The first moment of a random process, also known as it's mean or average value, and often given the symbol µn;. In gambling, the Expected Value can be computed for a game itself (example: JOB video poker has an Expected Value of 99.54% when played with a Max-EV strategy) or a particular instance (example: in PKM video poker, the dealt hand with the highest Expected Value is trips) or the entire playing situation (by including the value of cash back and comps, if any). For video poker, Expected Value is usually expressed in percentage units, whereas a game that is exactly break even has an Expected Value of 100%, and a positive game has an Expected Value of greater than 100%. However, other units may be used, including fractional units, or real currency. Expected Value is generally used interchangeably with Expected Return, Return, and sometimes Expectation and long-term return.
The casino's advantage, computed as the expected 100% - the expected return. For most casino games, the House Edge is positive. However, for some games such as certain video poker games, the expected return is greater then 100%, and the house has a negative edge.
The game's expected return.
- A video poker machine with a less than full-pay pay table.
- A video poker game that has a reduced payout for a particular hand, as compared to a higher paying version game (a game with higher expected return)
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