Pot Odds

When you see a flop, you will generally be in one of three situations. First, your hand may totally miss the board. Example: you hold Qs Js. The board is Ad 8h 7h. You have nothing, so you should check and fold. The second option is that you hit the flop well and hold a strong hand. An example of this is if you hold As Ks and the board is Kd Jh 4s. In these situations, you should generally bet/raise.

The third possibility is that you currently do not hold a hand, but it is possible for you to make a good hand if the turn or river brings you a good card. This situation is known as "drawing." An example is if you hold As Ks and the board is 4s 6s Jc. In this situation, a spade will make you a flush, and an ace or king will bring you top pair-top kicker.

When you are drawing, there are several tools that will help you make your decisions. One important tool is "pot odds." Calculating pot odds is fairly simple. First, you must count the number of outs you have. An out is a card that will improve your hand. For example, if your hand is Qs Js and the board is Kd 10h 7c, then your outs are 4 Aces and 4 Nines, or 8 outs total. To calculate your percentage of hitting an out by the river from the flop, Multiply the number of your outs by 4.  To calculate your percentage of hitting an out by the river from the turn multiply the number of your outs by 2.  These figures are estimates, but are very close to the actual number and much easier to do on the fly.

You don't want the odds on your call to be less then the odds on you winning the pot.  Here's an example:

On the flop your nut flush draw has 9 outs.  You have a 36% (9x4=36) chance of making the flush by the river.  If the pot is $100 and you will have to call $10 this is only 10% of the pot with a 36% chance of winning.  Easy call.  Now the turn does not bring your flush.  You still have 9 outs with one card to come.  You now have an 18% (9x2=18) chance of making your flush.  The pot is $110 and the other player moves all-in for $300 for a total of $410.  You would have to call for about 75% of the pot with only an 18% chance to win.  Easy fold.

Against educated players, it is possible to bet them off of a draw by giving them bad pot odds to call.  Be Warned!  If a new/poor player does not understand pot odds, they are not going to lay their hand down because they don't have proper odds to call.  It is up to you to know your opponents.