Equity Flashcards
1
Q
What is Equity?
A
- Our share of the pot expressed as a %
- Reflects frequency our hand/range wins at showdown
- If no future action, Pot x Equity = EV
- If all-in with $400 pot and 56%, EV = $224
- Could be a win, break-even, or loss, depending on context: how much we’ve put in pot
2
Q
Where does Equity come from?
A
- If GTO, equity distributed by position
- BB loses a lot, SB a little, BTN profits
- If we capture more than our equity we have an edge
- Denying our opponents their equity share is how we win at poker
- Making them fold is not the only way to do this
- We deny them profitable opportunities
3
Q
What is a Range Advantage?
A
- One player’s range (or likely range) has more equity than another
- Used to categorize flop scenarios
- Tighter range usually stronger (therefore has the Range Advantage)
4
Q
How Range Advantage Affects Play
A
- Affects flop primarily
- Player with advantage incentivized toward aggression - high equity encourages bigger pot
- Disadvantaged player incentivized to passivity (low equity, therefore smaller pot)
- Preflop range combined with board texture locates range advantage and informs strategy
5
Q
Static Flop
A
- Hand/range equities unlikely to change on future cards
- Few draws, usually A/K/Q high
- Some hands will have >90% equity vs range
- Favours PFR
6
Q
Neutral Flops
A
- Equities change a little but not substantially
- Some draws, usually Q/J/T high
- Hands >80% to <20% equity but rarely >90% or <10%
- Even the nuts (top set) vulnerable
7
Q
Dynamic Flops
A
- Volatile equities, likely to change dramatically on turn/river
- Many draws/overcards, usually 9-high or lower
- Few hands >70% or <30% equity
- Flopped nuts are vulnerable
- May give range advanrtage to PF caller
8
Q
Turns and Rivers
A
- Equities likely shift more heavily one way or other on turns
- Turn continuing ranges narrower, more precise
- Blank turn on dynamic board cuts draw equity in half
- Blank turn on static: strong flop hand stronger
- Draw hits neutral board: flop draws become nuts
- Also true on river; some hands now 0% equity
9
Q
Equity Realization
A
- Desire to continue hand, see more cards
- Check/call vs bet/raise
- We have a chance of winning showdown
- Important where raise may force us to fold
- PFR with AdTd and BB defends
- Flop 8d4h2s and BB checks
- Checking allows free turn with good equity but weak hand when we think CR is likely
- (Not necessarily saying ATs should check here)
10
Q
Equity Capitalization
A
- Desire to end hand and prevent more streets
- Bet/raise
- Major advantage: win dead money
- Relevant when equity low or vulnerable
- EG PFR with K6s and BB defends
- Flop 842r, BB checks
- Poor equity, few backdoors, so don’t mind folding to a CR
- Villain likely folds often to a bet, so capitalize
- Also applies to vulnerable nuts on flop
11
Q
Equity Retention
A
- How well equity is preserved if a hand gets called
- EG PFR and BB defends wide; flop K62
- Consider 44 vs 87s
- 44 > 87s going to flop (55% vs 30%)
- If we bet flop and get called, we’d rather have 87s: more turn cards let it pick up equity to barrel again vs CC
- Better equity retention makes realization easier
- Good equity but poor retention benefit by denying equity to villain - bet now
12
Q
Equity Denial
A
- Prevent opponent from realizing free equity
- If villain folds 25% Eq hand, we benefit
- Betting marginal hands vulnerable vs villain’s CF range
- Not necessarily forcing a fold, just preventing freeroll
- EG bet 55 on 7d4d2h to deny free card to: Ah6d, 9h8h, QdTs, Ac9c, KsTs
13
Q
Fold Equity
A
- The EV we gain through forcing folds
- Many villains overfold, particularly on T/R in big pots
- High pot + high fold eq = very profitable
- High pot + low fold eq = very profitable
- Low pot + high fold eq = profitable
- Low pot + Low fold eq = chip burning
- Need to understand likelihood of inducing folds
14
Q
Poled vs Merged Equity Distribution
A
- Top half of green range >80%
- Remainder has <25%
- All hands in blue are 45-50%
- Extremely common dynamic in poker
15
Q
Near-symmetrical equity distribution
A
- Both ranges contain hands with >90% and <30%
- Green’s range slightly stronger (as PFR)
- Frequent occurrence on dynamic flops
