Implied Odds and Reverse Implied Odds
 
During the early and middle rounds of betting, having to call future bets usually reduces your apparent pot odds considerably, and you have to calculate your real or effective odds. However, there are times when the existence of future bets is the very reason you play a hand. Your immediate pot odds may not seem high enough to justify calling for one more card. But if that card may give you a monster hand that figures to get you a lot of action, you frequently don't need the initial odds from the pot. You'll get them later. These odds are what we mean by implied odds.
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Chip Values in Tournaments

 
Because of the dearness of those extra chips on your stack, you need to be more aware of the possibility of aggression from others. The value of position is heightened by the chip value mismatch. You should tend to be more careful about the hands you play from early or midposition. But at the same time, you can steal more from late position, because other players tend to be less likely to call a raise with a marginal hand. So play tighter from early position but more aggressive from late position in a tournament than you would in a regular game.

As the tournament progresses, the blinds or antes keep increasing, effectively making your stack size smaller and smaller (with respect to bet sizes). So as the tournament progresses, you have to be more and more willing to take on risk.

Taking on risk is not a bad thing. It's something you have to do to win. Most payoffs are heavily loaded toward the top end of the finishes. Finishing low in the money sometimes doesn't even return as much as your original buy-in. To get a decent win, you'll need to be among the last finishers, and this won't happen if you don't take some risks and get lucky. Just be selective in the situations you take those risks in.
 
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