Implied odds

Refers to the ability to win a certain amount of money after hitting a hand like a draw or a set. Generally, players use implied odds to draw to a flush, straight, two pair, or set in the face of a bet that doesn't provide expressed odds for drawing. A player can decide to continue with a clear drawing hand against a superior made hand given these implied odds since they assume that a certain amount of money can be extracted after hitting the draw.

Example:
Game: $0.25/$0.5 No Limit Hold'em
Board: KhJs2c
Pot $3
Player A: $25 (QhTh)
Player B: $25 (KsKc)
Player B bets $3, Player A calls $3 (Even though Player A is behind and is facing 2 to 1 odds (meaning he needs 33% equity)
In the above situation, Player A is clearly behind after the pot-sized bet from Player B who has a strong made hand. Although 2 to 1 is not enough to continue with an open ended straight draw, Player A assumes that he will be able to extract enough money on the turn if an Ace or an Eight hits to satisfy the actual 5.3 to 1 odds needed to properly draw. Player A assumes that Player B will not fold his set after an Ace or an Eight hits on the turn.

Implied odds can be a highly misused and misunderstood part of poker. Some draws like flush draws and one card straight draws can have low implied odds since players have been trained to look for these common draws. Drawing to sets (pre-flop) and straight draws have great implied odds since they are a tougher to detect.

Find out more about Implied odds in this video.

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