1. What is Expected Value in Poker?

Expected Value (EV) is a fundamental concept in poker that represents the average amount a player can expect to win or lose per bet if the same situation were repeated multiple times. A positive EV indicates a profitable play in the long run, while negative EV indicates a losing play.

2. How Does the EV Calculator Work?

The calculator uses the EV equation:

Where:

• \( P_{win} \) — Probability of winning (0 to 1)
• \( A_{win} \) — Amount won when successful (positive value)
• \( P_{lose} \) — Probability of losing (0 to 1)
• \( A_{lose} \) — Amount lost when unsuccessful (negative value)

Explanation: The equation calculates the weighted average of all possible outcomes, showing the long-term expectation of a play.

3. Importance of EV Calculation

Details: Understanding EV helps poker players make mathematically correct decisions, identify profitable plays, and avoid common mistakes based on short-term results.

4. Using the Calculator

Tips: Enter probabilities as decimals between 0 and 1. Amounts should be in consistent units (chips or currency). Remember that P_win + P_lose should be ≤ 1 (remaining probability is for ties or other outcomes).

5. Frequently Asked Questions (FAQ)

Q1: What does a positive EV mean?
A: A positive EV indicates a play that will be profitable in the long run if repeated many times under the same conditions.

Q2: How accurate are EV calculations?
A: EV calculations are mathematically precise, but their practical accuracy depends on correctly estimating the probabilities and outcomes.

Q3: Should I always make +EV plays?
A: Generally yes, but bankroll considerations and opponent tendencies may sometimes justify deviations.

Q4: How does EV relate to variance?
A: EV shows long-term expectation while variance describes short-term fluctuations. A +EV play can lose money in the short term.

Q5: Can EV be used for tournament poker?
A: Yes, but tournament EV (cEV) may need adjustment for ICM (Independent Chip Model) considerations in late stages.