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woodyman4916
Joined: 15 Jan 2006
Posts: 461
Location: Upstate NY
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 Posted: Wed May 17, 2006 9:23 pm Post subject: How to calculate pot odds |
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Forgive me as this is probably cover here a dozen times. When calling a bet, do you count what it cost you to call in your odds descision.
Example:
1) pot is 1125 call is 300, my odds = 1125/300 so my pot odds are 3.75 to 1
2) pot is 1125 call is 300, my odds = 1425/300 so my pot odds are 4.75 to 1 |
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Bugsbunny
Wascally
Joined: 07 Apr 2004
Posts: 7630
Location: Drinking Carrot juice
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| Posted: Wed May 17, 2006 9:40 pm Post subject: |
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For pot odds #1 is correct.
Just FYI, and not trying to confuse you, when calculating equity then your bet counts (Add your bet to the pot before calculating how much your equity is in dollars). Simple example:
You have a 20% equity in the pot. The pot is currently $90 and it costs you $10 to call. 90+10 = 100. 100 * 20% = $20. Your $10 call is worth a $10 profit. And the pot is laying you 9 to 1 odds. |
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woodyman4916
Joined: 15 Jan 2006
Posts: 461
Location: Upstate NY
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| Posted: Wed May 17, 2006 9:56 pm Post subject: |
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ty Bugs. I was on IRC discussing this and I said "I will post this, Bugs will set us str8.
Nice to know we can rely on you |
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urnodaisy77
Joined: 16 Aug 2005
Posts: 164
Location: Wichita
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| Posted: Tue May 23, 2006 9:04 am Post subject: |
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| Quote: | Just FYI, and not trying to confuse you, when calculating equity then your bet counts (Add your bet to the pot before calculating how much your equity is in dollars). Simple example:
You have a 20% equity in the pot. The pot is currently $90 and it costs you $10 to call. 90+10 = 100. 100 * 20% = $20. Your $10 call is worth a $10 profit. And the pot is laying you 9 to 1 odds. |
this is probably an elementary question, but when does calculating equity become important?? what situations? and could you do a hand example and calculate it down please sir. Thank You. |
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seanof30306
Joined: 29 May 2005
Posts: 77
Location: Tulsa, OK
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| Posted: Wed Jan 03, 2007 3:49 am Post subject: |
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| urnodaisy77 wrote: | | Quote: | Just FYI, and not trying to confuse you, when calculating equity then your bet counts (Add your bet to the pot before calculating how much your equity is in dollars). Simple example:
You have a 20% equity in the pot. The pot is currently $90 and it costs you $10 to call. 90+10 = 100. 100 * 20% = $20. Your $10 call is worth a $10 profit. And the pot is laying you 9 to 1 odds. |
this is probably an elementary question, but when does calculating equity become important?? what situations? and could you do a hand example and calculate it down please sir. Thank You. |
It's not a question of when it's important, it's a question of which method you use.
Probabilities, percentages and odds are all different ways of expressing the same thing. The difference is, probabilities and percentages are optimisitic, they describe the chances of an event happening. Odds, on the other hand, are pessimistic. They describe the chances of something not happening. If you use probabilities or percentages, you need to calculate your pot equity to see if you're getting the right price. If you're using odds, you don't.
For example, let's say you flop a flush draw.
You'll make your flush on the turn 1 time in 5. That's the probability. 1 time in 5 is 20%; your percentage. 1 time in 5 means you'll miss your flush 4 times for every 1 time you hit it. Those are your odds; 4:1. See? All different ways of expressing the same concept.
Now, if you're playing odds, the simplest way to see if you're getting the right price is to multiply the bet to you by the odds against. That'll be your break-even. if there is more in the pot than the break-even, the call is justified. if there's not, the call isn't justified.
Say there's 50.00 in the pot. A player bets 30.00, another calls. The pot is laying you 110.00 (50 pot + 30 bet + 30 call) for your 30.00 call. 30 x 4 (your 4:1 odds) = 120. The pot is only laying you 110.00, so the call is not justified (implied pot odds are another conversation)
If you were using percentages (or probabilities) in this situation, you would calculate your pot equity and compare it to the percentage (or probability) of your hitting your flush.
So, with 50.00 in the pot, a 30.00 bet and a 30.00 call to you, you'd first add in your call (50 pot + 30 bet + 30 call + your 30 call = 140). Then, you'd divide your call by the total pot (30 / 140 = 21.43%). By making the call, your pot equity would be 21.43% on a 20% draw (19.15%, actually). Since our equity in the pot would be greater than our chance of hitting our hand, the call would not be justified (again, implied odds notwithstanding).
In simple terms, your pot equity is the percentage of the pot that is your money by the time the event in question happens. In the example above, when the flush hits on the turn, 21.43% of the money in the pot would be yours. Since you're only going to make that flush on the turn 19.15% of the time, you are paying too much to be able to turn a profit in that situation. To be profitable, your pot equity would need to be 19.15% or less.
By the way, I hate the term pot equity. Equity, as it is commonly understood, is percieved as a positive thing; value. In reality, "pot equity" is your investment; your cost. |
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Robbie06
Joined: 24 Mar 2007
Posts: 9
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| Posted: Mon Mar 26, 2007 3:51 am Post subject: |
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| Hey thanks that clears up the pot equity thing for me. Better still/ sinse it is the same as odds, its one less thing I have to worry about |
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janeg
Regina Canada
Joined: 04 Oct 2004
Posts: 5112
Location: Somewhere down the crazy river
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| Posted: Mon Mar 26, 2007 11:12 am Post subject: |
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| Robbie06 wrote: | | Hey thanks that clears up the pot equity thing for me. Better still/ sinse it is the same as odds, its one less thing I have to worry about |
It may be one less thing to worry about but it is definitely something you need think about, especially when you are deciding to raise.
For example, if you are on a flush draw and there are only 2 other opponents, raising is break-even since you will win 1 in 3 and you are putting in 1/3 of the bets; however, if there are 5 players in the hand and you're sure 4 or 5 opponents will call your raise, then a raise is +EV as you will win 1 in 3 but are only contributing 1/5 of the pot. That's why the books recommend raising a 4FD when you are on the button and there's already been a bet and two callers.
In general, if your chances of winning the hand are higher than what you're contributing (share wise) to the pot, a raise is +EV. |
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