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Is EV simply expected value? Based on probability of winning pot given opp has one of a specified range of hands and the amount to call. E.g. +ve EV occurs when having placed villain on a certain range of hands and noted that expected return of the pot is 150 and it is less than 150 to call.
Correct.
EV is based on the probability that your opponent is holding a particular hand. In this case the EV is negative because you have no outs. How do you know that you are drawing dead? Well, there is no easy answer, this is based a lot on your reads on your opponent.
You flopped a set and missed the full house on the turn. The turn card gives a possible straight for you opponent. Therefore you have a total of 10 outs, this is assuming that your outs are live. The odds of making your hand to a full house on the river with 1 come to come is 3.6 to 1. This assumes that your full house is good enough to win the pot. Therefore, you have a break even situation. Your opponent is offering you a break even proposition. The question comes, should you take it? This would be level 1 thinking. EV would be Zero because you are at a break even situation, your odds of making your full house is 3.6 to 1 and the pot odds offered is 3.6 to 1. This assumes that making your full house is enough to win the pot.
Most players would call at this point without much thinking.
Level 2 thinking would be asking what does my opponent have? What range of hands is my opponent holding? This is where you have to give probabilities of certain holdings based on the betting patterns of your opponent. In my previous answer, I gave a range of hands which Villain could possibly hold, and looking at the action till the turn, you should be able to eliminate some hands from your opponent holding.
Here's a summary table of Pot Equity using Poker Stove:
Code:
Villain Hands 22 Equity
TT+ 83.08%
AJ, KJ, QJ, JT, J9, J8 97.00 %
A4 or 64 22.58%
33 or 55 2.27%
As you can see from the above table, your set of 22 is undergo against A4, 64, 33, 55.
You made a large bet on the flop and villain called. Therefore, based on this information you can eliminate TT+ and AJ, KJ, QK, JT, J9, J8 from his range of hands.
This leaves you with A4, 64, 33, 55. Running this range in PokerStove you get a Pot Equity of 19.38%. Which translates to 4.16 to 1 pot odds. The pot must be offering 4.61 to 1 odds for you to break even. Anything higher than 4.61 to 1 is positive EV.
Therefore, calling the turn bet or moving all-in is a negative EV based on your reading on your opponent. The correct move is to let go of 22 when you opponent bet on the turn. But! Yes, I can hear a huge BUT!
But Villain can be bluffing! True, once again, to determine whether Villain is bluffing in this situation is once again based on reads, not mathematics.
If you approach this from Level 1 thinking, it is correct to call because EV is break even. So you stand a great chance to double up if you are correct. And in tournament, often it is worth to take a coin flip to double up.
However, if you approach this hand from Level 2 thinking, that is, you make your decisions based on reads and apply mathematics with it, then you can clearly see that it is a negative EV.
This is what separates the great players from the amateurs. Professional players think in levels 1 and 2. The greatest and strongest pro think in levels 1, 2 and 3.
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