Implied – The act of understanding something that is implied but not overtly expressed; the act of reading between the lines or otherwise understanding a message that is implicit. To express or indicate indirectly: His tone implied disapproval. —(poker translation)—> His/Her bet implied they’re never folding…
Ok, so now that we have an idea on the definition of Implied, we should already have any idea of what “Implied Odds” are. Implied odds are just what you assume you can win in any certain pot -vs- what you know you can win in correlation to what is already in the pot (Pot Odds).
Implied odds are much greater usually earlier in an MTT because of the simple fact, everyone has full stacks and the blinds are really small. So, in relation to the blinds you can win a huge pot, which is where implied odds is important. If stacks are deep later in the tourney, this still applies.
Example 1: You are facing a min raise of 400 and villain has 2k behind. You have 33 on the Button. You’ll hit a set roughly 11% of the time on the flop, otherwise you aren’t continuing past the flop much (especially if you called a raise preflop), so you can only potentially win another 2k if you call the 400. So, 89% of the time you lose 400 and 11% of the time you potentially win 2400 (400 raise + 2k in their stack).
Here is a SUPER BASIC way to look at the implied odds of this situation..
*Set Mining/Folding —> .89 x 400 = 356
*Set Mining/Hitting —> .11 x 2400 = 264
Thus you will lose more chips just calling (Set Mining) and then folding on the flop, then when you actually hit and take their whole stack… Meaning it’s not gonna be profitable to set mine against this stack because the implied odds of what you may win isn’t enough to offset when you lose. **Remember poker isn’t about that 1 time you incorrectly call when you and win, and go “see I knew I shoulda called!” Poker is a long-term results game, and making profitable long-term decisions is what will make you the most money.
Example 2: You are facing a min raise of 400 and villain has 7k behind. Same scenario as above…
Now tho we have below math:
*Set Mining/Folding —> .89 x 400 = 356
*Set Mining/Hitting —> .11 x 7400 = 814
As you can see in this example it is much more profitable to set mine based on your implied odds value.
The way that I’ve calculated the profitability with the implied odds for set mining is a very basic and generalized way that even the beginning player can use while at the table. *There is a pot odds calculator on Carbon Poker Network, click the banner below to get it!
Now this thought process can be applied to many more complicated situations during post-flop play as well. You may find yourself looking to hit a gutter ball (inside straight draw) with only 4 outs, because you believe that your opponent has a really strong hand, but your opponent has bet and hasn’t given you the correct pot odds to call… but ask yourself this: How big is their stack? Is this a player that will never fold even if you hit? Despite knowing you aren’t getting correct pot odds to call this bet, you just may call it with the hopes that this will help propel you to win a tournament. There are also times that you should pass up +ev situations because of +$ev value among other things… The point is there is no exact correct way to play this game, but knowledge is power and you can use it how you want.
Someone comes to mind during this last paragraph above, and that’s “thebattler33”. He is a well known merge MTT regular and he’s quite good at understanding implied odds of certain situations and even better at not playing by the book so to say. He is ALSO known by many as a “donk” because of his style, but the 2012 merge total profit leaderboard only knows him as #1.
Hope this helps all the upcoming poker players and as Forrest Gump would say, “That’s all I have to say about that”.