Basic Poker tips: The Expected Value
I have noticed that even the most experienced gamblers (casino gamblers and online gamblers alike) are sometimes not very aware about certain important aspects of the games that they play. They don’t know certain terms, concepts, systems and classic strategies. A good analogy would be a professional basketball player who just knows how to shoot hoops, defend and rebound but who not only does not know what “rebound” means but is also not aware of the basic defensive and offensive strategies.
Because of this I decided to discuss these basic concepts and terms as a refresher course of sorts for online gamblers and casino gamblers.
The first concept I will discuss involves poker. It is called the Expected Value. The term, which is also known as the Expectation, is used extensively when talking about poker strategies. The term has its origins in probability mathematics and is used to explain the long-term advantage outcome of a particular scenario.
For people who want to calculate the expected value, one has to take all the possible outcomes and then multiply each of this by the probability of that outcome happening. After this you then add all of the numbers together.
The Expected Value is the foundation for a majority of non-psychological poker strategies. Mathematically speaking, the issue that a poker gambler has to face is in making decisions that has the highest expected value. The poker gambler should learn how to compute the Expected Value because this is going to be a big help in making more informed decisions in a variety of poker moves (bluffing, calling, check-raising).
by Mark on February 3rd, 2006 Posted in Gambling Tips, Poker | No Comments »