Understanding Equity and EV
Many people don’t know the exact difference between equity and EV. In fact, some people use the terms as if they were identical. Equity is the percentage chance that a hand will win after all the cards are dealt. The percentage chance includes splits and is utilized when comparing your holding against opponent’s hand(s) or range(s). The term is used in different ways, with or without more cards to come. Without cards to come and your opponent’s hand unknown, your equity is calculated against his likely range. But with cards to come, when all the cards are known, your equity is calculated by your chances after the river card is dealt. In other words, your percentage chances on a runout. But with cards to come and your opponents hand unknown, your equity is the percentage chance against his feasible range. ...