Originally Posted by Stu_Ungar
Why bother calculating outs to precentages and then using a table to lookup percentages to odds???
The numbers in the second column of the table are not odds. They are the result of dividing 100 by the chance to make your hand.
The chance of making your hand is 20%.
So, to break even in the long run, your share in the pot cannot exceed 20%.
What should be the minimum size of the pot in this case?
20% x 5 = 100%
Let's say your bet is $4.
$4 x 5 = $20
The projected break-even pot is $20.
Bet Evaluation without Odds
In summary, there are two calculations to be performed:
1) The chance of making your hand.
Most people seem to prefer calculating odds in stead of percentages, but percentages offer the advantage that you can use Gordon's rule of 4 and 2.
2) The size of the break-even pot.
Calculating pot odds
is kind of illogical, since odds are about probability, and unless you include implied bets, calculating pot odds has nothing to do with probability.
By calculating pot odds you wish to find out what the ratio is between your bet(s) and your possible winnings. Pot odds are called pot odds, and not pot ratio, because they're meant to be compared to the odds
of making your hand.
Anyhow, it seems more logical to me to translate the chance of making your hand to a projected break-even pot, than to translate the actual pot to odds. Of course, you can do it either way, and the result will be the same.