Under the circumstances of this example: Worm will bet their nut hand two times, for every one time they bluff against Mike's hand (assuming Mike's hand would lose to the nuts and beat a bluff). This means that (if Mike called all three bets) Mike would win one time, and lose two times, and would break even against 2-to-1 pot odds. This also means that Worm's odds against bluffing is also 2-to-1 (since they will value bet twice, and bluff once).