> Because that's what she would have had to know, his cards, and the next cards in the deck in order.

She would only have to know that if it was an absolute requirement that she wins the hand.

It's not--she can take a positive expectation, which includes a coin flip, and still be wildly profitable.

The outcome of the last two cards isn't overly important, just the state of the game when she committed $109,000.

> He has more outs

You've made a fundamental error here. He's the only one with outs, as outs refer to cards that will improve your hand to be the winner. She doesn't have outs, because her hand is better than his at every single point.

I think your points are reasonably well thought out, they're just missing some fundamental knowledge required to make any kind of valid determination.