Week 1

Question 1

Expected Value (EV)

Answer 1

estimation of the expected return (on avg.) based on future actions

EV = (Pot* %Fold) + (Bet * % call) +/- (Bet * % raised)
Value betting (win 100% when called, unclear when raised)

EV = (Pot * %Win) - (Bet * %Lose)
Calling where estimate of %Win is estimated equity

Question 2

Equity

Answer 2

Equity quantifies uncertainty about future board cards

Measures pot share assuming no future betting

Question 3

Equity Threshold

Answer 3

The breakeven equity necessary for a range to possess in accordance to the price laid (pot odds)

This doesn’t mean each specific hand must meet this threshold, but rather the aggregate of the range must meet this minimum

Question 4

Equity Realization (EQR)

Answer 4

At what percent your EV over or under realizes, as of function of its raw equity

EQR = (EV / (EQ * POT)) * 100
EQ = 50% | EV = $60 | POT = $100
EQR = ($60 / (.5 * $100)) * 100 = 120%

If EQR > 100, you are over-realizing

Question 5

Elastic range

Answer 5

Range adjusts based on bet sizing

Price sensitive

Question 6

Inelastic range

Answer 6

Range does not adjust based on bet sizing

The exploit is to find the threshold where the opponent adjusts to sizes, and bet just under the limit to make them make the largest possible error

Question 7

Pot Odds

Answer 7

The price being laid by the pot when facing a bet

Expressed as odds– (Bet + Pot) : Bet

Expressed as %: bet/(pot + bet + call) = %

Question 8

Auto Profit Threshold (Bluffing Odds)

Answer 8

The frequency at which our bluff needs to work in order to break even

Expressed as a % bet/(pot+bet)

Expressed as a ratio pot : bet

Question 9

Minimum Defense Threshold

Answer 9

Inverse of APT (1 - APT)

Expressed as a frequency

Question 10

Polarization

Answer 10

A range consisting of very high EV hands and very Low EV hands

True Polarization only occurs on the river (nuts & air)

Can be expressed as a ratio which positively correlates to pot odds

When we bet pot we lay a price of 2 to 1 thus our opponent needs to call half the time, but expects to on win 33% of the time
(MDF is 50, Pot odds 2:1 [33%]). Therefore, our value to bluff ratio should reflect the 2 to 1 (our range will then have 66% equity vs our opponent’s which is 33% equity)

See AKQ game for clarification

Question 11

Linear Range

Answer 11

A range that expands outwardly according to EV.

Visually it begins at AA then linearly moves through the range chart top to bottom

Question 12

Condensed Range

Answer 12

Sometimes referred to as a merged range, this is a capped range of hands which is reduced in scope to mostly bluff catching hands

Question 13

Capped Ranges

Answer 13

A range that lacks nut equity, or the highest available EV hands.

Question 14

Uncapped Ranges

Answer 14

A range that has no boundaries; possess the availability to have the highest EV hands within its construction

Question 15

Bounded Ranges

Answer 15

A range of hands that are devoid of bluffs

Question 16

Showdown Value

Answer 16

The ability for a hand to win once all betting rounds have completed