Implied Odds

An extension of pot odds that accounts for additional chips you expect to win on later streets if you hit your hand.

Definition

Implied odds adjust raw pot odds by factoring in the money you can reasonably expect to win on future betting rounds when your draw completes. A call that looks unprofitable on immediate pot odds can be correct if hitting your hand will let you extract significant additional bets from an opponent. The concept rewards drawing to well-disguised, strong hands against opponents likely to pay you off. Its mirror image, 'reverse implied odds,' is the risk of losing extra chips when you complete a second-best hand. Implied odds are an estimate, not a fixed number, because they depend on opponents' tendencies, stack depth, and how hidden your hand is.

Worked example

You call a bet with a straight draw despite slightly insufficient immediate pot odds, because your opponent has a large stack and a strong hand, so completing the straight will likely win a big bet on the river.

Why it matters

Learners see why some 'incorrect' calls are actually good and why deep stacks reward drawing hands. Professionals estimate implied and reverse-implied odds constantly, since they separate profitable draws from traps and depend on accurate reads of opponents.

Related

Note: Implied odds are an estimate that depends on opponent behavior and stack depth; they cannot be calculated as precisely as immediate pot odds.