29 Jul 2025 Beginner This material is for beginner players equity EV When I started learning poker math, I thought equity and EV (expected value) were the same thing. It seemed like both terms showed your odds and helped you decide if a play was profitable. But even though they are related, equity and EV are not the same. They often work together, which is why it’s easy to confuse them. In this article, I’ll explain the difference between equity and EV. I’ll also show how they work together in poker. What Is Equity? What Is EV? Equity is a percentage (like 70%). It shows what share of the pot “belongs” to you at a certain moment. In other words, it’s the percentage of times you expect to win the pot at showdown right now. EV (Expected Value) is a money amount (like +$10.50). It can be positive or negative. EV tells you how profitable (or unprofitable) a specific play will be, like calling or betting. You use EV to make decisions. These are the basics. But how are equity and EV related? How Equity and EV Work Together To calculate EV, you need to know your equity. Think of EV as a more detailed version of equity. EV gives you real numbers to work with when you play. Equity is like the “raw material” you need to get EV. When you combine your equity with the possible money you can win or lose after making a decision, you get your EV. Equity is the raw ingredient. If you process it, you get EV, which is more useful for real decisions. Example: How Equity and EV Work Together Hero ($100): Villain ($100): ♠ Board: Your equity: 56% Pot: $200 Let’s say Equilab says you have 56% equity on the flop. This means you’ll win at showdown 56% of the time, so 56% of the pot “belongs” to you. Villain shoves $100. The pot is now $300, and you must decide whether to call $100. Let’s work out the EV: You win $300 in 56% of cases: $300 × 0.56 = $168 You lose $100 in 44% of cases: $100 × 0.44 = -$44 EV = $168 – $44 = +$124 So, every time you call this $100 all-in in this spot, you expect to win $124 on average. If you only knew your equity (56%), you wouldn’t know this exact number. Common Misunderstandings You don’t need to have most of the equity in a hand to make a profitable (+EV) play. Equity and EV are not directly proportional. Yes, more equity is usually better. But sometimes you can have low equity and still have +EV. Example: Low Equity, Positive EV Hero ($100): J♦ T♥ Villain ($100): A♠ J♠ Board: A♦ Q♠ 4♠ Your equity: 11% Pot: $200 Villain goes all-in for $10 into a $200 pot on the flop. Let’s calculate EV: Win $210 (pot + call) 11% of the time: $210 × 0.11 = $23.10 Lose $10 (your call) 89% of the time: $10 × 0.89 = -$8.90 EV = $23.10 – $8.90 = +$14.20 Even with only 11% equity, your call is profitable because the bet is so small compared to the pot. You risk a little, but you can win a lot. Usually, to have +EV with low equity, your opponent must bet very small compared to the pot. This way, your risk is low, but your reward is high. (You can learn more about this in our article about pot odds). Summary Equity is a percentage (like 56%). EV is a money amount (like +$5.25). If you keep this in mind, you’ll always know the difference. Understanding both concepts will help you make better decisions and win more money in poker.
