Speaking about the theory of calculating outs and odds, which was definitely studied, modelled and verified by super math experts worldwide, just want to add my 2 cents.

Some of you may also now and then come across the following finding. I have no issues with correct calculation of outs in pure HU games (where only 2 players involved). But, in full ring / 9-max tables, why shouldn't we consider the number of cards dealt to the remaining players? In case of default scenario with 2 players in game and the rest folding, we have already 16 cards (incl. Villain's hand) out of the deck. Calculation of outs usually starts after the flop, leaving 47 cards by default to count our outs. So, in fact the remaining deck is smaller now by one third (16/47) and results in 31 hand left to improve our draws. Logically and based on simple theory of probability, the number of outs reduces roughly three times. So, for our possible flush draw we are likely to have 6 outs now. I really doubt that those non-active cards do not include at least 2 of our possible outs. Perhaps, I missed that part but I've never read about considering this factor in articles related to odds calculation.

Bottom-line: are we overvaluing our "actual" draws or is it a nailed and accurate theory proven by years?

So, what is your opinion or am i making things too complicated?