Every Poker Player Should Know

[pococurante]

EV is simple. If you're 70% to win a $100 pot, your EV is $70. If you're 50% to win, 10% to tie, 40% to lose, your EV is $55.

Fold equity is the value that your hand gains when you bet. Suppose you're up against a tight player who usually folds marginal hands to a raise. You have 42, he has T7, so you're about 30% to win right now. But if you bet, you will gain fold equity, and might be around 80% to win (because he will often fold, and even if he calls you're still 30% to win).

Read this for more info: http://en.wikipedia.org/wiki/Fold_equity

cEV is pretty unimportant. Almost all of the time, your cEV will be the same as your regular EV. cEV is mostly involved with situations that almost never actually happen.

For instance, you and 3 other people are left in a SNG. The top two finishers win an equal prize, 3rd and 4th pay nothing. You are dealt AA, and all 3 opponents go all in ahead of you.

If this was a cash game, you definitely call. But because of the unusual circumstances of the tournament, it's much more profitable to fold your pocket aces here.