AVLuke
Rising Star
Bronze Level
pot odds are a way of calculating how much money you must risk to win the money in the pot. There is already a post on cards chat here: https://www.cardschat.com/odds-for-dummies.php but I will give you a brief overview.
For example if there is $10 in the pot and your opponent bets $10 then you must call $10 to win the $20 now in the middle ($10 from your opponents bet and $10 in the pot from previous betting rounds). So the odds are $20:$10(reward:risk) or $2:$1. For every $1 you bet you stand to win $2, provided you have the best hand.
Now from here you can do some simple maths outlined in the link above to calculate how much equity you need to call the bet, due to the odds. This vaires from situation to sitaution, but say your opponent bets 1/2 pot, you must win 25% of the time to be profitable. If you only have a gutshot straight draw, then you have about 8% equity. 8%<25% and so your call here would be a losing one. You hit your draw far too little to make this call profitable.
For example if there is $10 in the pot and your opponent bets $10 then you must call $10 to win the $20 now in the middle ($10 from your opponents bet and $10 in the pot from previous betting rounds). So the odds are $20:$10(reward:risk) or $2:$1. For every $1 you bet you stand to win $2, provided you have the best hand.
Now from here you can do some simple maths outlined in the link above to calculate how much equity you need to call the bet, due to the odds. This vaires from situation to sitaution, but say your opponent bets 1/2 pot, you must win 25% of the time to be profitable. If you only have a gutshot straight draw, then you have about 8% equity. 8%<25% and so your call here would be a losing one. You hit your draw far too little to make this call profitable.
B
bellicoso
Visionary
Silver Level
I'll use odds at different times depending on the type of game I'm playing. I feel it's important to note that calculating odds is just one part of the game.
In cash games, I'll consider them almost every hand. In a tournament, I feel there's a point in the game -- assuming you've held in there long enough to build a decent stack -- when it's time to start playing the odds. Before then, my goal is to accumulate chips. So, I play relatively loose and aggressively in the beginning trying to control the betting and stealing pots; at that point in the game odds aren't really relevant to me.
That's just my personal style. Some players are very meticulous about playing the odds all the time, and it works for them. In any case, understanding odds is something you should definitely shoot for. The more you know about the game, the better you'll play.
In cash games, I'll consider them almost every hand. In a tournament, I feel there's a point in the game -- assuming you've held in there long enough to build a decent stack -- when it's time to start playing the odds. Before then, my goal is to accumulate chips. So, I play relatively loose and aggressively in the beginning trying to control the betting and stealing pots; at that point in the game odds aren't really relevant to me.
That's just my personal style. Some players are very meticulous about playing the odds all the time, and it works for them. In any case, understanding odds is something you should definitely shoot for. The more you know about the game, the better you'll play.
frnandoh
Legend
Bronze Level
Ever you know you has a weak hand, to know if worth to keep trying to hit your value, you regard the pot odds with win odds.
Rumengh
Legend
Platinum Level
I agree with you and all the things that commented on the case. It is interesting to note that poker basics are part of the game and you need to know but in some situations, especially in tournaments depending on the situation these rules are often ignored.