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[QUOTE="Toad, post: 857666, member: 32841"]
Implied odds are what you expect to win if you hit your hand.  Stack size is a big factor in implied odds as well as how likely it is that your opponent will call your future bets (i.e. How well is your hand concealed?)
 
Set mining is a good example....
 
Based on pot odds only, set mining would usually be a losing play.  The odds of hitting your set on the flop are about 8:1 so you would want 8+ people in on the hand in order to make seeing the flop worthwhile.  Pretty rare that you'll see that many people in on a hand.
 
But the implied odds make it worthwhile to see the flop sometimes.  If you do hit your set you have a monster hand that is very well concealed.  Chances are you will be able to get alot more money out of your opponent because he doesn't see the set coming.
 
The other thing to take into account is stack sizes.  If your opponent (or you) are short stacked the amount of money you can win is decreased so your implied odds go way down.  That's why set mining is -EV when you are up against someone who jsut bought in for the minimum.
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