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8

When I tell my non-poker playing friends that I play poker they thing I'm gambling - until I give them the following explaination. Poker, played correctly, is not gambling in my opinion. And I think this is a good way to explain EV to non-poker players or new players. The idea in poker is to do two things - make correct decisions based on available ...


7

Probability: the chance of a particular outcome. More precisely, the probability of any given outcome is the ratio of all the favorable outcomes and every outcome that is possible. (so favorable / everything) The probability of throwing 6 with a dice is exactly 1/6 because all the sides are perfectly equal, there are 6 of them but only 1 is favorable in ...


4

Direct EV calculations are the first step in figuring out how to calculate "maximized EV" based on situational considerations. To become a better player, you will very much care about the size of your positive EV. Sure, the basic EV calculations say to either bet, call or fold based on card odds vs pot odds. Usually, you're only really looking for a ...


3

Say we have a $1 million raffle that has only two tickets: a winner and a loser. I give you a random ticket and tell you that you MUST sell it. How much money should you sell it for? (I.e. how much is it worth?) A. $1 million? No, because it could just as easily be worth $0. B. $0? No, because it could just as easily be worth $1 million. C. $0.5 million? ...


2

this page does a very good job of explaining variance and expected value http://www.thepokerbank.com/strategy/other/variance/


2

KQ offsuit apparently has about 48 - 50 % equity against that range (I calculated this using an equity calculator). So, given that the all-in was preflop, you essentially have a coin-flip. So it's very hard to determine if a call here would be +EV or -EV, especially because figuring out that range is always very hard. So the calculation of equity can (and ...


2

First of all it's important to explain that EV is a concept rooted in the law of large numbers, and which poker players use to calculate risk and reward. I'll get back to this concept. When calculating EV a poker player takes a few things into consideration: 1) The size of the pot 2) The probability of winning that pot 2) The size of the bet they're faced ...


2

If you have a simple 6 side dice you can arrange a simple demonstration. Tell your friends you'll give them 1$ in every throw if the result is 3-6, and they have to pay 1$ if it is 1-2. Tell them you're going to play 5 rounds and what they expect in terms of money won / lost. Then play the game and compare the results to their estimation. Intuitively they ...


2

Say that we decide to bet on coin flips. In the first case, I will give you $1 every time that it is heads, and you will give me $1 every time that it is tails. Simple logic will tell you that since 1/2 of the time I owe you $1 (heads) and the other 1/2 of the time you owe me $1 (tails) that if we flip the coin enough times, it will even out. In this ...



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