It is pretty obvious that poker is game of skill, as evidenced by the growing number of professional players playing poker for a living but poker is still essentially governed by luck, no matter how skillful a player may be. Good players may skew luck to their favor but never can they put luck under their control. For this reason, players should have a deep understanding of the different aspects of poker that concerns luck foremost of which is the concept of poker odds.
So why are poker odds fundamental when understanding poker? Being aware of the poker odds in a particular poker session is vital as poker odds are good indicators of whether you are in a good position or not.
Basically, odds are calculated by comparing the probability of you winning a bet with the amount that you will win if you do win the bet. So how do you exactly calculate your poker odds? To know your odds, you must first know the kind of odds that you are determining. One of the most important and fundamental odd to determine in the game of poker are pot odds.
Pot odds are a type of poker odds that gauges the risk and the possible rewards that you can get. To illustrate, let's say that your friend wagered that six would come up on the roll of a die. Your friend's chances of winning is 1 out of 6 or to put it rationally, 1:5 meaning that your friend has one way to win (because there is only one 6 in a die) while you have 5 ways to win (because there are five sides in a die that is not 6).
So how does your friend calculate the betting terms for your friend to profit? To do that, your friend must set a betting terms which will be better than your friend's odds of 1:5. Your friend must at least set the betting at 1:6 to profit from the wager, meaning when you win, you receive a dollar from your friend, but if your friend wins, you must give your friend six dollars.
The same must be done when you are playing in a poker session. Like what your friend did, you must determine whether the pot that you will be receiving in case you call and win will be greater than the probability that you actually win the hand that you are playing.
Pot odds are but one of the many types of poker odds that is present in the game. Knowing more about poker odds is important as it ensures that one plays efficiently because in the long run, those who ply efficiently are the ones that still have the bankroll to continue playing poker.