Re: Explain these poker concepts to me... like I\'m a 2 year old.
I think I'll have to disagree with the statement of Value Betting. Value Betting is when you bet and are a favorite to win the hand.
As an example: You raise PF with a pair of Aces, and "villian" re-raises (because unbenounced to you he has pocket kings) so you cap Pre-Flop.
The flop comes 2, 7, J rainbow. According to Poker Stove the pocket Aces are now a 91.6% favorite to win. When you bet this flop you are making a "value" bet, because for every bet you make, if matched by your opponent you are getting more money than the odds to win the hand.
Pot equity is just the amount of the pot in terms of big blinds or whatever unit you are using. So if you are playing 0.50/$1 limit, and you have a flush draw (4 flush currently) after the flop and there are 7 small bets in the pot before you have to call, you'd be getting 7:1 from the pot (not counting any implied action on later rounds if you hit the draw) so you therefore the pot has enough "equity" to make it profitable for you to call and hopefully hit your draw.
It's explained better in books. Yada Yada Yada
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