Implied odds is a term used to describe how much money you expect to go into the pot by the end of the hand.
They are not a straight mathematical equation; they are mostly a factor of how you expect the other players in the hand to act. In cash games, many people use the tight, aggressive style advocated in most poker books. when they raise, it usually indicates a very strong pre-flop hand, usually a high pocket pair or two high cards. these players are easy to spot and will generally raise infrequently and will continue to bet hard on the flop. So when the guy (or girl) that has folded the last 30 hands suddenly comes in with a big raise, you can expect a solid bet on the flop, as well as a call to a re-raise or even an all in situation before the hand is done. When you call a big raise and connect with two pair or three of a kind or a straight, you can generally expect to get most or all of the person's chips. Statistically you are not a favourite pre-flop, but after the flop you can be a huge favorite, and can also expect lots of cash to end up in the middle. For a small investment, you can reap the rewards of someone else's entire buyin, if you get lucky.
The inverse of this is picking up a big hand and not betting it. If you are playing against a very aggressive player that will continually raise if they are checked to, especially if they have position on you, calling their raise with Aces or Kings pre-flop and checking to them after the flop can be an effective way to get more money in the pot instead of pushing back pre-flop. Likely that player will not have improved significantly to suckout on your big hand, and will put more money into the pot once you have checked to them a second time and not shown any strength in the hand. Checking to them with the assumption that they will bet gets more money in when you are likely still ahead in the hand. Leading out on the flop or re-raising lowers your implied odds, as chances are the pre-flop aggressor missed completely and will fold or hit part of the flop which they are betting heavily in the vain attempt to get you to fold and will release their hand instead of trying to take a wild stab on the turn or pushing on the river after you call. Calling their bets and hoping they hit top pair or second pair on the low flop or are betting their busted flush draw will net you more cash, provided you have the stomach for it and can handle not knowing where you are in the hand until the cards are flipped up.
Both strategies are effective but do lower your odds statistically; slow playing a big hand against an aggressor leaves you open to them hitting their hand eventually and calling raises with small pairs and suited connectors generally puts you at a disadvantage as you need to connect with the board to make your hand, and you will likely have to throw away your hand post flop. but the risk and rewards of playing the occasional pot when the implied odds are good can net you a huge takedown. |
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