A note about \"pot odds\"
So several of you have objected to my post because I only talked about big pots and little pots without mention of "pot odds." I intentionally did not mention that concept for a couple of reasons:
1. Discussing "pot odds" automatically makes many newer players assume that they are behind. "I have middle pair, and I am getting 8-to-1 to call, so I can call because of the pot odds." The assumption, of course, is that you are behind and drawing. This will often be the case when you have middle pair, but it won't always be the case. The chance that your hand is best is more important when the pot is big.
2. Discussion of "pot odds" makes people play more passively. People think "I have odds to call." They don't think "I'm getting 8-to-1, so I should raise." Frequently you should raise instead of call when the pot is big. The reason is that you improve your chance to win the pot with a raise. When the pot is large, that improved chance is often worth more than the extra bet that you invest.
When you have a marginal hand in a big pot, your hand has value for two reasons. First, you may improve... a chance that you can quantify mathematically. Second, you may have the best hand (or be in the position to eliminate the person with the best hand if no one has a good hand). This chance is much harder to quantify. But it is also VERY costly to ignore. So the pot is laying you 8-to-1. You have a hand that is 14-to-1 against to improve.. but it might be the best hand. What should you do? Well, I can't tell you. But I can tell you that IN GENERAL, when the pot is big, you should continue and when the pot is small, you should fold.
Why should you continue when the pot is big but fold when it is small? 8-to-1 is 8-to-1, after all. The reason is that later bets are smaller in proportion to the pot when it is big than when it is small. Calling down with a marginal made hand is cheaper when the pot contains 16 small bets and it is 2 small bets to you than when it contains only 8 small bets and it is 1 small bet to you.
Furthermore, raising to knock out marginal hands is more profitable when the pot is big. It is much easier to improve your chances of winning by 5% with one extra bet than it is to improve it by 10%. Thus, there is more value to staying in when the pot is big.
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