The idea of Pot Odds is usually associated with a decision of whether or not to call a bet during a hand, in hopes that the next card will fill in your draw. But, there are other times when you should make use of Pot Odds.
One of those times is in deciding whether or not to call at the showdown, even when you think you are beaten.
[Note: If you're not familiar with the concept of pot odds, or need a refresher, here is a link to an article about pot odds basics including a printer-friendly chart.]
The Hand
A friend of mine recently got involved in a hand with a Loose/Aggressive player, and found himself at the showdown forced to call a $15 bet. All the cards had been dealt. The pot had $75 in it, giving him 5:1 pot odds (75 in the pot : 15 to call; simplified, there's $5 in the pot for every $1 he has to call).
Watching the hand, I have to say that odds are that my friend is beaten, and he's paying off a value bet. BUT, this guy really is LAG, and there is honestly a chance that he's making a play with a busted hand.
How often does my friend have to catch his opponent bluffing (or on a lesser hand) to make calling the right decision long-term?
The quick answer: 16.67% of the time.
You get that number by taking the pot odds, 5:1 - and adding the numbers. Five plus One = Six. So far it's too simple. Then we divide for a percentage. One divided by Six = 16.66%, and that's your answer.
If my friend calls in this situation repeatedly, and wins 20% of the hands, he is winning money long-term. If he calls, and only wins 10% of the hands, he is losing money long-term.
Pot Odds do work in the long-term, so, he can make this call, and lose 4 hands out of five. But he can still make money. Of course those four pots he loses won't feel good. Winning that fifth pot will mean he takes in enough to cover all the chips he lost calling, plus some extras to put in his stack.
The Math Recap
Pot Odds are written in what I sometimes call the "X for them : Y for me" ratio. If the odds are 5:1, it means there are five chances they win, and one chance that I win.
Add the two numbers in the ratio, then divide the "Y for me" number by the Sum to get your percentage. If the pot odds for a hand are 7:1, the percentage is 1 divided by 8, or 12.5%.
Summary
Most final calling questions are obvious. If there are $50 in the pot, and it's $2 to call, not a lot of people will fold a hand that has any chance of winning.
If there are $50 in the pot, and it costs $50 to call, not a lot of people are calling with hands they aren't certain about. Those instances are a given.
It's when you're faced with a situation where the other player honestly might be bluffing that pot odds can be useful making a decision.
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