There are some terms in poker that are very important to know; pot-odds and implied-odds. If you master these terms and you know how to effective use them you have good chances to become rich on your poker play. Maybe you have tried to calculate odds, maybe you have counted the outs some times. But if you will succeed as a poker player you have to do much more than counting the outs.
You use pot-odds to know which your next action should be; fold, call or raise. You want to know if your action is profitable; if the size of the pot is big enough, compared with the size of the bet that you supposed to do. Here is an example: It is your turn to act in the first round after the flop. The pot contains $7 on a $1/$2 fixed limit table. You have to be $1 if you want to stay in the game; the pot-odds are therefore 7:1. You need to know if the pot-odds are greater than the odds for hitting your outs. Let’s say that your holecards are J-Q and the flop is 9-10-3. You have an open ended straight draw, in other words eight outs. Your odds are about 5:1 on turn. In this case the pot-odds was 7:1, in other word greater than your odds. That makes it right to call with this drawhand. You will lose this hand about five times out of six. The sixth round you will win. That makes it profitable to play open ended straight draws if the pot-odds are 7:1, because when you win you will win at least $7 which is more than you have paid for the rounds you didn’t win.
Implied odds are a little more complicated to explain. When we calculate the implies odds we don’t look at the pot-odds at the moment. The big thing is what is in the pot in later rounds. If you know that your opponent will keep calling even after you have made your hand it will be motivated to bet even if the pot-odds tells you not to do. It is a potential big pot at showdown that is in focus. When you calculate the implied odds you have to consider your opponents style, if they are loose/weak it is more profitable with implied odds. Implied odds are much more complex than described, it would take lots of articles to fully describe it.
The conclusion is – learn to calculate odds, it will make you richer.