Expected value is a concept that is widely used in the gaming industry. It’s a way to measure the expected outcome of a bet, a gamble, or a poker hand. Some people define expected value as the probability that a wager will win a game, while others will use it to measure the value of an individual bet. Regardless of the specific term, the concept has been shown to be useful in a number of different fields.

The most common use of expected value is in blackjack. However, the concept is used in many casino games, including roulette, craps, and poker. In addition, it can be found in non-casino games. For example, the EV of a $1,000 bet can be as high as one million percent, meaning the player has a 50/50 chance of winning the entire wager.

A good EV for a blackjack hand is a less than one million percent. That means the value of the hand is worth selling the hand before the dealer draws his cards. On the other hand, a bad EV for a blackjack hand would be worth selling the hand after the dealer draws his cards. So, the difference between the EV of a poor hand and a good one can make or break a player’s long-term play.

Using expected value can be a great way to decide which bets to play. For instance, a dollar bet will get you a better return than a bet of $10, if you’re playing a four-card flush. Similarly, a bet of $5 will give you a slightly better return than a bet of $10. But, the EV of a bet of $100 will be much lower.

One of the simplest and most useful methods of calculating an EV is to play a few hands with different sized bets. For example, a $20 bet on a five-card flush will give the player an expected value of 3.40. This is actually a fairly high amount, especially when compared to the average payback of a bet of $25. If the player is willing to put away more of their bets, they can increase the number of hands they play.

The EV of a bet is also affected by the rules of the game. For example, an even-money bet in blackjack will be better than an insurance bet. Likewise, a bet on the five-card flush will have a better EV than a bet on the five-card straight.

Whether you’re playing blackjack, roulette, or poker, you’ll have a better time if you make the right choices and take advantage of the opportunities. These include playing longer sessions and taking breaks. You can also reduce your losses. Just as important as winning is saving money. Keeping an open mind and a little patience can make a lousy game a pleasant experience.

While an EV of one million percent is a pretty impressive feat, it’s not a requirement to succeed. Even basic strategy players can have a negative EV in certain conditions. Still, it’s an interesting concept, and should be studied. Using a tool like CVCX by QFIT is a good way to calculate the EV of your bets, the value of the smallest possible bets, and the optimal bet spread.