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Am I Making a Good Bet? Part 1

by Steve Zolotow |  Published: Oct 12, 2016

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This is a question that arises over and over, not only just in poker, but also in every form of gambling. If the answer is yes, then there is also the related question of ‘Am I making the best bet?’ In fact, in a slightly different form, these questions arise in all games, even those without gambling. In games like chess, the questions become: ‘Am I making a good move?’ ‘Is there a better move?’ First things first, how do you know if you’re making a good bet? Let us begin with the idea of expected value (also known as EV or expectation.) EV is the average you will win or lose from taking a particular action. If you flip a coin for $100, on average you will break even. Your EV is zero. If you get 200 when you win, but only lose 100, the your EV is plus ...


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