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66<br />
Implied Odds<br />
In this section, we'll be discussing how the decision of whether<br />
or not to call or fold is impacted by having money left to bet.<br />
This idea is called implied odds. Implied odds is looking at<br />
your reward to risk ratio in the light of future betting. Let's start<br />
out with an example.<br />
Hero: 6♠7♠<br />
Villain: A♦K♠<br />
Board: 4♠5♦A♥K♣<br />
The villain bets $5 into a $10 pot. We can quickly determine if<br />
we have immediate pot odds to call this bet. Our opponent bet<br />
1/2 pot, so we know we need 25% equity to call. We have eights<br />
outs to the nuts, and we're on the turn. So, our equity is about<br />
16%. This is less than the 25% we need, so looking only at this,<br />
we should fold. However, what we still need to know is if we<br />
still have money to bet on the river. If we have more money to<br />
bet, we may be able to call.<br />
One important point to make here is that we know his hand in<br />
this example, but he cannot know our hand. Why would it be a<br />
problem if he knew our hand? If he knew our hand, he would<br />
just check and fold on the river if we made our straight. If he<br />
does this, we won't get any money from him on the river. This<br />
really highlights an important consideration with implied odds.<br />
How easy is it to spot your draw? A draw like a flush draw is<br />
very easy to spot. Imagine there are two cards of the same suit<br />
on a flop, and you called your opponent’s turn bet. If the river<br />
brings that same suit, your opponent is going to be concerned<br />
about that flush and may not pay you off or pay you as much.<br />
However, a draw like an open-ended straight draw, as we have in
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