Expected Value In Poker

There is a concept of expected value in poker which is about the expectations of wins and losses which are governed by statistics to some extent but not with an absolute certainty.

Many try and understand the expected value they get from poker games and that is often termed as life EV from a more philosophical point of view.

When it comes to poker, it is not only a recreational pursuit but also a game where currency in any forms measures success or failure for a player, especially of the professional kind. Those who are dedicated to a life of professional poker play games by choosing strategies appropriately. The decisions start from selecting buy ins which will help ensure or maximize the rate of win or minimize the chance of losses as per the situations that would be encountered.

Many might state that following the money to make the right strategic choices should be simple enough, but it is not often an evident and singular solution. There are several technical concepts forwarded such as by Kelly Criterion who has introduced a concept of calculations known as risk of ruin.

There are other concepts and statistical strategies that can help one to pursue the best strategy to win or have enough leeway to stay in a game and prevent financial ruin from coming around. For those who wish to understand the concepts in a simpler way, expected value versus life EV is what needs to be thought about.

The concept centers on how money, its wins and losses affect each of us which is not straightforward. This concept is based on the thought process that outcome in terms of EV in money terms might not have a direct relevance to real life EV. Indeed, the tolerance for risks varies among different players and that is where the EV values vary for different people.

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