Odds generally refer to the chance you have of winning a particular hand. Your chance to win can be expressed in different forms. Regardless of the form, when talking in the general sense odds simply mean your chance of winning.

Definition

Precisely how the odds are calculated can greatly alter what their value is. There are several distinct methods for computing odds. Each has particular strengths and weaknesses.

Limited Event Odds

When referring to a single event, or a limited series of events, it becomes a lot clearer as to what the correct odds are.

These types of situations could include the chance of getting a particular hand by drawing one or more cards; or it may be the outcome of a series of random events, such as your chance to win with a given hand against several random draws.

Multiple Dependent Non-Random Events

When referring to several events, dependent events, and events involving non-determinism (such as people's intentions) the calculation of odds becomes very murky. Even when a particular approach is decided upon the actual calculations can be very costly and thus not always precise.

This tends to include situations where there are multiple players on a second or third betting round, each player is working towards a particular draw, and one player wishes to calculate his implied pot odds based on his expectation of the other players.

These situations are very common and the root of why computer opponents are difficult to construct.