Poker has a language somewhat
to itself. Here is a glossary to familiarize yourself with poker terminology.
Many of the words in this glossary are linked to one another. If you
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Implied odds are similar to pot odds, except that the money in the pot is not actually there yet. In an extreme case, if you're first to call a bet, and you know for a certainty that the eight players to act after you will all call (and not raise), you have great implied odds. Similarly if you know that several players in the hand will pay you off when you make your flush - you can act as though the pot were larger. In general, implied odds is just a way of referring to odds that require some estimation.
In the Air
Traditionally, a poker tournament starts when the tournament director (or whoever's running things) instructs the dealers to get the cards "in the air." This just means to start dealing.
Inside Straight (Draw)
An inside straight draw is a draw to a straight that's missing one of the cards in the middle (as opposed to on the end). 4578 is an inside straight, 4567 is an outside straight. Also called a one-gapper or a gutshot.
Insurance
In big bet poker, it is possible to reach a situation in which you are uncomfortable with the amount of money you have invested in a pot. To reduce variance, players will sometimes take insurance against an unfortunate outcome, essentially selling the actual outcome of the hand for its mathematical equity (at a slight discount). For example, if you hold a flush against a player who has three of a kind, your equity in the pot is a percentage of the pot equal to the probability that the other player will not fill up. If the pot is large, and you don't want to risk coming away with nothing, you might take insurance from somebody who has more money and would be glad to have the overlay.
Isolate
To raise with the intention of thinning the field to yourself and a single other player is to isolate that player.
It
"It" usually refers to the largest amount anyone has yet bet in a round. If someone opens for $5, and the next player raises $10, they're "making it $15." With the exception of all-in players, if a player wants to see the next round, eventually they have to match whatever "it" is. "It" can also mean the amount required to call. So if someone bets $5 and two other players each raise $5 in the same betting round, they may ask "what's it to me?" The correct answer is, "Pay attention."
