Poker dictionary

One word at a time.

The terms our posts use, each with the maths behind it.

Equity: Your share of the pot if the hand were played out every possible way. A hand that wins 12 of 44 rivers has 12 ÷ 44 equity.; See it worked out →
Pot odds (required equity): The price of a call: call ÷ (pot + bet + call). If your equity is higher than this, the call makes money over time.; See it worked out →
Outs: Unseen cards that turn your hand into the likely winner. On the turn, with only your hand known, 46 cards are unseen.; See it worked out →
EV (expected value): The average result of a decision if you made it again and again. For a call with no more betting: equity × final pot − call.; See it worked out →
Rule of 4 and 2: A shortcut for draws: outs × 4% from flop to river, outs × 2% from turn to river. An approximation that overshoots with big draws.; See it worked out →
Implied odds: Extra money you expect to win on later streets when you hit. Our examples ignore it unless they say otherwise.
In position / out of position: In position, you act after your opponent on later streets; out of position, you act first. Acting last means seeing more before you decide.
Equity realisation: How much of your raw equity you actually turn into winnings. Playing in position usually helps you realise more.
Runner-runner: Needing both the turn and the river to complete your hand.
One-outer: A hand that only one unseen card can save.
Cooler: A strong hand that runs into a stronger one, where losing a big pot is hard to avoid.