Re: Pot Equity
Equity = chance your hand has of winning * amount in the pot
If the equity > the cost of an action, then you can profitably take that action based upon the money in the pot.
Equity doesn't take into account implied pot odds (say you're facing one bet and are trying to decide what to do), but you can adjust the size of the pot upwards and achieve a figure which has no convenient name but you might call "implied equity."
Equity shows us that we should sometimes make nonintuitive plays if it helps us to win the pot. For example, if we have 3.5 BB of equity in the pot, and we're facing two bets on the turn, then we can profitably reraise to defend our equity if it achieves a strategic purpose.
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