The Motley Fool Discussion Boards
Fun & Games / Gamblin' Fools
|Subject: Re: Greetings, Fool!||Date: 7/16/2000 12:45 PM|
|Author: leehjones||Number: 6 of 1444|
<< I'm a Poker player, personally. I'm not a recreational player; I'm a tough low-limit player who is moving up the limits and who ha aspirations of playing professionally. >>
It's good to find Fools who are interested in gambling - it's a pet topic of mine.
If we're going to discuss gambling, then I think we ought to separate it into two important categories: +EV and -EV gambling.
"Wait - you didn't tell us what 'EV' is."
Oops, sorry - my bad. EV is "Expected Value". It's a statistical measure of how much you expect to win (or lose) in the long run of some probabilistic event (such as cards, dice, blackjack, etc).
If you are playing a game in which you have positive expected value (+EV), over the long haul you can expect to win money at the game, though of course you may lose in the short run. Conversely, if you're playing a game with negative expected value (-EV) then eventually you will lose money. It is as certain as death and taxes (though not the "death tax").
So, those of us that play +EV games are looking to actually make money. Those that play -EV game