Expectation

Usually expressed as a percentage, refers to the amount a player can expect to win or lose, statistically.

(1) The amount you expect to gain on average if you make a certain play. For instance, suppose you put \$10 into a \$50 pot to draw at a hand that you will make 25% of the time, and it will win every time you make it. Three out of four times, you do not make your draw, and lose \$10 each time for a total of \$30. The fourth time, you will make your draw, winning \$50. Your total gain over those four average hands is \$50-\$30 = \$20, an average of \$5 per hand. Thus calling the \$10 has a positive expectation of \$5. (2) The amount you expect to make at the poker table in a specific time period. Suppose in 100 hours of play, you win \$527. Then your expectation is \$5.27/hr. Of course, you won't make that exact amount each hour (and some hours you will lose), but it's one measure of your anticipated earnings.