Definition
Pot odds measure how much you must call relative to the pot you can win, which converts into the break-even equity required for a call.
Pot odds
The price you’re getting on a call, expressed as a ratio or required equity.
Key points
- Break-even equity ≈ call / (pot + call) when there is no more betting.
- Future costs and future winnings change the true price (implied odds).
- Pot odds are about price; equity is about your hand’s share.
Common misconceptions
Myth
Pot odds tell me whether I should call.
Reality
You still need your equity versus villain’s range.
Myth
Pot odds don’t matter if I have a draw.
Reality
Draws are exactly where price matters most.