Glossary
Speak the language of probability.
Accumulator (Parlay)
A single bet that links together two or more individual wagers and is dependent on all of those wagers winning together. The odds multiply, increasing payout and risk.
Equity
Your "fair share" of the pot based on the current probability of winning. Example: If the pot is $100 and you have a 60% chance to win, your equity is $60.
Expected Value (EV)
The predicted value of a variable, calculated as the sum of all possible values each multiplied by the probability of its occurrence. In betting: Is this bet profitable in the long run?
Implied Probability
conversion of betting odds into a percentage chance of winning. Formula: (1 / Decimal Odds) * 100.
Variance
A measure of how far a set of numbers is spread out from their average value. In gambling, high variance means large swings (winning big or losing fast), while low variance means steady, smaller results.