Bigarrowshadow Video Poker Dictionary Bigarrowshadow2
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The advantage in a game based on mathematical expectation. The house edge means the house has the advantage. The player's edge means that the player has the advantage.
A term used to bar someone from playing in a casino.
[1] A term referring to the amount of you expect to gain on average if you make a certain play. For instance, suppose you put $10 into a $50 pot to draw at a hand that you will make 25% of the time, and it will win every time you make it. Three out of four times, you do not make your draw, and lose $10 each time for a total of $30. The fourth time, you will make your draw, winning $50. Your total gain over those four average hands is $50-$30 = $20, an average of $5 per hand. Thus calling the $10 has a positive expectation of $5. [2] The amount you expect to make at the poker table in a specific time period. Perhaps in 100 hours play, you have won $527. Then your expectation is $5.27/hr. Of course, you won't make that exact amount each hour (and some hours you will lose), but it's one measure of your anticipated earnings.
Expected Return
The average amount of money paid back on a particular play for a particular bet. The Expected Return (ER) is the Expected Value of a play multiplied by the amount bet. Most commercially available video poker analysis programs, when analyzing a hand, give the ER of each possible play. The program may call those numbers Expected Values, but any qualified statistician will confirm that as a misnomer.
Expected Value
The statistically projected average per-unit-bet payback of a particular play. Another way of looking at the EV is the average of all possible outcomes for a particular play or game. Most commercially available video poker analysis programs give the Expected Return (ER) of each possible play when a hand is analyzed. Assuming a five coin bet, dividing the ER by five will give the EV. A better technique, however, is to change the bet to one coin and adjust all one-coin payoffs to per-coin values so that the program will give EV directly. For more details, see my article "What is Expected Value?"
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