Ok, well let's try this then. :)Simple explanation.We hold
.The board is
.The pot contains $300.00.Our opponents bets his last $50.00. He is all in, so we don't have to worry about other concepts, such as implied odds, or reverse implied odds, etc.Villain accidentaly exposes his hand as
, so we know exactly how we stand. We're behind. But we've got a good draw. We've got exactly 9 outs to the flush to beat him (Js, Ts, 9s, 7s, 6s, 5s, 4s, 3s, 2s). It gets a tiny bit tricky here, as this is a bit of a weird example, but we now know exactly where 8 cards are, which leaves 44 cards in the deck. Of those 44 cards, we know 9 win for us. (I only say tricky, because in practice, we don't know his exact hand, so we would tend to evaluate our odds based on a deck of 46 unseen cards or 47 if we're on the flop, and so on). Anyways, we will win this pot 9/44 times. These are the odds that we make the best hand.Meanwhile, the other side of it is the pot size. In this case, there's $300, PLUS the $50 he is betting. This means that we need to call $50 to win $350.That gives us "pot odds" of 350 to 50, or 7-1. In order to justify a call here, we need to win the pot more than 1/8 (7:1 translates to 1/8) times.So, what we do, is now compare the two odds I've come up with. If our odds of winning the pot are greater than the odds the pot is offering us, then it's a +EV call, all else being equal (as it is in this example).9/44 = 20.45%, 1/8 = 12.5%20.45 > 12.5, therefore, we've got correct pot odds to call.===============If we were to change the example a little bit, and say he's betting his last $300 on the turn, then we get a different result.Our odds to win stay the same at 20.45%, but the pot odds are different. There is now $600 in the pot, and we need to call $300. This means 600:300 or 2:1 pot odds. Continuing on, we need to win the pot 1/3 times to break even. 1/3 = 33.3%, which is greater than the odds that we win the pot, therefore, we get come to the opposite conclusion than we did in the first example, as our drawing odds are smaller than our pot odds, therefore we should fold.===============The theory behind pot odds assume that we are maximizing our long term gains.Pot odds are really just a way to show whether a play has a positive expectation, over the long run.Continuing on with the two examples above, we can make EV calculations in each case.In the first example, we need to call $50 to win $350. 9/44ths of the time, we win $350, 35/44 times we lose $50.EV(calling $50) = 9/44(+350) + 35/44(-50) = $31.82Since this is a positive number, we would win in the long run making this call.The other example, which proved to be a fold as per the pot odds yields the following EV calculation:EV(calling $300) = 9/44(+600) + 35/44(-300) = -$115.91Since this is a negative number, we're losing (lots of) money in the long run by making this call.So basicaly, pot odds techniques are just an easier way of calculating whether a play is +EV or not, while playing poker.Compare your pot odds vs the odds of you winning the pot (usually done by figuring out how many outs you have), and you can proceed from there to make the correct decision.Questions?