# Poker Value Terms

## Hand Value - Value Bet - Expected Value

Value -
1. The amount of return you get on your investment.
2. The strength of a hand.
3. A type of bet.

“Value” is sometimes used in short for the term expected value. Your expected value for a given situation is basically the average return on investment that you can expect to receive over the long run for a given situation. If you were to calculate it, you would do so by calculating the return (whether it would be positive or negative) for every possible future outcome, multiplying it by its probability of occurrence, and adding up the results. The more possible outcomes there are, the more complicated and difficult this process becomes.

If you want to have success in a poker game, or in gambling in general, you must learn to accurately calculate expected value. That is how you evaluate what your long return is likely to be. When you play poker, you are essentially making a series of investments. As any good investor will tell you, you should do a risk/reward analysis prior to making any investment. This is essentially what you are doing when you calculate expected value. You are considering all possible outcomes, how each affects your bottom line, and the probability of each occurring.

In a poker game, the value of a given situation is often considered in the context of “hand strength.” Hand strength is a measurement of how well your hand will perform on average, relative to the hands of your opponents. This performance will depend partially on the content of the hands in play, and partially on how well each hand is actually played. Given this, if a player can return a profit over the long run, their hand is said to have value. If a player’s hand is not strong enough to return a profit over the long run, the hand is said to have either no value (in the case of a break even situation), or negative value (in the case of a situation which results in a loss over the long run).

It is important to remember that when you are calculating whether a hand has any value, you have to use inputs which reflect the current situation. You may know that when you flop a flush draw, you can expect to complete it roughly 40% of the time by the river. This piece of knowledge may have been very useful in calculating the value of your hand on the flop, but it is not very helpful for making a value calculation on the turn. Two frequently used tools for calculating value are pot odds analysis an implied odds analysis, which are commonly referred to as “pot odds” and “implied odds,” respectively.