Some thoughts on pot odds....
Pot odds are tough to explain, but a friend of mine said it best. He said that if the percentage to win the hand is greater than the percentage of money you contribute to a pot to make a call, you are making a correct mathematical call. While the percentage can be low, if you continue to make the same correct mathematical call throughout the course of your career the money in the pots you win will far outweigh the money you lose in pots you don't win.
Heres a simple example
the blinds are 1/2 you are in the bb, and someone goes all in for 4 total and the play folds around to you. you have A2. It costs you 2 to win a pot of 7. thats his bet 4 + your big blind 2 + small blind 1 =7 and to make the call it costs you 2. 7/2= 3.5 to 1 odds
this means if you are less than a 73%-27% underdog the call is a good one
with any ace it is pretty easy to call getting more than 2-1 odds.
he shows KK
you are a 70%-%30 underdog about 3.3 to 1
If you infinitely ran ace 2 against kk for those pot odds, ace 2 would make money.
As far as tournaments go, If i am in the small blind and at least 2 people limp in front of me, there is no hand I can fold for a call of the blind. If 2 people call, I am getting 7 to 1 odds to call the blind. These are great odds even for 72.
As far as the big blind goes If someone minimum raises my blind I like to make them pay by calling with any hand to suck out as I am getting at least 3 to 1 odds to make the call.
Pot odds can be used in many situations but the most helpful times to use them is when you are trying to decide whether to call in the blinds or to make a call on a draw. There are times when you should ignore pot odds, and times when you can't.
One caveat about pot odds... Your shortstacked friends will hate you.