Expected value is a commonly used term in poker – and rightly so, as it should form the basis of most of the decisions a poker player makes. Expected value simply refers to the long-term return from a given bet. For example, if I toss a coin and offer you 3/1 on heads, it’s a great value bet. A coin will show heads on average one out of every two times it’s flipped, meaning that the true odds are evens. If you bet £10 on the coin showing heads at 3/1 you will win 50%of the time, but each time you win, you’ll receive £30 and each time you lose, you’ll only lose your stake of £10.