What Does ‘EV’ Mean in Betting?
EV (short for “expected value”), is used to measure the expected return of a given bet. It is calculated by multiplying the probability of winning by the payout and subtracting the cost of the bet. Depending on the context, it can also be an abbreviation for “evens“.
Expected Value Example in Betting
Let’s say you are betting on something where you have a 50% chance of winning the bet and if you do win, you will receive $100. The expected value of the bet is (0.5 x $100) – (0.5 x $10) = $45. This means that, on average, you can expect to make $45 for every $10 bet you place.
it is important to remember that expected value does not guarantee that you will always win or lose a certain amount; it is merely an average of the potential outcomes. The actual result could be higher or lower than the expected value.