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Ok so I finished my post, shut down my work computer and walked to my car to drive home and on the way to the car I thought of a couple of things that made this even more marginal - and of course figured out that I'd applied my implied odds calculations incorrectly.
Let's correct the outright mistake first. I'll do that by using a simplified example of why my implied odds calculation works. Skip to Back to the hand if not interested.
Nothing to do with the actual hand
Let's say a pot (pre-bet) is 10 and you are facing a bet of 5. So you are looking to call 5 to win 15 that is out there already or the total pot of 20 once you've called. That right there is basically the difference between odds notations and equity notation (25% pot equity is 1/4 - pot odds are 3-1 against.) And that's basically the type of error I made. On to the generic explanation.
Let's say the situation is as I just described with no money behind. We can calculate that the portion of our call into the post-call pot is 25% of the pot which means we have 25% pot equity which means we need 25% hand strength equity (or more) for the call to be profitable. So with a simplified deck we could say that if there are four cards left in the deck and one of them makes us a winner and the other three makes us losers we are breakeven to call. That's back to the odds notation again. 3 winners, 1 loser => 3-1 against.
Let's fix the pot and bet sizes, give us 20% chance to be good (five card deck, 1 winner, 4 losers), say there is money behind and try to figure out how much we need to win on a later street for calling on this street to be profitable. Ok, in the 4 events where we miss we reckon we're losing and we're folding and giving up our equity. In 1 event we reckon we're winning and we're putting in more money. In all 5 events we are paying 5 on this street. The pot started at 10, is 15 with the bet that we call and becomes 20 with our call. We have paid 25 total so the 1 time that we are winning we need to win an additional 5 to be breakeven or more to be profitable. We calculate this 5 using either equity or odds. Another way of saying it is that we lose 5 four times and win 15 one time, so since 4*5 = 20 we need to win 5 more the one time that we win for it to be breakeven.
Equity: Bet / chance to win - post-call pot size: 5 / 0.2 - 20 = 25 - 20 = 5. Note that dividing by 1/5 is the same as multiplying by 5.
Odds: Bet * outs to lose / outs to win - pre-call pot size: 5 * 4 / 1 - 15 = 20 - 15 = 5
The main point I have in favour of using the odds notation is that the pre-call pot size is known (on some poker sites at least) without calculation. I find it quicker to mentally only have to do one calculation instead of having to first calculate the pot size that is relevant and then keep it in my head while I calculate the other particulars and then use it at the end. In hand history analysis we typically have to add the bet to the pot to get the pre-call pot size, but when doing hand history analysis we have time for it.
Back to the hand
Bottom line from my ramblings in the previous post was that I'll fold to a shove if the 9d comes on the river, but maybe call a smaller bet if I think the bet size makes me 0 EV or better against the opponents range (if it's wide enough to have sets, two pair, non-diamond kings etc in it). Not sure about the bet size but probably not above $2. So 9d is still not an out, and I'm discounting 1 flush card (no longer 1.5) because I think flushes (or Kd flush draws with straight and perhaps a flop pair) are quite big in the villain's range.
That means I'm now considering 11 cards as outs of 45 (the flush discount also counts here) with 34 bad cards.
$1.2 * 34 / 11 - $2.25 = $1.46 to be won on average on the river for calling to be profitable - if we have 11 clean outs.
In my previous post I focused a lot on 9d8d, Kd9d and Kdx with 9d coming on river and I guess we can extend that to 9dx with 8d coming on river as ways we can get in trouble. What I was thinking was that those hands mean we can run into a reverse implied odds situation when we improve, and the additional amount of money we lose ($4.47 in addition to the $1.2 we are looking at paying now - almost multiplies the risk by 5) means for each of the hands in the opponents range that beats us we need 5 hand combinations in the hand range that we beat. I pulled the number 20 pretty much out of thin air, and the number 10 is a bit better but also not perfect. The 'risk multiplied by 5' observation is not an EV calculation and the pot size also counts.
One way we can eliminate risk is to say that neither 9d nor 8d are outs (1.2 * 35 / 10 - $2.25 = $1.95) - the corrolary to that is doing an EV calculation for what happens when 9d or 8d hit and we sometimes win, sometimes lose and try to determine whether they should be considered outs or not. My instincts tell me that 9d will be -EV and 8d will be around 0 EV.
My problem with this 'risk multiplied by 5' thing is that it suggests that for each 9d8d we need to find 5 hand combinations that we beat - and while that's easy enough for 9d8d, what happens if the villain is truly playing any suited and can hold 9d7d, 9d6d, 9d5d, 9d4d etc. With any two suited there are literally 36 hand combinations. 8 are Kdxd, 7 are 9dxd, 6 are 8dxd and only 15 have none of those 3 cards that can make straight flushes. That's 14 combinations that make 9d a straight flush and 7 that make 8d a straight flush and it's the majority of the made flush range I thought was good for us. We still beat all but two of these hand combinations with a Kd (included in one of the two) or 7d- but still. Hitting 9d and 8d are certainly not hot prospects as literally the majority of the flush range becomes straight flushes.
Ok, so we may need to look beyond flushes. And now we come to my other problem that I started this post with. will641 said opponents play looked a lot like a K and while Kd is a special case that will be happy to stack off to us (on anything except 9d where we fold) I'm guessing by the way will641 said it he's thinking about non-diamond kings also. And this worries me. Non-diamond kings in our opponents range hurt our implied odds a LOT. Let's take Ks8s as an example.
Let's say he has Ks8s, we call, river is an ace, queen or diamond (not 8 or 9) he checks, we bet (shove probably) and villain folds. Oops - we need an average $1.95 or whatever on the river and a hand like this in our opponents range is going to give us on average $0 extra. With 4 to a flush on the board even straights can fold. The flush cards that make our hand are scare cards to any part of the opponents range that is not a flush. Flush cards may even be scare cards to 7d6d type flushes or Ks5d flushes. Our opponent may be willing and seeking to stack off on this street, but the rivers that we want him to stack off on are likely to be the rivers he is least likely to stack off on.
The irony here is that the villain may have a lot of weak hands in his range that are still ahead of us on the turn - and then when we improve on the river they are weak enough that he can maybe fold them. And we can't even check/check showdown and expect to win any reasonable percentage of the time when we miss.
The only real comfort is the part of the villain's range that is Kd. Like AsKd, KdQh, KdJc, KdTh etc. Luckily this range should be pretty wide and almost 100% willing to stack off on any river that hits our range. The back-door comfort is the non-diamond king with the raggy diamond which also hits a flush on the river and might be willing to stack off.
I think if we have a strong feeling that villain does this with 'any king' we have to fold. If villain does this with mostly Kdx and flushes we can call for implied odds.
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