Equity
Definition
Your share of the pot based on the probability of winning the hand. If you have a 40% chance of winning a $200 pot, your equity is $80. Equity changes with each new card dealt.
Equity in poker refers to your share of the pot based on the probability of winning the hand at that point. If you have a 40% chance of winning a $200 pot, your equity is $80. Equity is a dynamic value that changes with every card dealt and every piece of information revealed.
Pre-flop equity is determined by your two hole cards versus your opponent's range. Pocket Aces have about 85% equity against a random hand and about 80% against a reasonable calling range. Suited connectors like 7-8 of hearts have about 45% equity against AK offsuit, making them closer to a coin flip than many beginners expect.
Equity calculations become more complex as community cards are revealed. On the flop, you can calculate your equity more precisely by counting outs and considering the remaining cards. If you have a flush draw (9 outs) with two cards to come, your equity is approximately 36%. With one card to come, it drops to approximately 19.6%. These percentages drive your calling and betting decisions.
Understanding equity helps with bet sizing and decision-making. If you believe you have 60% equity, you want to get as much money into the pot as possible because you will win the majority of the time. If you have 25% equity, you need the pot odds to justify continuing. Equity-based thinking replaces gut feelings with mathematical reasoning and is the foundation of profitable poker.
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Related Terms
In poker, the ratio between the current pot size and the cost of a call. If the pot is $100 and you must call $20, your pot odds are 5:1. Compare pot odds to your hand's equity to make mathematically correct decisions.
Expected Value (EV)The average amount a player can expect to win or lose per bet over the long run. Calculated as (probability of winning × win amount) - (probability of losing × loss amount). A positive EV means the bet is profitable long-term; negative EV means it loses money.
Implied OddsPot odds adjusted for expected future betting. If your hand could win a large pot on future streets, the implied odds may justify calling even when current pot odds are unfavorable. Key concept in no-limit hold'em.
CombinatoricsThe branch of mathematics dealing with counting combinations and permutations. In poker, combinatorics determines how many ways a hand can be dealt. For example, there are 1,326 possible two-card starting hands in Texas Hold'em.
OutsCards remaining in the deck that will improve your hand to a likely winner. A flush draw has 9 outs; an open-ended straight draw has 8 outs. The Rule of 2 and 4: multiply outs by 2 (one card) or 4 (two cards) for approximate equity percentage.
Gutshot (Inside Straight Draw)A straight draw missing one card in the middle. For example, holding 5-7 with a board of 8-9-K, and only a 6 completes the straight. Only 4 outs, making it half as likely to hit as an open-ended straight draw.
Range (Poker)The complete set of hands a player could hold in a given situation. Rather than putting opponents on one specific hand, skilled players think about ranges, meaning the spectrum of possible holdings based on their actions.
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Frequently Asked Questions
What is Equity?
Your share of the pot based on the probability of winning the hand. If you have a 40% chance of winning a $200 pot, your equity is $80. Equity changes with each new card dealt.
What terms are related to Equity?
Related concepts include: Pot Odds, Expected Value (EV), Implied Odds, Combinatorics, Outs, Gutshot (Inside Straight Draw), Range (Poker). Understanding these terms together gives you a more complete picture of the concept.
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