What is expected value and how do you use it? The expected value is applying basic statistical methods. In poker, you use it to try to identify the odds of any outcome at the end of a betting battle. Savvy players pay attention to statistical odds in every hand, but their expected value calculations are only a part of the overall "grand strategy," as poker is a combination of math, psychology, and other factors.
Instructions
1. Look at your hand, any face up cards, and the previously used cards from the deck, then identify possible outcomes. These will be your basis for calculating the expected value of what you want to happen.
2. Take each possibility and find the statistical probability for that outcome. In a poker hand, this may be hard to calculate. Use all known factors to your advantage and estimate if necessary.
3. Multiply all possibilities by their probabilities to come up with the odds.
4. Add player psychology to statistics. With many calculations of expected value in poker, you are taking several things for granted about how a player operates. Think about what cards the player has drawn, whether the bet has been raised in each round, and other factors according to the game and the players.
5. Use online "odds calculators" to figure out do the expected value calculations. These online helpers can be useful to second-guess a hand that has already been played, where all of the outcomes and possibilities are known. Then you can use those calculations for use in future games.
Tags: expected value, expected value calculations, other factors, value calculations