Bet Odds v. Pot Odds

[Filmore Slim]

Why is it that when you are drawing, you should look at bet odds instead of pot odds? On the other hand, why not look at bet odds when you currently have the best hand? It just seems to me that if your bet odds is good enough for you to bet or raise, then it must mean that pot odds you are getting is unbelievably good. But why is this important?

[crockpot]

say you are in a three-way pot and are deciding whether to call with a flush draw with one card to come. you will almost certainly find that with the money already in the pot, you are getting the necessary 4:1 pot odds to call a bet.

say you are in last position, deciding whether to bet at this pot, and there is no chance your opponents will fold. here you are pulling two bets into the pot for one of yours. since you are a 4:1 underdog and only getting 2:1 bet odds, you are losing money on this bet.

basically, you should look at pot odds when deciding whether to call and bet odds when deciding whether to bet or raise.

[Louie Landale]

By "Bet Odds" I assume you mean the amount of money you can make, basically composed of the number of calls you expect minus getting raised.

"Pot Odds" matter when folding is an option. Favorable "pot odds" means the pot is big enough to justify calling with an inferior hand.

"Bet Odds" matter when folding is not really an option and you are considering betting or raising.

Basic thresholds are:
[A] You cannot win.
[B] The pot size:bet size ratio is the same as your (slim) odds against winning.
[C] Your chances of winning if you bet or raise and get called are about 55%.

Not counting bluffing, You should check-and-fold if your chances are between A and B. You should check-and-call if between B and C. You should bet or raise if over C.

- Louie

[Filmore Slim]

Thanks. That makes so much sense and it's so simple now that I feel stupid for asking.

[Homer]

Don't feel stupid about asking questions here, ever. Ask all the questions you have -- just spit them out, no matter how stupid they sound. It is highly likely that most people here had the same question when they were first learning how to play. If you are willing to ask every question you have, your game will advance much more quickly.

-- Homer

[crockpot]

my website includes an essay on odds if you want any further reading on the subject.

and don't feel stupid for asking questions, that's what the beginner's forum is for.