re: Poker & implied odds
Originally Posted by playerk7
implied odds have to deal with your cards and what percentage you have to hit, and pot odds are the prices that people give you when making a decision on weither to call fold or riase, i will tell you that you need to know both to be effective at using them
This is incorrect. Pot odds are the odds that the pot is laying you (2:1, 3:1, whatever), your odds to hit whatever you're drawing to are whatever those are (i.e., if you have 8 outs and there is 1 card to come and there are 47 cards left, your chance of hitting is 8/47), and your implied odds are money you expect your opponent(s) to put in the pot AFTER you hit your draw to make the best hand. They are implied because villain can simply fold - meaning that you did NOT get that money from him, your implied odds did not pan out.
So, for example, if you're drawing to the nut flush after seeing the turn, you will hit 9 out of 47 times (there are 9 cards left that make your flush, and 47 cards remaining in the deck. Villain bets full pot on the turn, so you would pay 1 pot sized bet to win 2 pot sized bets, meaning that if you win 33% of the time you break even. The problem is that you WON'T win 33% of the time, you'll win a little less than 20% of the time (9/47), so calling a pot sized bet for pot odds is incorrect.
The only way you could justify calling the turn bet (profitably) is if you believe that Villain will call a river bet AFTER you hit your flush (for example, you believe Villain's holding AA or the equivalent and will not fold them whatever the river card is). If you believe that, you have an implied odds situation that can justify making a losing call according to pot odds - it becomes a winning call if he'll pay off a substantial river bet, which constitute the implied odds.
As Stu says, implied odds are generally overestimated. Many Villains will simply fold when the flush hits (flush draws are a little obvious - that's one of the reasons that disguised, hidden draws are advantageous), which means your implied odds just aren't there, making the turn call a losing play over the long run.