Implied Odds: Calling for the Money You'll Win Later

Sometimes a call that looks wrong on pot odds is right — because of the chips you'll win when you hit.

What are implied odds?

Pot odds only count the chips in the pot right now. Implied odds add the chips you expect to win on later streets if you complete your hand. A small-set or flush draw that's getting a slightly bad immediate price can still be a clear call when stacks are deep and you'll get paid off.

When implied odds justify a call

• Deep stacks. The more money behind, the more you can win when you hit. Short-stacked, implied odds barely exist.
• Hidden, strong draws. Sets and well-disguised straights get paid; obvious flushes on a four-flush board do not.
• Opponents who pay off. Calling stations and aggressive bettors give great implied odds; tight nits give terrible ones.

Example: you call a raise pre-flop with 6♠6♦ hoping to flop a set. You'll only flop it ~12% of the time, so the immediate price looks bad — but when you do, you can stack a player holding an overpair. That's implied odds in action ("set mining").

Reverse implied odds

The flip side: sometimes hitting your hand costs you money. With a weak flush (say the 7-high flush) you might complete it and still lose a big pot to a higher flush. Hands with reverse implied odds — dominated draws and weak top pairs — should be played cautiously, because the times you "win" are small and the times you lose are catastrophic.