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You flop a flush draw. Guy bets out. Since it's 1 in 5 you make a flush on the very next card, the current pot (preflop pot + current bet by opponent) must be *at least* four times as large as the current bet you're facing in order for you break even / expect profit.
If the pot is 4x larger than the bet, the call is profitable on the math alone.
The same goes when facing a bet on the turn before the river (the odds are pretty much the same, only slightly better because of there are less non-outs left after the turn is exposed).
If facing an all-in wager, you need to be getting 2:1 or better to call.
The tricky part is trying to factor in "implied odds." If you think you can get more money out of your opponent after the flush comes (if it were to), then you can count that money (whatever you figure you'd be able to get out of him)as part of current pot. The effect of using these implied odds is that you make calls that you normally shouldn't make based on the "hard math," because you expect winning more later.
A long discussion can go on about the implied odds and flush draws and the differences between chasing a turn and chasing a river, and don't wish to explain much here.
Regarding implied odds though- don't pretend you have them all the time, or too much- you don't want to be making unprofitable calls. Think about the player and what he might call off, if anything.
edit: response to whopper: yeah, I'd probably fold on the turn even though I called on the flop. If he pots it before the river card, you're getting 2:1. Since you need 4:1, you would need to be able to acquire 2 more pot-sized bets (turn pots that is).
In other words, you would have to bet 2/3 pot on the river after the flush came and he would have to call reliably for you to BREAK EVEN. Sounds like shit to me. Then again, it's all player dependent, would the guy call got a pot-sized bet on the river? He may think you're full of it.
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