EV, Dont understand.

[Kurn, son of Mogh]

Let's say you're playing 1/2 limit. On the turn there is $12 in the pot and you have a draw to the nut flush and your opponent has an overpair (thus you have no outs other than the flush and your opponent cannot make a full house) Your opponent bets. There is now $14 in the pot and it costs you $2 to call. approx 1 time in 5, your draw hits and you win.

Thus for every 5 repititions, you invest a total of $10, and collect $14 the 1/5 of the time you hit, for a net profit of $4, divided by 5 hands = an EV for the call of +$0.80.

Theoretically, every time you call in this situation, you earn $.80, or 0.4 big bets.

That's what is meant by a +EV decision.

EV = Expected Value

[iNsChris]

THanks everyone, Fully understood now - Ill get a EV chart and print it off to look at it now and again, Want to see what hands are -EV also.

Thanks guys.

[Noobee]

Ok I'm gonna take these questions one step further...

Can you folks clarify the relationship between EV and Pot Equity?

[Pov]

[ QUOTE ]
Ok I'm gonna take these questions one step further...

Can you folks clarify the relationship between EV and Pot Equity?

[/ QUOTE ]

I'll take the first stab - I'm sure others will add, correct and refine. Your pot equity is the product of your % chance of winning the hand and the money in the pot. So if there is a $20 pot and you are 40% to win the pot you have $8 in pot equity. If someone makes a $4 bet on the turn then clearly it would be +EV to call this bet since you wouldn't want to give away $8 in equity when it only costs you $4 to call.

The other place you see this a lot is when someone is discussing a pot equity edge. This arises when your % chance of winning is higher than the % of the bets going into the pot. So let's say there are 5 people (including you) at the flop and you pick up the nut flush draw. Assuming everyone calls, you make good money on betting and raising here because of your pot equity edge. You know you'll make your flush about 35% of the time, but if everyone stays you're only contributing 20% of the money on all bets and raises so you are making money on every bet that goes in. So even if there were no money in the pot at all preflop you would actually be making money on the flop bets alone.

[Kurn, son of Mogh]

In the example I posted above where the pot = $14 and you need to put in $2 to call, the EV is +$0.80 (each time you call you theoretically win $.80).

In that example with $14 in the pot that you stand to win ~20% of the time, your pot equity = $2.80.

EV is the long term value of the play, pot equity is the value you have in the pot right now.

The example is a bit simplistic. Pot equity calculations come into play more when facing a decision of raising with a hand that is not the best right now in order to thin the field or buy a free card and thus either increase the probability of you winning the pot if you improve or to give you two chances to improve and win.