How to Calculate Pot Odds

The formula

Pot odds tell you how often a call has to win to break even. Divide the amount you must call by the size of the pot after you call: call ÷ (pot + bet + call).

Example: the pot is 100 and your opponent bets 50. The pot is now 150 and you must call 50, which makes the final pot 200. You need to win 50 ÷ 200 = 25% of the time. Players also write this as 3 to 1: you risk 1 to win 3.

Shortcuts for common bet sizes

A third-pot bet needs 20% equity, a half-pot bet needs 25%, a two-thirds-pot bet needs about 28.6%, a pot-size bet needs 33.3%, and a bet of twice the pot needs 40%.

The bigger the bet relative to the pot, the more often you must win. That is why small bets keep many draws in the hand and large bets push them out.

Comparing pot odds with equity

Once you know the price, compare it with your equity: your share of the pot if the hand were checked down. If your equity is higher than the pot odds, calling makes money in the long run, even when it loses this time.

A flush draw on the flop hits on the turn about 19% of the time. Against a half-pot bet that needs 25%, calling for one card loses money unless you expect to win more later. All in on the flop, the same draw gets two cards and hits about 35% of the time, which beats the 33.3% a pot-size bet asks for.

Implied odds

Pot odds only count the money already in the pot. Implied odds add what you expect to win on later streets when you hit. They can justify a call that is slightly short on price, but only against opponents who will actually pay you off, and only when the remaining stacks are deep enough.

Questions

What are pot odds in poker?

The share of the final pot you have to put in to call. A call is profitable when your chance of winning is higher than that share.

How much equity do I need to call a pot-size bet?

33.3%. You call one pot to win three, so you must win at least one time in three.