I had a situation today that had me wondering whether I should call or fold after missing the flop with a low pocket pair:
I had pocket 5s in a 1/3 game. I raised to $15. There were 3 callers. The flop came 3J9 rainbow. I checked, the next player bet $25 and the pot had roughly $35. Two players folded. Should I have called or folded?
Looking at this in terms of pot odds and equity, I have a 4% chance to draw another 5 card and make a set (2 outs * 2 using the rule of 2 and 4). If I call, I am betting $25 to win a $85 pot, so I need to be right 29% of the time.
Those odds are really not in my favor. However, it might still be profitable due to implied odds.
My question is how can I quickly determine whether to call or fold in this type of scenario in a live game? I know there is an implied odds equation that allows solving for the amount I'd need to earn on future streets but I need something simpler for quick decisions in a live game.
Currently what I do is I tend to call and see one more card if the bet is at most pot-sized and the bet is small (10BB or less). My reasoning is that if I hit the set on the turn, I can often end up stacking my opponent. Another reason is I often see opponents c-bet the flop and check the turn, so I often get to mine two more cards instead of one.