Understanding and Using Implied Odds
Mar 18, 2008By: Aaron Hendrix If you have been around poker long enough you have probably heard someone talk about implied odds and how they made a call because they had them. Most people know what implied odds are... it is the ratio between the amount of money expected to be won by the end of a hand and the amount of money required to be initially called. For example, you are facing a pre-flop raise of 60. The raiser has 1,500 in chips and you have them covered. You believe that if you hit your hand that you can win your opponent's entire stack. Your implied odds thus are 1,500/60 or 25:1.Easy enough right? The problem that exists, however, is that not all players understand what implied odds are. Knowing when implied odds exist and how to apply them is an important – and fundamental – part of a successful poker player's game.
When do implied odds exist?
In order for implied odds to exist you must first be certain your opponent will call future bets if you hit your hand. If your opponent is a rock who folds everything but the nuts if it is for his whole stack, you need to take this into consideration. You can't win their whole stack, you can only win part of it... perhaps as little as the amount of his pre-flop raise. This means your implied odds are significantly lower and make the pre-flop loose call a leak rather than a chip gainer.
Here is an example to show you what I am talking about. You have raised pre-flop first to act with the blinds at 25/50, to 75, with pocket 5's. Your tight opponent has made it 500 to go. You decide to call the additional 425 because your opponent has 9,500 left in chips in front of them and you have “implied value.” But do you? If they have A-K or 10's what is your implied value if they miss or the board is not favorable? Probably zero. Essentially you are calling 425 to win 650, you are not calling 425 to win 10,000. This makes the call incorrect because the odds of you flopping a set are 7:1 and you are only getting approximately 1.5:1 on your money.
But what if you know that your opponent has a hand that they like and you know they are going to put in the rest of their chips post flop? They have made a bet giving away their hand and you are positive they aren't going to fold. They limped in early position and after you raised from the button, they re-raised an amount large enough to thin the field but small enough to induce a call or two. You know from playing with this player that they have a big pair here. You are only getting 2:1 on your pre-flop call but if you hit your hand you will get 15 times that. Implied odds exist here.
A common misconception poker players often use with implied odds is to say that they called with any two because they had implied odds. This scenario typically arises when there have been multiple limpers or callers of a raise and the player believes that because of all the people in the pot they are guaranteed to win a big pot if they hit a miracle flop. For example, the UTG player raised to eight times the big blind and four people called. This player has 7-3 offsuit on the button and feels that they have “implied value” and makes the call. What the player does not take into account though is who is in the hand and what their tendencies are. Implied odds only exist when you have the right kinds of players in the hand with you.
One last consideration you have to take into account is your stack size and your opponent's stack size. If you have to call a 500 bet and only have 1,000 left in front of you, the most you can additionally win is 1,000. This means that your implied odds are 2:1. The same is true if your opponent only has 1,000 left in front of them after their 500 bet. Implied odds do not exist when you or your opponent do not have enough chips left to win.
Application of implied odds
Knowing when implied odds exist is the key to being able to apply them. Here are a few pointers on what you should be looking for:
Multiple people in the pot. The more people in the pot, the higher the probability that one of them will make or call bets. You can loosen up the hands you play in later position and from the blinds if there are three or four players already in the pot... even if the pot is raised. Hands like small pairs, suited and unsuited connectors, suited aces, and two paint cards can be played in these situations because of the implied value that exists.
Calling stations, maniacs and some loose aggressive players in the hand. These players usually have the highest implied value and you can widen the range of hands you play against them because you know they will pay you off if you hit your hand.
Players who have given away the strength of their hand. If a player has defined for you what their hand is, and you know they are unlikely to fold post-flop, then you have implied value. I was involved in a hand in a real money tournament where my opponent raised to ten times the big blind under the gun in a deep stack tournament. We started the tournament with 200 big blinds and I had pocket 5's. I knew from playing this player before that they had a big pair and that they would not fold post-flop if the board was relatively safe. I called and flopped a set and busted him with his pocket kings.
The best hands to play in implied odds situations are suited connectors and small to medium pairs. The reason for this is they are easy hands to play post-flop and when they do “hit” they are usually well disguised and thus more likely to be paid off.
In deep stack tournaments and cash games, implied odds are a key concept to winning big pots. Understanding when they exist and knowing when to apply them can make the difference between eking out a big win versus a
