Expected value!?

#1 30th August 2007, 4:24 PM

As simply as you can, bearing in mind i'm not aware of all the poker terminology, can you explain expected value?

Implimenting expected value into poker scenario's would be useful, it helped me understand pot odds. Be thorough if you can, break it down, i know it's a nightmare but i'm a nice lad and your help, although un-rewarded will hopefully stay with me forever!

Once again, cheers,

Jonny.

#2 30th August 2007, 4:34 PM

Put simply, it's the average net result in the long run of making a certain decision.

Let's say you flip an unbiased coin with a friend. If it comes up heads, you give him $1. If it comes up tails, he gives you $2.

The expected value of each flip of the coin is the sum of the probability of each outcome multiplied by the net result of the same outcome. In this case...

EV = (0.5*-1)+(0.5*2) = 0.5

So you will, on average, be gaining 50 cents with each flip of the coin, obviously making this a wager you would want to take!

For a more in-depth explanation which includes poker-related examples, read this Expected Value article from FP.

#3 30th August 2007, 6:22 PM

Quote:

Originally Posted by Dorkus Malorkus

Put simply,

Impossible to do. Books and articles do a way better job of explaining EV than any of us could do here (applause for DM's valiant effort). There are entire chapters written on the subject due to its complexity.

Similar Threads for: Expected value!? > Texas Hold'em Poker
Thread	Replies	Last Post	Forum	Thread Starter
ICM Calculator for calculating final table chops	16	21st February 2012 9:05 PM	Poker Software & Tools	Poker Orifice
Does Size Really Matter?	51	30th September 2011 12:51 AM	General Poker	CAMurray
What is expected win on PT3?	2	24th May 2011 1:54 AM	Learning Poker	watchtowel
What does this mean??	26	22nd February 2011 5:32 AM	Tournament Poker	Potheadwoman

Play Texas Hold'em Online Poker \| Expected value!?
BetOnline Poker is a top online poker site accepting all US players with an INSTANT cash bonus of up to $900 FREE. It also has a casino and sports betting available.	PokerStars is one of the best places to play poker online. Use PokerStars marketing code CCHAT for a $600 bonus. Note: No US Players Accepted.