In poker, the expected value (EV) is a measure of the average outcome of a particular decision or play over a long period of time. It is used to determine the profitability of a particular action and to make informed decisions about whether to continue playing a hand or not.
EV is calculated by multiplying the probability of winning by the amount that can be won, and then subtracting the probability of losing multiplied by the amount that can be lost. In other words, it’s the sum of all the possible outcomes of a decision, weighted by the likelihood of each outcome occurring.
For example, if you have a pair of Aces and the pot is currently $100, and you have the option to either bet $50 or check, the EV of betting would be calculated as:
EV = (Probability of winning * Amount won) – (Probability of losing * Amount lost)
EV = (0.8 * 150) – (0.2 * 50) = $120
This means that, on average, you will win $120 if you make the bet, and $0 if you check.
EV helps players to understand the long-term profitability of a particular decision and to make the best decision based on the available information. It’s important to note that EV does not indicate whether a particular decision will result in a win or a loss, but it can give the player a sense of what to expect in the long run.