[Luzion]

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No, he is getting the same odds, as if you bet and he called. However, by raising you are reducing his odds.

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I am reducing his odds because it is costing him even more to make his hand, correct?

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Yes and no. If you raise him, you are making him put in a lot more money on the flop with a dominated hand. But it wouldnt be a big mistake to call your raise because the pot would be bigger now.

Btw, you need to specifically say "pot odds" as his probability to improve to two pair does not change.