Mathematical Expectation in Poker

Poker plays can also be analyzed in terms of expectation. You may think that a particular play is profitable, but sometimes it may not be the best play because an alternative play is more profitable. Let's say you have a full house in five-card draw. A player ahead of you bets. You know that if you raise, that player will call. So raising appears to be the best play. However, when you raise, the two players behind you will surely fold. On the other hand, if you call the First bettor, you feel fairly confident that the two players behind you will also call. By raising, you gain one unit, but by only calling you gain two. Therefore, calling has the higher positive expectation and is the better play.
Here is a similar but slightly more complicated situation. On the last card in a seven-card stud hand, you make a flush. The player ahead of you, whom you read to have two pair, bets, and there is a player behind you still in the hand, whom you know you have beat. If you raise, the player behind you will fold. Furthermore, the initial bettor will probably also fold if he in fact does have only two pair; but if he made a full house, he will reraise. In this instance, then, raising not only gives you no positive expectation, but it's actually a play with negative expectation. For if the initial bettor has a full house and reraises, the play costs you two units if you call his reraise and one unit if you fold.
Taking this example a step further: If you do not make the flush on the last card and the player ahead of you bets, you might raise against certain opponents! Following the logic of the situation when you did make the flush, the player behind you will Told, and if the initial bettor has only two pair, he too may fold Whether the play has positive expectation (or less negative expectation than folding) depends upon the odds you are getting for your money - that is, the size of the pot - and your estimate of the chances that the initial bettor does not have a full house and will throw away two pair. Making the latter estimate requires, of course, the ability to read hands and to read players, which I discuss in later chapters. At this level, expectation becomes much more complicated than it was when you were just flipping a coin.
Mathematical expectation can also show that one poker play is less unprofitable than another. If, for instance, you think you will average losing 75 cents, including the ante, by playing a hand, you should play on because that is better than folding if the ante is a dollar.
Another important reason to understand expectation is that it gives you a sense of equanimity toward winning or losing a bet; When you make a good bet or a good fold, you will know that you have earned or saved a specific amount which a lesser player would not have earned or saved. It is much harder to make that fold if you are upset because your hand was outdrawn. However, the money you save by folding instead of calling adds to your winnings for the night or for the month. I actually derive pleasure from making a good fold even though I have lost the pot.
Just remember that if the hands were reversed, your opponent would call you, and as we shall see when we discuss the Fundamental Theorem of Poker in the next chapter, this is one of your edges. You should be happy when it occurs. You should even derive satisfaction from a losing session when you know that other players would have lost much more with your cards.