Implied odds are the pot odds you get once you add the money you expect to win on later streets when you make your hand. Plain pot odds only count what is in the pot now; implied odds include what you can win later.
The implied odds formula
To call profitably, the extra money you must win later is:
Money needed later = (call ÷ equity) − (pot after the bet + your call)
A worked example
On the turn the pot is $40 and your opponent bets $20, so the pot is now $60 and you must call $20. You have a flush draw: 9 outs, about 20% to hit on the river. Pot odds alone need 25% equity ($20 ÷ $80), so a call loses on its own. Now add implied odds: $20 ÷ 0.20 = $100, and $100 − $80 = $20. If you expect to win at least $20 more on the river when you hit, the call is profitable.
Set mining and the 15-to-1 rule
A pocket pair flops a set about 1 time in 8.5 (11.8%). A common rule is to call a raise with a small pair only when the effective stacks are about 15 times the call or more, so the times you hit pay for the times you miss.
When implied odds are good
- Deep effective stacks.
- Your draw is well hidden, like a gutshot or a set.
- Your opponent has a strong hand and cannot fold.
Reverse implied odds
Reverse implied odds are the money you lose on later streets when you make your hand but it is still second best, such as a low flush against a higher flush, or top pair with a weak kicker. Hands like K7 offsuit have poor reverse implied odds.
Work out the immediate odds in the pot odds calculator, and read pot odds and outs explained. More terms in the poker glossary.