I am reading about Odds, Pot Odds and Expected Values. As I understand Odds, they are a way to compare how many times you win vs how many times you lost. For example flipping a coin gives you odds of 1:1 and throwing a dice of 1:5 for one specific side. But in the Article Pot Odds and Expected Value they give two examples:
- Example with the nut flush draw:
You have the nut flush draw (nine outs) on the flop and the pot is $4. Your opponent bets $1. There is now $5 in the pot ($4 + $1), and it is $1 to call. The pot odds are therefore 5:1.
According to the chart above, your odds are 4:1 to hit your flush draw. The pot odds are higher. You should therefore call.
You can see why this call is correct by looking at the long-term picture. If you make this call four times, mathematics says that you will hit your draw once. That means you will win $5 for every $4 (4 * $1) you invest. That is good business.
Here they interpret Odds of 4:1 to mean "If you make this call four times, mathematics says that you will hit your draw once", which is quite opposite to my interpretation above, so what interpretation is correct, am I wrong or has the article an error? Also in the second example they wrote for Odds of 10:1 that "In this instance, you would need to play ten times in order to win $30", also an opposite interpreation to mine? Could someone please explain?