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Here's a more specific look at those four outs he had, on the first hand.
If I am on the flush draw, my odds to hit with two cards to come are 35%, or about 2% better than 2:1. He then has four outs (in one card) to beat that, because 1. it's only relevant if I hit my flush, and 2. if I hit my flush on one card, he can't possibly make his draw on that card, so now he's only got one card left. His 4 outs are out of 46 remaining cards, so that's 1 in 11.5, or 10.5 to 1 against, or about 8.5% likely to happen. My flush is invalidated 8.5% of the time after I hit it, so I am left with about a 32% chance of winning the hand (.35 x .915 = .32). That's now just a hair worse than 2:1 odds; for calculating odds during a hand it may as well be 2:1. This is all of course assuming that he always has two pair (not a set or TPTK, or whatever else he might have). This also assumes his two pair incorporates the two clubs on the board; otherwise you have to adjust my outs a little bit downward for the possibility that one of my club outs will give him the boat.
My pot odds were as I mentioned almost exactly 2:1. There was $12 in the pot on the flop, and I bet $4 to make it $16; he pushed all in for $24, making my call $20 to win $40. So basically this is not a positive or negative expectation play, which in my book makes it better than folding.
But especially on the days I win.
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