In poker, the term “implied odds” refers to the expected profit which the player may receive in the future if they win with their hand. This term is used to evaluate the profitability of bets in situations where the player has a draw (an incomplete hand).

Implied odds take into account not only the current size of the pot and cost of calling the bet (as with current pot odds), but also possible future bets which the player may win if they win their hand.

When calculating implied odds, the player evaluates how much money they can win from their opponents if their hand improves and compares it with the current costs of calling bets. If the implied odds are large, then calling could be the right decision, even if current odds on the pot aren’t very lucrative.

Implied odds play an important role in No limit hold ‘em, where bet size is unlimited and the size of the pot can fluctuate drastically at various stages of the game.