Re: \"Value Bet\"?
"Positive EV when called" is the best definition I've seen in this thread.
Betting for value is not exclusive to made hands, or "best" hands. If Jim has top two pair, and Bob has nut flush draw, and there are 5 more players at the table with crap like bottom pair and backdoor straight draws, then both Jim and Bob can bet "for value". They are making money with every customer they get to call, regardless of the eventual outcome. Both Jim and Bob want callers.
If you want callers, you are probably "betting for value". (I'm trying to think of a case where this statement is false, but I cannot.)
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