Expected Error, or how wrong you expect to be - LessWrong 2.0.

As implied by the name, this is only a “expected” value and will not be given every time. So enjoy these charts and use them wisely. This page has more statistics than the eye can handle, use what you need! Poker Room has this chart, which you enter your hand through the web and it determines the expected value you can get by playing the hand.

Expected value poker definition

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Expected Value Calculator - Good Calculators.

Expected Value Definition. The expected value or expectation, abbreviated EV, of a move is the average gain or loss that results from a situation taking into account all possible outcomes and their probabilities. Calculation of the Expectation. To calculate the expected value, one must know the probabilities and payoffs of all possible outcomes give what has already transpired.Subsection 2.3.2 Expected Value. Definition 2.3.7. The expected value of a game of chance is the average net gain or loss that we would expect per game if we played the game many times. We compute the expected value by multiplying the value of each outcome by its probability of occurring and then add up all of the products.Expected value is a mathematical concept used to judge whether calling a raise in a game of poker will be profitable. When an opponent raises a pot in poker, such as on the flop or river, your decision whether to call or fold is more or less completely dependant on expected value. This is the calculation of whether the probability of winning a pot will make a call profitable in the long-term.


Given that folding yields an expected value (EV) of zero, you want to choose to raise with hands which will have a positive EV. Below is a chart outlining the RFI ranges for a 6-max table (taken from our free preflop charts ), assuming effective stack sizes are 100 big blinds.Part III then contends that the Court should interpret footnote 5's standard as encapsulating the probability concept of expected value.The Part justifies this augmented standard through legal precedent, additional probability principles, and practical concerns.

Expected value poker definition

Expected value shows us the value that is to be expected from engaging in a lottery (or risky situation) where there are 2 or more possible outcomes. Likewise, Expected utility shows us the utility that is expected out of a lottery with two or more possibilities. Remember that utility shows the satisfaction or happiness derived from a good.

Expected value poker definition

Jackpot generally refers to the largest possible prize in a certain game. In the context of poker it usually refers to the bad beat jackpot. The bad beat jackpot is awarded when a sufficiently strong hand (usually good four of a kind or better in Hold’em) loses to an even stronger hand after the chips go all in. Since such losses are very rare, the jackpotpayout is usually very large.

Expected value poker definition

Expected value is an ideal way to make decisions because it allows you to quantify and incorporate risk into your decision making, as well as balance potentially good and bad outcomes in the same equation—since good and bad outcomes are both possible. Unfortunately, trying to calculate it outright is a nightmare for non-statisticians. A Basic Example. The easiest way to think about expected.

Probability and Expected Value - GitHub Pages.

Expected value poker definition

Equity. Noun. Pot Equity; the average amount of money that a particular hand would win if the specific situation were repeated a large number of times; at a given point, the amount of money at stake in the pot multiplied by the percentage chance of winning. Different from expected value because it does not account for the cost of additional wagers.

Expected value poker definition

In probability theory, an expected value is the theoretical mean value of a numerical experiment over many repetitions of the experiment. Expected value is a measure of central tendency; a value for which the results will tend to. When a probability distribution is normal, a plurality of the outcomes will be close to the expected value. Any given random variable contains a wealth of information.

Expected value poker definition

Definition A float is a move. Float as a Bluff. One does not need a made hand to execute a float, even though the expected value will be elevated when one possesses a draw with which one could win the showdown if it were completed. Calling a continuation bet can be done as a pure bluff to represent a strong hand or slowplay or to show an opponent that the pot will not be easily won and to.

Expected value poker definition

Value. The estimated or appraised worth of any object or property, calculated in money. The word value has many meanings and may be used in different senses. Because value is usually a relative term, its true meaning must be determined by the context in which it appears.

Expected value poker definition

Value Betting. By Donovan Panone To lead off this lesson, let’s first define what we mean by a “value bet”. A value bet is not just betting really small to induce someone into calling. A value bet means that you have sized your bet the perfect amount to get the most value possible from a hand worse than yours. A common mistake players make on the river is checking behind “just in case.

Practical meaning of expected value. - Cross Validated.

Expected value poker definition

Buy-a-Feature activities can help put these limited resources into perspective for stakeholders who seem to want everything all at once. It can also make strategic sense to use this approach if your team has already attempted other means of market research—say, conducting customer surveys—but found that the respondents to those inquiries seemed to want everything, and all of it now.

Expected value poker definition

Insurance is a side bet (often made with other players at the table) that our hand won’t hold up after all the chips have gone in. It functions very much like any insurance policy. If our hand holds up we pay a small fee for the policy. If our hand gets sucked out on, the granter of the insurance will typically pay us the value of our equity in the pot (or possibly even the entire pot.

Expected value poker definition

Learning how to calculate implied probability from betting odds is key to assessing the potential value in a betting market. Implied probability is a conversion of betting odds into a percentage. It takes into account the bookmaker margin to express the expected probability of an outcome occurring.