Re: Confusion on using odds to justify a call with 2 cards to come.
"So if it's going to cost me 1BB to see the river, I'm getting 10:1 pot odds on a 4.75:1 shot = call or probably even bet.
Simple enough.... if one card is left and pot odds > odds against me making my hand (assuming my hand is likely to win of course), then I am justified in betting or calling (maybe betting, definitely calling)."
Just because you are getting odds to call a bet doesn't mean you should make a bet. To evaluate the +EV of a bet, you need to evaluate the odds in terms of new money going into the pot, not pot odds. If you are the underdog, you would like as little of your money to go into the pot as possible until you are ahead.
There are, however, several important exceptions to this rule: there will be enough callers to give you +EV on this bet alone (say there will be 5 callers of your turn bet when you are 4.11:1 against to win); you have additional equity form possible folds (semibluff or second best hand bet); you will save money on later streets ("free" card raise/bet); and possibly others. Still, you should have a general tendency to call/check when you are behind (but have odds) and raise/bet when you are ahead (even if they have odds to call).
Craig
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