Reverse Implied Odds
The term "reverse implied [pot] odds" is applied in situations where pot odds
may not always help you determine whether staying in a hand might be deemed
appropriate or even that profitable. This is because the application of reverse
implied odds is basically utilized in spots where a player involved in the hand
will either win the least amount of money with the best hand, or lose the very
maximum if he/she doesn't have the absolute nuts against their opponents.
The nuances behind this theory can be complicated even to novice and
intermediate players, considering the usage of it may require someone to either
lay down a perfectly good hand and give up the pot, stay with the hand and win
only little, or stay with the hand and lose a lot. A more experienced player can
tell you that this concept can save you a lot of money if it's used in the right
situation and against the right opponents.
A perfect example of this is when you hold an offering such as Tc Td. Let's say
you raise this preflop in a $5/$10 Limit Hold Em game and get 3 callers. In a
4-way pot, a flop of 8s 9s Jc seems like a pretty solid holding, right? You not
only have a great pair, but you also have a straight draw to boot. But take a
look at the following things:
1. Depending on the players involved (tight, aggressive, etc), betting here will
probably not deter your competition to go away quietly, especially given the pot
odds they would be getting if they were drawing to either a flush or a straight.
2. Now let's assume the turn brings the Ts. A near money card right? WRONG. You
may have gotten a set, but the card has also put the dreaded flush (anyone
holding suited connectors in spades is now ahead) on board, not to mention it
has filled a 4-card straight (anyone holding a hand like K Q or 6 7 now has you
beat).
3. You are now essentially drawing only to a full house or quads (that
improbable one outer on the river could always happen, right?) on the river, and
depending on the betting, you may or may not choose to stick around any further
than 4th street.
In the above situation, you have to make a sound decision on whether you think a
set might be good here. The betting after the turn may very well determine your
decision to see the river, and that's where the reverse implied odds come in.
You either hate your set and will play this hand very passively and essentially
hope to win very little, or you will overly commit yourself with the hand too
much, not catch up whatsoever, and lose a larger amount of money to your
opponents.
As you can see, it's situations like the one mentioned above that not make
players both love and hate reverse implied odds. However, in the long run,
making solid calculated decisions in relation to odds (regular, implied, and
reverse implied) will most likely make you a more profitable player.