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OK, so 54.1%. That's better than 1:1 so I can call even a bigger than pot-sized bet on the flop.
Nope
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With a 54.1% chance to make your hand I would think you not only have the odds to call, but it is in your best interest to get as much money into the pot as possible.
Not helpful.
Op, forget all about odds for one moment and starting thinking about such things as the law of probabilty and gamblers fallacy.
If I plan to toss a coin 10 times, probability suggests I will get close to an even number of heads and tails.
So if go ahead and toss it and it comes up up heads nine times straight the odds of it coming up heads on the 10th toss are....evens. Put another way, probability can be "aggregated" looking forwards, but looking back (history) it cannot. If you wiki "gamblers fallacy" they have a neat little coin toss demo simulating this.
So on the flop (as you correctly surmise) you OESFD has great equity (generally at least 50%) however, that does not mean you can call a pot sized bet (stipulating ignoring all other factors, as we keep saying). This is because if you miss on the flop (which you will do roughly 2 times out of 3) all that lovely equity evaporates and you are folding to another large bet.
Bringing in some other factors:
You could call a pot sized bet on the flop, if you had some reason to think villain would check/bet small the turn (unlikely, villain has spotted danger, which is why he is making a pot sized bet in the first place)
You could call a pot sized bet on the flop if you've reason to believe villain will pay you off when you hit. Remember, it's hard to get good villains to pay you off on when your flush hits.
So if you want to use all that equity and you are IP to a pot sized bet on the flop, you could just shove it on the flop (the all in flop semi bluff). The dead money + your equity + your fold equity will make this plus EV.
Often however, this won't be necessary, because you won't be facing a pot sized bet, so a mixture of direct odds and implied odds, plus villains tendencies mean you can get better value from you monster draw playing it slower.
It's pretty important you get your head round this as OESFD are pretty rare and pretty easy to play. OESD & FSD happen all the time and are much trickier to play correctly, so you need to know what's going on equity wise.
Hope this helps
PS
One last point...calling draws (of any sort) without the correct odds is what fish do, and what we want them to do.
Last edited by Fatboy54; 11-29-2012 at 06:06 AM.