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 If pot odds haven’t convinced you that math is your friend, implied odds surely will. Especially when playing no-limit forms of poker, a player wants to be very conscious of his implied odds at all times, seeing as they will dictate exactly how much value can be extracted from a given situation at all points in a hand.

Like pot odds, implied odds deal with the ratio of potential winnings to investment. However unlike pot odds, implied odds consider potential winnings on all future streets in a hand, instead of just one. Why is this important?

Take the example of a small pocket pair dealt to you preflop. Small pocket pairs are very likely to be dominated once flops are seen, and even more so on the turn, and still more so on the river. Therefore, when deciding how to play hands like small pocket pairs, one needs to consider potential winnings when a hand hits the board. If an opponent has very little money in his stack and you know he plays a tight range, it may not be profitable to call his preflop raises. On the other hand, if an opponent has a massive stack (lots of money to be taken), you would want to consider it.

Factors to Consider When Calculating Implied Odds:

You want to consider two basic factors when analyzing implied odds. First and foremost, how much can I possibly win off of my opponent? Meaning, how much do you think your opponent will be willing to put into the pot on all future streets of a hand? Take into consideration stack size, your estimation of the strength of his hand. Basically, how far you think your opponent will go, in monetary terms.

Next, consider the ability of your opponent to identify your strength, and realize his weakness. If you know your opponent will not lay down AKo regardless of the cards that fall on the board, for example, you can play lots of marginal hands on the basis of implied odds alone. On the other hand, if you think your opponent will be able to lay down his marginal holdings on scary boards, or whenever you show strength, you probably won’t be able to milk that much money out of him when you hit.

That being said, it helps to also consider the conspicuousness/inconspicuousness of your hand once you make it. For example, a set of 3’s on a 3-6-T board will be very well disguised- your opponent probably won’t figure you for a set right away, and will presume you are simply continuation betting to try and move him off of a hand. On an A-K-3 board, the situation may be a bit different. Although your opponent might not put you on a set of 3’s exactly (if you showed preflop strength it is more likely he will assess you as holding an A or K hand), he will be able to see your strength. You must evaluate the strength of his hand against yours in these scenarios, and size your bets accordingly in order to maximize your implied odds.

An Example Calculation:

You and John are playing a game of heads-up $600NL poker. Your starting stack is $600, while John’s is $250. You hold 3-3 preflop, and are first to act in the small blind. You complete the blind. John raises to $18, 3 times the big blind. Is it worth it for you to call, to try to hit your set of 3’s?

Outs- 2 (two remaining 3’s)
Cards unseen-  52 minus 2 (cards seen dealt to you) equals 50.
Chance of making your hand on the flop: 2/50, or 25:1 against.
Pot Odds: $24:$12, or 2:1.

These are basic pot odds. Based on these alone, you surely should never call. But, you know (magically) that if you hit your set on the flop, your opponent will bet and call off his entire stack, since he holds AA (again, you know this magically). So,

Chance of making your hand: 2/50 = 0.04, or roughly 25:1 against.
Implied Odds: $268: $12, or 22.3333:1. (After you call $12 on the flop, the pot is $36. Add that to your opponent’s remaining stack, or ($250-$28), and you get $268 for the total possible amount you could win).

As we can see, the implied odds still do not make up for the slim chance that we make our hand. Our opponent has effectively cut us off from profitably drawing to our set. This is a good example of why may top players advocate not drawing to sets from small pocket pairs against short-stacked players: implied odds! The fact is that without this knowledge, most players would unprofitably call with their 3’s preflop, but you won’t- because you like making money, right?

The Types Of Freerolls

There are two basic types of freeroll tournaments: cash prizes and satellites.

Satellites

These types of freerolls will often attract less players and therefore increase your chances of winning. The downside to satellite freerolls is the number of paid places is very limited and often times only the top finisher will win the satellite. If you think you have what it takes to outlast 600 players and finish first to win a seat into a $10 buy-in tournament, this type of freeroll will be right up your alley.

Cash Prizes

Cash prize satellites will obviously attract more players because you're playing for a chance to win free money. Depending on the time of day you will often be up against 1,000-2,000 players. Several online poker sites offer prize pools of $500-$1,000 with a 1st place finish paying $100 which is not a shabby return considering you didn't pay a dime to enter the tournament. If you are just starting out and you do not have a bankroll, playing cash prize freerolls can be a great way to build one and practice your play at the same time.

Early Rounds

The early rounds of a freeroll is just reckless, players moving all-in on the first hand with 4♣3♠, and suddenly you have a 6 way all-in pot and within 30 seconds 5% of the registered players have been eliminated and two or three players have a stack 4-5 times as large as the other players. During this round you have one of two options: move all-in and hope to win or play tight and wait for your spot.

Moving All-In

Because you're playing in a free tournament, you have nothing to lose by putting all your chips in the middle, and if you win then you could very well cruise to the final table. Because there are always simultaneous freerolls you could register for a few and move all-in in on the first or second hand and if you win focus your efforts on that tournament. This of course boils down to pure luck and while there is no strategy involved it doesn't mean you should go in with 7♦ 2♠ either. You will always find callers to match your all-in after several hands, so you can wait until you're dealt A-x to make your move.

Play Tight/Aggressive

Playing tight during the early rounds allows you to avoid the reckless all-ins that are bound to occur if you so much as raise twice the big blind. Additionally it will also allow you to study the other players; who's playing to win and who's playing for fun. Once you have this information it will allow you to avoid pots with hyper aggressive maniacs but steal blinds and pots from the more conservative players. This strategy has the drawback that you will be faced with opponents that have you covered 20x, but at the same time you can easily double up through these players when you're dealt a premium hand. Avoid all-in confrontations pre-flop and instead focus on your post flop play when you flop the nuts.

Middle and Late Rounds

Once the field has been reduced to a third or a half, the freeroll will begin to resemble a regular tournament. Now players can start seeing the light at the end of the tunnel and the remaining survivors are much less likely to push all their chips in with a marginal hand after putting so much effort into lasting this long.

This is a good time to change your style of play. If up to this point you've been playing aggressively and pushing your chips in the middle, start playing ultra conservative. Similarly if you've been playing tight now is a good time to use your tight image to steal blinds and pots and start building your stack to make it to the final table. Changing your strategy will confuse your opponents who will have a harder time getting a read on you and this is exactly what you want.

The Final Table

After playing for hours, the blinds are in the thousands, the antes have been introduced, and only 8 or 9 players stand between you and first place. The most common mistake made by players here is to tighten up and wait for other players to knock out your opponents. The problem with this strategy is the blinds and antes will eat you up while one or two player continues to build their chip stacks. The key here is to take advantage of this conservative playing by most players, don't be afraid to push all-in against players who have less chips than you. This will allow you to make it to the final 3 and eventually heads up.

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Below is a complete chart of Poker hands ranked highest to lowest.

Hand	Example
Royal Flush Ace, King, Queen, Jack and Ten from the same suit
Straight Flush Five cards in consecutive order from the same suit
Four Of A Kind Four cards from different suits of the same rank
Full House Three of a kind and a pair
Flush Five cards of same suit
Straight Five cards in consecutive order, any combination of suits
Three Of A Kind Three cards from different suits displaying the same number or picture
Two Pair Two groups of two cards showing the same number (or picture)
Pair One pair of identically ranked cards
Nothing/High Card Where there is non of the above are present the highest card of your hand is taken. (ranked highest to lowest A, K, Q, J, 10, 9, 8, 7, 6, 5, 4, 3, 2)

How to Play.
Texas Hold’em is a deceptively simple game to learn but a harder game to master. Each player is dealt two personal cards and then five community cards are turned up on the board. You make the best five card hand using any combination of the seven cards. For this example we will use a low limit structure of $2/4. There are four betting rounds and the first two have a limit of $2 and the last two rounds have a limit of $4. You must bet or raise only the amount of the limit for that round.

The Start
To start a new hand, two "Blind" bets are put up or "Posted." The player immediately to the left of the dealer puts up or "posts" the small blind which half the minimum bet one dollar. The player to the left of the small blind posts the big blind which is equal to the minimum bet which is two dollars for this game. The rest of the players do not put up any money to start the hand. Because the deal rotates around the table, each player will eventually act as the big blind, small blind and dealer.

The Opening
Each player is dealt two cards face down with the player on the small blind receiving the first card and the player with the dealer button getting the last card. The first betting round begins with the player to the left of the big blind either putting in two dollars to "Call" the blind bet, or putting in four dollars to "raise" the big blind or folding his hand. The betting goes around the table in order until it reaches the player who posted the small blind. That player can call the bet by putting in one dollar since a dollar blind was already posted. The last person to act is the big blind. If no one has raised, the dealer will ask if they would like the option. This means the big blind has the option to raise or just "check." By checking the player does not put in any more money. A rookie mistake sometimes occurs here. Because the blind is a live bet live, the player with the big blind has already put his bet in. I have seen some players throw their cards in not realizing that they are already in the hand. Another rookie mistake is betting or folding your cards when it is not your turn. You must wait before you act.

The Flop
After the first betting round is completed, three cards are dealt and turned face up in the middle of the table. This is known as the "Flop." These are community cards used by all the players. Another betting round begins with the first active player to the left of the dealer button. The bet for this round is again two dollars.

The Turn
When the betting round after the flop is completed, the dealer turns a fourth card face up in the middle of the table. This is called the "Turn." The bet after the turn is now four dollars and begins again with the first active player to the left of the dealer.

The River
Following the betting round for the turn, the dealer will turn a fifth and final card face up. This is called the "river," and the final betting round begins with four dollars being the minimum bet.

The Showdown
To determine the winner, the players may use any combination of their two hole cards and the five cards on the "Board" (Table) to form the highest five-card hand. In some rare cases the best hand will be the five cards on board. Don’t count on this happening too often. In that case the active players will split the pot. A sixth card is never used to break a tie.