Implied Odds In No Limit Holdem
One of the main differences between limit hold ‘em and no limit hold ‘em is the concept of implied odds. The concept does exist in limit, but due to the big bet nature of no limit, it’s a much more powerful concept in the no limit version of the game.
Implied odds simply refers to the amount of money that you stand to win in future bets on the hand. Here’s a good example. Say you limp in from middle position with the J-10 of hearts. Your opponent calls you on the button, and the big blind checks. The blinds are $25/$50, and all three of you have $5,000 effective stacks.
The flop comes 8h-9d-4c. There’s currently $175 in the pot, the big blind checks, you check, and the button over bets the pot, putting in $250. You’re in a tough spot. You’re getting roughly 3-1 odds to hit a strait by the river, The pot is only offering you 1.7-1 on your money. Clearly a bad call, or is it?
The simple answer is it depends. Your opponents both have nearly $5,000 behind them. So the question you need to ask yourself is, “If I hit my nut strait, how much money am I likely to win from my opponents?”
This is never an easy question, and these are the situations where poker instincts come into play. In this situation, if you happen to hit your strait by the river, you only need to make an additional $325 from your opponents to make it a break even play, and you could potentially break them if you do hit, netting you nearly $10,000 if they both decide to play with you. If only one decides to play with you to the end, you’ll net nearly $5k.
That is the power of implied odds in no limit hold ‘em. By taking a small risk, you stand to gain a huge reward. But the real question is when should you be willing to take these kind of risks?
The answer is “it depends”. Are these players likely to continue the hand if you hit your hand? Are they holding a hand which may outdraw your strait?
By understanding your opponents tendencies, and being able to put them on a range of hands, as well as estimating how often they’ll continue to put money in after you have them beat, and estimating the chances of them outdrawing you, you can come to a clear decision.
In this specific case I would probably peel another card off. The stacks are deep, and we’re facing two opponents. If we hit, one of them is likely to play with us, resulting in a huge payoff.
Always know your opponents, and weigh what you stand to lose versus what you might potentially win. Implied odds can make you a lot of money when you do hit, so often times it’s a chance worth taking.