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I decided to have a go at answering this myself. The situation is you against one other player who has a made hand, and you have N outs. Before the turn, the 1-step EV (ignoring any bets on the river) is EV1 = N/47 * X + (47-N)/47 * (-10) The two-step EV, taking river bets into account, is EV2 = N/47 * X + (47-N)/47 * [ N/46 * (X + 20) + (46-N)/46 ...
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