Poker
Understanding EV in Poker
As a poker enthusiast, you may come across phrases like “positive expectation, positive expected value, +EV,” or “negative expectation, negative expected value, -EV.” This may seem like a foreign language, but the concept of expected value is a relatively simple one that you probably already understand.
EV Explained
Expected value is simply the likelihood of a play to make money over time. If you make a certain play and lose, it could simply be a function of the odds. Your goal should be to make positive EV plays at all times and not worry about the outcome of any individual hand.
This is true in all forms of gambling no matter if you play online poker on Ultimate Bet or Absolute Poker etc, bet on sports or are a slots junkie.
Understanding the EV of Your Play
A positive EV play is simply one that is merited by the odds. If you are getting 4-to-1 pot odds and you are 3-to-1 to make your hand, you have a positive EV situation. If you are getting 4-to-1 and your true odds are 6-to-1, you are making a negative EV play. The extent of your expected value can be expressed in specific situations in terms of percentages or actual dollar value, as in, this play is +20 percent EV.
EV Without Math
Sometimes people will talk about expected value outside of the math of poker. For example, some may say that taking the time to observe tables to find one with mostly loose players is +EV. Others may say that seeing every flop in Omaha is –EV. These are of course not verifiable facts, they are simply ways poker players have of saying that certain behaviors in the poker world are likely to be profitable, whereas others are not.
Rakeback Improves Your Overall EV
Savvy poker players always play with something called rakeback. Every time a player wins a pot, the poker site will deduct money. This is called rake.
A player who signs up with a rakeback deal, however, will get a piece of this rake back – usually around 30 % - 50 %. This money will add up over time and become quite sizable amounts. So if you wish to maximize your EV, and want to sign up with Pacific Poker or Full Tilt for instance, make sure you find the best rakeback deal before you create an account.
