Odds, equity and theory
Equity in poker
Definition
Your share of the pot based on how often your hand wins when all remaining cards are dealt.
Equity is a probability, usually written as a percentage. It is calculated against one specific hand or, more realistically, against the opponent's whole range of possible hands.
Comparing your equity with the price of a call, which is the pot odds, tells you whether a call is profitable. Realised equity is lower than raw equity when you cannot see all the cards or have to fold before the river.
Example
Ace-king against queens before the flop has about 43% equity, while the queens have about 57%.
Related terms
- Pot oddsThe ratio between the size of the pot and the cost of a call; it gives the equity you need for a call to break even.
- RangeThe full set of hands a player could have in a given situation, instead of one specific hand.
- OutsThe unseen cards that will improve your hand to one that is likely to win.
- Expected value (EV)The average amount you win or lose from a decision if you could repeat it many times.