Nexar
Rock Star
Silver Level
Calculating favorable pot odds doesn't take a minute or anything close to it. You don't have a minute, you have seconds. The good news is, that's all you need. More good news, you don't have to be a genius. ANYONE can do it. There is an amazingly simple trick called the rule of 2 and 4 which reliably produces pot odds accurate within a few percentage points, which is al you need. Here it is.
Simply count the number of outs you need to improve your hand and multiply by either 2 with one card to come, or 4 with 2 cards to come. For example, a flush draw has 9 outs, an open ended straight 8, and a gutshot 4.
Lets say you limp into a pot with 8♥9♥ and the flop comes 2♥A♥7♠. You check and the button bets 1/2 the pot. You want to see the turn, but is it worth the price? Your getting 3:1 odds to call, but is that favorable? The approximate odds of completing your flush draw with one card to come is 9 outs (memorize this) times the magic number 2 to arrive at 18% or about 4:1 (the true number is 19.5% but close enough). Not enough to make the call without considering the implied odds. However, suppose calling the 1/2 pot bet puts you all-in. Now you are guaranteed to see both the turn and the river. Instead of multiplying your 9 outs by 2 you multiply by 4. Your odds of completing your draw by the river improve to 9x4=36% or about 2:1 (actual odds are 35%). Now this becomes a favorable call or positive EV (expected value).
Strangly enough, provided a large enough chip stack for both you and your opponent, the first example might be more profitable than the second due to the implied odds of winning another bet should you complete your draw.
It is more useful in limit than no limit but not really for this reason. In limit there is a closer relationship between bet size and the final pot size. When you make your hand there's a strong chance you may not get much more out of your opponent. If he's worried about the way the board is shaping up he can control the pot size by merely calling you down. In no limit, implied odds play a much greater roll. If you make your draw you could end up stacking your opponent.i've found using a simple calculation like what you wrote about works really well in a limit game. but in a no limit game, it's much more difficult because if there are 2 cards to come,you don't know how much it will cost to see the 2nd card.
It assumes only that your draw will be the best hand should you draw out, the rest is pure math. To be safe you should only count your live cards as possible outs. That is to say, don't count them at all unless they'll give you 2 pair or better. If you have a straight draw, count 8 outs and disregard any low pairs you may make.this assumes you have a good read on your opponent. for instance, if you have a flush draw 9 outs, but you think they might also be 2 live cards, that could add 6 outs...but it depends if yoru opponent has already hit a 2 pair, or trip, or straight etc. so my humble opinion is you should use pot odds when you can, but it doesn't always quite give you the answer of what to do.