opponent goes all-in for their remaining 50 big blinds. What are the pot odds we are receiving?
To ensure we cover all bases, let’s begin with the traditional ratio approach, even though it's completely valid to focus solely on the percentage method.
Once our opponent goes all-in, the pot swells to 150 big blinds, and we must commit 50 big blinds to continue. This results in a ratio of 150bb:50bb. Simplifying this means dividing both numbers by their greatest common factor—in this case, 50—allowing us to express this as 3:1 pot odds .
Pot size before our call: 150
Our call amount: 50
Ratio 150:50 or 3:1 pot odds.
When using the more adaptive percentage method (which we'll explain in detail shortly), we assess the total pot size after making our call and evaluate the proportion of the pot that we are contributing. Should we decide to call, the total pot will be 200 big blinds, of which we’re placing 50. To find the percentage, we divide our contribution by the overall pot size and multiply by 100: 50/200 = 0.25, which translates to 25%. Thus, we’re looking at pot odds of 25%.
Pot size after our call 200.
Our call amount 50
(50/200) * 100 = 25% pot odds.
Incorporating Pot Odds into Your Poker Strategy
When evaluating whether to call an all-in bet, there is a clear correlation between our pot odds and the level of equity we must possess to make a beneficial call. Remarkably, the equity percentage we need matches precisely with the pot odds percentage. So, if our pot odds are 25%, we also need a pot equity of at least 25% to justify our call.
If we’re working with pot odds expressed as a ratio, we first need to convert that ratio into a percentage so we can assess it alongside our equity correctly. By calculating pot odds directly as a percentage, we eliminate an unnecessary conversion step, which is why many modern players prefer to discard the old ratio approach altogether.
But how can we accurately determine our equity? Since we can’t see what our opponent is holding, we must make an educated guess regarding our pot equity. For guidance on how to do this, refer to the glossary entry on equity .
It’s vital to understand that pot odds come into play primarily during all-in situations. If we are considering a call with additional chips remaining, we need to make a modified assessment of pot odds , known as \"implied odds.\" For details on how to adapt our pot odds calculations when considering future betting rounds, consult the glossary entry on implied odds .
See Also
Implied Odds , Equity , All-in , Price