Expected Value Meaning – Expected Winnings from a Particular Bet Over Long-term
In gambling terms, expected value refers to the average returns you can expect from a specific game in the long run. This value directly shows if a specific game or type of bet is profitable over a long-term period.
In blackjack, for example, if we suppose the house edge is 0.5%, every $100 bet has the expected value of $99.5. This means that blackjack wagers have negative EV expectations as every bet will lose you a small amount of money in the long run.