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THE CONCEPT OF USING EXPECTED VALUE

Gambling is not just about sheer luck but there is a greater impact of mathematics on gambling. Most of the jocks be it a pro or professional or amateur, they follow a specific mathematics strategy to win up as many as games as possible and maximize their profit. Essentially, Blackjack uses card counting and roulette, poker uses Expected Value theory. EV method helps the jock to decide upon whether or not they should abandon their second nuts. It also helps them to decide when to raise the game or to bluff or to call or even fold in the game accordingly. These calculations are basically done analytically not on pen and paper over the table. This method helps the amateur poker jocks to improve their game and become pros.

In Gambling, this EV method results in average outcome in the long run. Necessary calculations or probabilities are taken into consideration accordingly to come up with expected value, by the jocks.

Let’s take up an example to ponder over the issues of this EV method; for a dice, there are six sides to consider about. So you will have 1/6 probability for each of the sides to turn up. Let’s do the multiplication required accordingly with it: 1*1/6, 2*2/6 and so on. And after adding all of them, you get 3.5 as outcome. It is a dice’s EV. But it may change with the changes made in the designated probabilities. Using this value, a jock can predict upon which card(s) to turn up next.

Mathematics does help the poker jocks a great deal on predicting any move, next. If other jocks are halted for some reason, this EV method will confirm that the jocks move may give him better probabilities to win up the game. The same example is applicable for any poker game also;let’s assume that following the turn card against only one other opponent, you are drawing to a flush, holding Kc-10c, while the board shows Ad-7c-3c-2h. You’ve about a 20% chance of winning the hand with the river card yet to come. Let’s say the pot is $100 following a $15 bet by the opposing player.

You’re wondering whether to make the call for $15. Well, your pot equity is $20, since you’ve a 20% chance of catching another club on the river. Since it’ll cost you only $15 to make the call, by doing so you’d be making a play with an expected value of +$5. So, yes, this is a profitable call to make because over the long haul you’ll win money. Making more +EV plays at higher values than -EV plays will render you a successful poker player.

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