Gambling terms, explained straight

Poker

Basic poker odds

The chance that a poker hand will appear or improve, shown as a probability or as odds against it happening.

Total 5-card hands
2,598,9601
Odds against a royal flush
649,739:11
Pot odds example
Calling $10 for a $40 pot gives 4-to-1 pot odds23

Key points

  • Count outs and compare the chance of improvement to the pot odds offered on a call.24
  • If the chance of improvement is better than the pot odds, the call has positive expectation.4
  • One-card drawing probability is outs divided by unseen cards.45
  • Odds can be written as (1/p)-1:1, where p is probability.1

Where this term is used

Not the same as

Sources

  1. Poker probability en.wikipedia.org Provides the total number of 5-card hands, odds against a royal flush, and the odds formula.
  2. Pot odds en.wikipedia.org Defines pot odds and gives the 4-to-1 example.
  3. Poker strategy en.wikipedia.org Supports the pot odds example.
  4. Draw (poker) en.wikipedia.org Explains outs-based odds and the positive expectation rule.
  5. Out (poker) en.wikipedia.org Supports the one-card drawing probability formula.

Sources are drawn from regulators, universities and published research, and each one is labelled with what it actually is — a preprint is not called a paper. Bookmaker and affiliate pages are never cited here, because a page that sells betting is not a neutral authority on it.