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Poker Terms Dictionary
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"Implied pot odds" Definition
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Implied pot odds, or simply implied odds, are calculated the same way as pot odds, but take into consideration estimated future betting. Implied odds are calculated in situations where the player expects to fold in the following round if the draw is missed, thereby losing no additional bets, but expects to gain additional bets when the draw is made. Since the player expects to always gain additional bets in later rounds when the draw is made, and never lose any additional bets when the draw is missed, the extra bets that the player expects to gain, excluding his own, can fairly be added to the current size of the pot. This adjusted pot value is known as the implied pot.
Example (Texas Hold'em)
On the second to last betting round, Alice's hand is certainly behind and she faces a $1 call to win a $10 pot against a single opponent. There are four cards remaining in the deck that make her hand a certain winner. Her odds of drawing to one of those cards is 10.5:1 (8.7 percent). Since the pot lays 10:1, Alice will lose money by calling if there is no future betting. However, she expects her opponent to call her additional $1 bet which she will make when she makes her draw. She will fold when she misses her draw (and lose no additional bets). Her implied pot odds are 11:1 ($10 plus the expected $1 call, to her additional $1 bet). This call now has a positive expectation.
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