To put it straight, there is an element of gambling involved in the game of poker. And as in any game that involves gambling, the odds are paramount. Although casinos choose to design the odds in their favor, a successful poker player manipulates the game situations and places the odds on to his/her side.
In tournament settings, all chips do not carry equal value. The chips one loses could be worth a lot more than what one wins. It is extremely difficult to rebound from a loss, and a loss that may be acceptable in a "ring game" will be a "fold" in a tournament.
What are implied odds?
The term "implied odds" is thrown in very often in poker. Implied pot odds means the amount of bets one expects to win "effectively" from the opponent. This effective implied pot odds is the relationship between the amount in the pot in addition to the amount one expects to win from the opponent, provided one hits a hand with the bets required to play the hand.
Implied odds are the total money one can possibly win, after dividing what one is putting into the pot.
In other words, Implied odds refer to the additional speculative money added to the pot based on the gamble to win future bets at later games. Implied odds estimate the forthcoming move that could take place in a hand; pot odds focus on the here and now of the hand.
For instance, implied odds will come into play if an opponent pays off at least the pot chips - say 1500 chips, when one makes a hand. If 500 is called to make 3000, implied odds here is 6 to 1.
Implied odds concept:
The concept of Implied odds is more relevant in Limit Poker where one can easily determine how likely he/she is to get an opponent call an extra bet or two on the river. Whereas, the odds implied are most of the time larger in a game with Pot-Limit or No-Limit.
In all poker games, the implied odds in hand are strongly influenced by the opponent in the hand. An adept player at the table will use his/her knowledge to gauge the opponent's style to help determine what potential pay off for the hand is waiting. An educated guess could be made, based on past experiences, how many chips the opponent is willing to commit to the hand. Of course, no opponent can bet on the river with top pair and a weak kicker or second pair!
Chip stack management with effective implied odds:
In any tournament, there are distinct strategies for managing big, medium and small stacks. The aim should be to build a big chip stack that can dominate the table. To build an average stack should be the next objective, as chances of survival with short stacks is very minimal.
Again, drawing to a long shot, betting and watching the opponent fold alone cannot help win the opponent's entire stack. It calls for mastering certain nuances of implied odds management which shall come with time and practice.
Perhaps the most common error that players make with implied odds in a given hand is over estimating its potential. Even professionals commit this blunder- challenging with a strong bet on mere gut feeling, assuming that the opponent will never put straight if he hit his hand. This huge blunder can only end one up without getting the right odds to call. The unwritten rule here is never "over-estimate." Implied odds will not help someone looking for just four-five outs to make a hand. Ideally, one should have nine or more cards even to start worrying about implied odds in a hand.
One other common mistake is miscalculating implied odds, with players thinking it is implied when the odd thing is, it really is not. For instance, take the case of two players where one opts to go all-in on the turn. The second player makes either a flush call or a straight draw call. Here, if the pot odds appear good, the call is also good; if the pot odds appear bad, even the call is. This is since the odds implied in the hand do not exist at all. This way, many an unseasoned poker player at the table, ends up risking their chips more than is comfortable.
In this game of poker, better the opponent be loose and a gambler than tight and solid. That is why, telegraphing of hand become vital and many times players who evaluate their implied odds wisely in a hand and make a good call get beaten as they cannot get paid off when they hit their hands.
While at a table, the longer one takes to determine what he/she is going to do, the more information is being relayed to the opponent about your cards. For example, if one takes time to call on the flop and then goes out after a flush card comes on the turn, meantime, the opponent would have dropped his hand, assuming, very rightly, the flush was made.
On the other hand, one should learn to guard against the big hands vs opponents who may draw at the table. It would be sensible to limit the bet to half the size of the pot to make sure that one is not giving the opponent the right odds to call. In case the opponent does call and a scare card hits the board, still, their implied odds may successfully be negated by checking one's hand down or to let it go if the opponent chose to move out with a bet. This way, the hand can be protected.
In gaming, understanding of "negative implied odds" is tougher and all the more crucial. Negative implied odds mean that one needs to think about hitting his/her hand and yet play off an opponent who hit a better hand. Probably, one of the ways to handle this situation is to think of the total pot as worth a little less than what it is actually; then consider making a call.
Caution should be exhibited, as the odds may not add up at all.
Thoughts at the table:
Implied odds are much more complicated than it appears, as it deals with how the hand is going to play out in the future on all fronts, and not just what the present odds are. While most of the players understand pot odds pretty well, they forget to think about how the rest of the hand will play out if they make a call; they miscalculate very often failing to factor this pertinent information on implied odds.
As in any other game, psychology is essential in poker. A strong table presence is important to play with a short stack in a big way. Tournaments are won only by those who bounce back from "a chip and a chair." The golden rule in this game of poker is, " every chip counts, and never afford to waste even a single one."
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