Re: effective odds?
I am assume that you are talking about implied odds.
When you are looking at immediate odds, you are looking at how much the pot is offering you to call a bet. Say there are 6sb in pot on the flop and it is 1sb bet for you to call, then you are receiving immediate odds of 6:1 to call.
If it is likely that someone (perhaps a preflop raiser, who is yet to act after you) will raise that flop, then you wont really be getting 6:1 to call, as you will have to call another bet to stay in the pot. So your effective odds for calling the 1st bet may have only been something like 7:2 or say 8:2 depending upon whether there are any other callers.
Hope that this helps.
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