[danstjohn]

It is the amount of money in the pot divided into what the bet was INCLUDING the bet. For instance, there is $150 in the pot and your opponent bets $50 which makes it $200 total in the pot. Divide $200 by $50 and it gives you 4-1 odds on your money. It gives you the correct odds to call the bet if you are 4-1 to improve your hand or better such as like a flush or open ended straight draw.

Its why most good poker players get pissed when they get sucked out on a player calling a draw with horrible pot odds. Example, I had TPTK on a flush draw board with $40 into the pot. I bet the pot size which was $40 so he was getting 2-1 odds, he called. Next card blank, checked to me. I overbet the pot by $20 to make it $150 to ensure he was getting horrid odds if he wanted to call. Obviously the idiot calls and makes the flush on the river.