M
Madsaac
Enthusiast
Silver Level
Its best to show the problem with examples.
Example 1
You have 50% chance of taking down the hand - odds are even money.
Do you play?
Pot $100 and cost you $100 to play. Return on your $1 is $1 BUT at that the time of your bet you can double up.
In other words if you put a $100 bet on ten times at 50% chance of winning you will win $500 and lose $500. Profit $0
Example 2
You have 35% of winning - odds 2-1
Do you play?
Pot $200 and will cost $100. Return on your dollar is $1.05 BUT you can win $200 right there and then.
In other words if you put a $100 bet on ten times at 35% @ 2-1 odds you will win $525 and lose $500. Profit $25
Example 3
You have 35% chance of winning - odds 4-1
Do you play?
Pot $800 and will cost you $200. Return on your dollar is $1.75 BUT you can win $800.
In other words if you a $100 bet ten times at 35% @ 4-1 you will win $875 and lose $500. Profit $375......If you spend $1000 you will get $1750back....not even double your money
So my question is which way do you look at your odds. In the long run or there and then
These examples highlight the fact that your return isn't that great in the LONG RUN but plenty of us have played them.
Example 3 is very common but in reality you aren't even doubling your money!!!
I would suggest that the size of your pot has something to do with it.
I would love to hear from someone who knows more about this stuff than me
Example 1
You have 50% chance of taking down the hand - odds are even money.
Do you play?
Pot $100 and cost you $100 to play. Return on your $1 is $1 BUT at that the time of your bet you can double up.
In other words if you put a $100 bet on ten times at 50% chance of winning you will win $500 and lose $500. Profit $0
Example 2
You have 35% of winning - odds 2-1
Do you play?
Pot $200 and will cost $100. Return on your dollar is $1.05 BUT you can win $200 right there and then.
In other words if you put a $100 bet on ten times at 35% @ 2-1 odds you will win $525 and lose $500. Profit $25
Example 3
You have 35% chance of winning - odds 4-1
Do you play?
Pot $800 and will cost you $200. Return on your dollar is $1.75 BUT you can win $800.
In other words if you a $100 bet ten times at 35% @ 4-1 you will win $875 and lose $500. Profit $375......If you spend $1000 you will get $1750back....not even double your money
So my question is which way do you look at your odds. In the long run or there and then
These examples highlight the fact that your return isn't that great in the LONG RUN but plenty of us have played them.
Example 3 is very common but in reality you aren't even doubling your money!!!
I would suggest that the size of your pot has something to do with it.
I would love to hear from someone who knows more about this stuff than me