# EV (Expected Value) > Source: [EV (Expected Value) in the Smarter.Poker Glossary](https://smarter.poker/glossary/expected-value) ## Definition Expected Value, Or EV, Is The Average Result Of A Decision If It Could Be Repeated Many Times. Each Possible Outcome Is Multiplied By Its Probability And The Results Are Added Together. A Positive EV Play Earns Over Time Even When It Loses On A Given Hand, Which Is Why Good Players Judge Decisions By EV Rather Than Results. - **Category**: Math - **Term Code**: `expected-value` - **DefinedTermSet**: [Smarter.Poker Poker Glossary](https://smarter.poker/glossary) ## Related Poker Terms - [Equity](https://smarter.poker/glossary/equity) ([Markdown](https://smarter.poker/glossary/equity.md)): Equity Is Your Share Of The Pot Based On How Often Your Hand Would Win If All Remaining Cards Were Dealt With No Further Betting. A Hand With 40 Percent Equity In A 100 Chip Pot Owns 40 Chips Of It On Average. Equity Against A Whole Range, Rather Than One Hand, Is What Drives Sound Decisions. - [Pot Odds](https://smarter.poker/glossary/pot-odds) ([Markdown](https://smarter.poker/glossary/pot-odds.md)): Pot Odds Compare The Size Of A Call With The Pot You Could Win. Divide The Call By The Total Pot After You Call To Find The Equity You Need: Calling 50 Into A Pot That Will Be 150 Needs 33 Percent. If Your Equity Is Higher Than That Break Even Point, The Call Makes Money Over Time. - [Variance](https://smarter.poker/glossary/variance) ([Markdown](https://smarter.poker/glossary/variance.md)): Variance Is The Spread Of Results Around A Player's Expected Value. High Variance Games Such As Tournaments And Pot Limit Omaha Produce Long Losing And Winning Stretches Even For Skilled Players. Understanding Variance Keeps Decisions Tied To Expected Value, And It Is Why A Large Sample Of Hands Is Needed Before Judging Any Strategy. - [GTO (Game Theory Optimal)](https://smarter.poker/glossary/gto) ([Markdown](https://smarter.poker/glossary/gto.md)): GTO, Or Game Theory Optimal, Describes A Strategy That Cannot Be Exploited, Because No Opposing Strategy Can Win Against It In The Long Run. In Poker It Approximates A Nash Equilibrium Computed By A Solver. Players Study GTO To Build A Sound Baseline, Then Adjust Away From It To Exploit The Specific Mistakes Of Real Opponents. ## Related Strategy Lessons - [Expected Value (EV) In Poker](https://smarter.poker/learn/expected-value) ([Markdown](https://smarter.poker/learn/expected-value.md)): Expected Value Is The Average Result Of A Decision If You Could Repeat It Forever: Calling 50 To Win 150 With 30% Equity Is Worth 10 Chips A Time On Average, Even Though It Loses Most Of The Times You Make It. - [How Rake Affects Your Win Rate](https://smarter.poker/learn/rake-and-win-rate) ([Markdown](https://smarter.poker/learn/rake-and-win-rate.md)): Rake Is The Fee A Cash Game Takes From Each Pot, And Because It Is Capped It Costs Small Pots The Most: In An Example Structure Of 5% Capped At 3 Big Blinds, A 10 Big Blind Pot Pays 0.5 Big Blinds And A 100 Big Blind Pot Pays Only 3, Which Is 3%. - [Bankroll Rules For Cash Games](https://smarter.poker/learn/cash-game-bankroll) ([Markdown](https://smarter.poker/learn/cash-game-bankroll.md)): A Common Guideline For No Limit Cash Games Is To Keep 20 To 50 Buy Ins For The Stake You Play, Because Even A Winning Player Can Lose Many Buy Ins In A Row: At The Example Win Rate Below, 20 Buy Ins Still Carries A 13.5% Risk Of Going Broke. - [Bankroll Rules For Tournaments](https://smarter.poker/learn/tournament-bankroll) ([Markdown](https://smarter.poker/learn/tournament-bankroll.md)): A Common Guideline For Multi Table Tournaments Is To Keep At Least 100 Buy Ins, And More For Large Fields, Because Most Entries Finish Outside The Money And A Winning Player Can Go Hundreds Of Tournaments Without A Big Score. - [Bankroll Rules For Sit And Goes, Spins](https://smarter.poker/learn/sit-and-go-and-spin-bankroll) ([Markdown](https://smarter.poker/learn/sit-and-go-and-spin-bankroll.md)): A Common Guideline For Single Table Sit And Goes Is 50 To 100 Buy Ins, And For Lottery Style Spin Games With Random Prize Multipliers Many Players Keep 100 Or More, Because A Large Share Of The Prize Money Sits In Multipliers That Come Up Rarely. - [Risk Of Ruin: How Much Bankroll Is Enough](https://smarter.poker/learn/risk-of-ruin) ([Markdown](https://smarter.poker/learn/risk-of-ruin.md)): Risk Of Ruin Is The Chance Of Losing A Whole Bankroll Before Your Edge Shows, And It Falls Fast As The Bankroll Grows: At The Example Win Rate And Standard Deviation Below It Is 13.5% With 20 Buy Ins And 0.67% With 50. - [How To Control Tilt At The Poker Table](https://smarter.poker/learn/tilt-control) ([Markdown](https://smarter.poker/learn/tilt-control.md)): Tilt Is Any Emotional State That Makes You Play Worse Than You Know How To, And The Most Reliable Control Is A Plan Decided Before The Session: Warning Signs You Watch For, A Break You Take When They Appear, And A Stop Rule You Do Not Argue With. - [Poker Variance And How To Survive It](https://smarter.poker/learn/variance-and-downswings) ([Markdown](https://smarter.poker/learn/variance-and-downswings.md)): Variance Is The Gap Between What Your Decisions Earn On Average And What Actually Happens, And It Is Large: At The Example Win Rate Below, A Winning Player Still Finishes 10,000 Hands Behind About 31% Of The Time. - [Results Oriented Thinking In Poker](https://smarter.poker/learn/results-oriented-thinking) ([Markdown](https://smarter.poker/learn/results-oriented-thinking.md)): Results Oriented Thinking Is Judging A Decision By How The Hand Turned Out Rather Than By Whether It Was Right, And It Teaches Bad Lessons: A Player Who Gets All In With 80% Equity Still Loses 20% Of The Time And Should Make That Play Every Time. ## Practice On Smarter.Poker - [Multiway Poker Odds Calculator](https://smarter.poker/tools/poker-odds-calculator): Free Hold'em And Omaha Hand Versus Hand Equity Calculator. - [Tournament ICM Calculator](https://smarter.poker/tools/icm-calculator): Free Malmuth-Harville Final Table And Bubble Equity Calculator. - [Equity And ICM Calculators Guide](https://smarter.poker/features/poker-equity-calculators): Feature Specification For Multiway Equity And ICM Calculators. - [GTO Training](https://smarter.poker/hub/training): Scenario Based Poker Training, Free To Play. ## Compliance & Fair Play There Is No Real-Money Gambling On Smarter.Poker: Club Chips Are Play Credits With No Cash Value, And Diamonds Are A Promotional Rewards Currency.