So when considering the numbers you posted (lets say a pot bet) do I have to have the 33% to make the bet or is it they have to have the 33% to call me?
I'm also assuming that if it's me then my hand has to have 33% equity for the bet to be correct? such as using poker stove to calculate hand equity?
So confused sometimes but I'm finding myself more than just wanting to know but rather needing to know. After 2 years of playing sprinkled with some learning I'm realizing the importance of fully or least a good understanding of how to make +EV decisions.
If you bet pot, you're offering 33% pot odds on a call. You don't need 33% equity to make the bet though because you also make money when they fold. Examples:
Pot is $10, you bet $10, villain has to call $10 to win a $30 pot hence 33% odds.
Pot is $10, you bet $5, villain calls $5 to win $20 = 25% pot odds.
*hand posted above*: Pot on turn is 684, you bet 225, villain calls 225 to win 1,134 = 19.8% pot odds.
You're pretty much there, it's about pot odds vs equity as you say. If you're drawing to the nut flush you have 9 outs, which gives you around a 20% chance of hitting on the next card. If your opponent bets more than 1/3 pot you're getting incorrect pot odds to call and chase your draw. Of course we can and do call often because of implied odds (you win more than just the current pot when you hit), but that's another story.
Probably the most clear cut place to apply pot odds vs equity is when calling an all-in. Calculate the pot odds offered (call / call + pot) then work out your equity (put your hand into pokerstove, put villain's range into pokerstove and calculate). If your equity is greater than the pot odds offered you call, if not you fold.
I would strongly recommend you read Theory of Poker. It covers a lot of this and much, much more.