stud odds

In poker, pot odds are the ratio of the current size of the pot to the cost of a contemplated call. In other words, if the pot contains $100, and a player must call $10 to stay in the hand, then the player has 100-to-10, or 10-to-1 (commonly expressed as 10:1), pot odds. Pot odds are often compared to the probability of winning a hand with a future card in order to estimate the call's expected value.
Pot odds are a ratio, but having their percentage value will often make them easier to work with.
The ratio has two numbers: the Size of the Pot, and the Cost of the Call. To get the percentage value, we add the Size of the Pot and the Cost of the Call numbers together and record their Sum. We then divide the Cost of the Call by the Sum.
Example
The pot is $30, and the cost of the call is $10. The pot odds in this situation are 30:10, or 3:1 when reduced. To get the percentage, we add 3 plus 1 get a sum of 4. Now we divide 1 by 4, giving us 0.25, or 25 percent.
When a player holds a drawing hand, or a hand that is behind now but is likely to win if a certain card is drawn, pot odds are used to determine the expected value of that hand when the player is faced with a bet.
The expected value of a call is determined by comparing the pot odds to the odds of drawing a card that wins the pot. When the odds of drawing a card that wins the pot are numerically higher than the pot odds, the call has a positive expectation; on average, you win a portion of the pot that is greater than the cost of the call. Conversely, if the odds of drawing a winning card are numerically lower than the pot odds, the call has a negative expectation, and you can expect to win less money on average than it costs to call the bet.
Implied pot odds, or simply implied odds, are calculated the same way as pot odds, but take into consideration estimated future betting. Implied odds are calculated in situations where the player expects to fold in the following round if the draw is missed, thereby losing no additional bets, but expects to gain additional bets when the draw is made. Since the player expects to always gain additional bets in later rounds when the draw is made, and never lose any additional bets when the draw is missed, the extra bets that the player expects to gain, excluding his own, can fairly be added to the current size of the pot. This adjusted pot value is known as the implied pot.
Example (Texas Hold'em)On the second to last betting round, Alice's hand is certainly behind and she faces a $1 call to win a $10 pot against a single opponent. There are four cards remaining in the deck that make her hand a certain winner. Her odds of drawing to one of those cards is 10.5:1 (8.7 percent). Since the pot lays 10:1, Alice will lose money by calling if there is no future betting. Since Alice expects to always make an additional $1 bet when she makes her draw, and always fold when she misses her draw (lose no additional bets), her implied pot odds are 11:1 ($10 plus the additional $1 bet, to her $1 call). This call now has a positive expectation.