"Nice hand, Sir. And by nice, I mean lucky.
"And by hand, I mean catch..."
"And by Sir, I mean Moron"
Early Position - The table position (generally considered as being the two positions located immediately to the left of the blinds) where you must act before most of the other players at the table. If you are in early position you are generally perceived to be at a disadvantage, as the players who are to act behind you get to see what you do before they decide what they are doing themselves. On scary looking boards, however (such as when there are three cards of the same suit or a paired board), it is often the first player to act who takes down the pot, so from this point of view the disadvantage of being in EP can be turned on its head. Often abbreviated to simply EP.
Edge - Any advantage you may have over an opponent, either specific or subjective. If you have a good read on your opponents and are picking off their bluffs, snapping off their raises and generally making good decisions then you have a clear edge at your table. Another kind of edge might be if you are using an angle against your competition, such as ‘accidentally’ acting out of turn or coffee-housing to pickup information or give misinformation.
EP - Abbreviation for Early Position
Equity - Your ‘rightful’ share of a contested pot. If the pot contains $2000, and you have a 50% chance of winning it, you have $1000 equity in the pot. The term is a bit fanciful, since you will of course either win $2000 or win nothing (unless there is a tie), but it serves to give you an idea of how much you can expect to win.
EV – Abbreviation for Expected Value.
Even-Money – A proposition or other event with an unknown outcome with a 50/50 chance of success or failure, often called a ‘coin-flip’. A common example of an even-money situation is when two players are all in and when the cards go on their backs a small pocket pair is facing off against two over cards. Strictly speaking this is something of a misnomer, as most of these situations are not true coin flips (one hand is usually slightly ahead of the other). Can also refer to a wager that pays off exactly the amount wagered, for instance ‘double or nothing’ is an even-money bet. If Ben wins money off you and offers you a game of 9-ball, double-or-nothing, just break eye contact, look at the floor and back away slowly.
Expected Value – This is a term referring to the amount you expect to lose or gain in the long run on average if you repeat a certain play in a given situation. For instance, suppose you put $100 into a $500 pot to draw at a hand that you will make 25% of the time, and it will win every time you make it. Three out of four times, you fail to hit your draw, and lose $100 each time for a total loss of $300. The fourth time, you make your draw, winning $500. Your total gain over those four average hands is $500-$300 = $200, an average of +$50 per hand. Thus calling the $100 has a positive expectation of $50. Clearly some decisions at poker can have a negative expectation. Often abbreviated to plain old EV (+EV/-EV).
Expectation – As well as the above this can also refer to the amount you expect to make at the poker table in a specific time period. Let’s say you play $5/$10 limit and over 100 hours play, you have won $1000. Your expectation in that game is $10/hr. Of course, you won't make that exact amount each hour of play (and some hours you will lose), but it's a measure of your anticipated earnings.
- "Behold the power of the Beer Hand!" -