Expected value is a very important concept in poker. When you make decisions that have a positive expected value you'll be profitable in the long run. Poker is all about making the best decision you can with limited information. In other words, +EV (plus expected value) decisions. Here's how to do it. Sports Betting Expected Value most sports bets are –EV. That’s the nature of the game: gambling sites, Las Vegas sportsbooks, UK betting shops.
Should You Bet On It? The Mathematics of Gambling
This is a situation that can arise fairly often in poker - since most bets are for a pot-sized bet or less even in no limit games, you are typically laying yourself a price of better than 1: This is where knowledge and experience come into play. I bet you didn't know that one off the top of your head - and there are a ton of applications of the concept of expected value to poker. Keep this in mind when spotting off market moneylines at one of the online betting sites you use to price shop. Many beginning players will raise the minimum here because they are afraid of making their opponent fold. Texas Holdem Betting Rules: Does this mean you should slow play by only betting a small amount or even checking?
Sports Betting Expected Value
The phrase "expected value" is a phrase that didn't enter the sphere of poker jargon until relatively recently. Low stakes regulars before the poker boom were certainly not discussing it, but these days it's tough to get too far into a respectable poker book or strategy subforum without seeing it loosely tossed around. In essence, "expected value" is a concept in probability that is used to describe the average outcome of a given scenario when the scenario hinges on an uncertain, probabilistic event.
Let's take a standard, unweighted coin as an example. The average outcome here is also fairly straightforward. You would expect, on average, to be paid 50 cents.
But there's a little bit of a disconnect here. The 50 cents answer seems obvious here, but how did we actually get to it? It feels somewhat unintuitive because we don't ever actually get paid 50 cents. The expected value in this example is described by considering what happens when we take the scenario and repeat it many, many times - an infinite number of times in fact.
We have to do this because it takes an infinite number of flips for us to be guaranteed that we flip an equal number of heads and tails. Given that our probabilities will "work out" to be correct in the long run, we can use them to calculate the average outcome for our scenario, which inherently assumes the long run.
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The probability of winning see the Roulette Mathematics page for more info on Roulette probabilities a bet on black is 18 in 38 and the probability of losing is therefore 20 in If we substitute these figures into the equation above, we get:.
This figure of This loss is incurred because of the house edge that all casinos operate with, which ensures that they make a profit in the long-term.
To work out the Expected Value for a string of identical bets requires a knowledge of probability theory , since probabilities are an important part of the equation that is used to work out Expected Value. The decimal version is the most mathematically common and is easiest to work with. To work out the probability of something, simply divide the total possibilities for a particular event occurring such as landing on red in roulette by the total number of outcomes that exist for a particular scenario spinning the roulette wheel.
So, in the example above, we would divide 18 by 38 and say that the probability of landing on red in any given spin of a roulette wheel is approximately 0. Read more pages about casino game mathematics or browse our Gambling Mathematics Glossary. This is the Basic Math of Gambling Guide, a weblog by the staff at Gambling Guru about the mathematics of gambling and using informed decisions to gain an edge on your game of choice. Our news updates, betting guide, and tips are designed to help you turn your passion for gaming into profit.
For more information visit: Other content, images and trademarks are owned by respective parties. Online Betting Guide supports Responsible Gambling initiatives. Calculation of Expected Value The expected value of a particular gambling scenario is worked out as follows: If we substitute these figures into the equation above, we get: Probability theory and Expected Value To work out the Expected Value for a string of identical bets requires a knowledge of probability theory , since probabilities are an important part of the equation that is used to work out Expected Value.
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We are sorry to see your review. If you have any concerns that you would like to elaborate on, please contact a casino host at We apologize for any shortcomings on our end. We value your feedback and hope to hear from you It's a huge casino with so many slot machines, roulette and blackjack machines. There is a racetrack as well which I haven't seen in any casino I have visited so far.
Ravindra, thank you for the feedback! We are happy to hear you enjoyed all the games on our live racing! We hope to have you back again soon. This is a racino, a racetrack with a casino. I prefer to bet on the horses before going into the casino. Its usually an all nighter. Many, many different machines to play. It's a lucky spot for me! Thanks for the kind review! We're glad you've had fun with us and invite you back any time. Have a great day. This place at times gets a bad wrap.
The place is clean, enough machines are available with a couple of restaurants between two levels. Thank you for taking the time to review us. We are happy to hear that you enjoy visiting us. We hope that you will let us know if there is anything we can do to ensure your satisfaction. Please contact a casino host at My husband and I live 10 minutes away from Empire Casino.
We recently retired and go there to pass the time when we get a little bored. We are not serious gamblers, but we have played the slots sometimes. As many have said in their Thank you for taking the time to post your feedback. At Empire City Casino we believe that we have the moral obligation to encourage responsible gaming with our Self-Exclusion Program.