Poker Glossary III
Equity — Your equity in a hand or pot is the amount that is in the pot multiplied by your chances to win as a percentage. For example, if there is $100 in the pot and you have a 50% chance to win, your equity is $50. Of course the great majority of the time you will either win $100 or $0, but if you enter the same situation hundreds of times, you will win on average $50 per occurrence. The best use of this information is determining if it is correct to enter a pot, call a bet or raise. By determining your equity over hundreds of times in the same situation, you can make the right decision. This is tied closely to expectation.
Expectation — Expectation is the amount you will make on average if you enter the same situation hundreds of times. For example, if you must invest $10 into a $60 pot to draw to a hand that you will make 25% of the time, and it will win every time you make it, here is how you determine your expectation. 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 $60. Your total gain over those four average hands is $60-$30 = $30, an average of $7.50 per hand. Thus calling the $10 has a positive expectation of $7.50. The best poker players put themselves in positive expectation situations over and over again. The other meaning of expectation is how much you win playing poker over a certain time period. To simplify our computations, if you play 100 hours and win $500, you’re your hourly expectation is $5. To get fairly accurate results, you should track your results for at least 50 hours.
Extra Blind — A blind posted by a player just entering the game when they don't wait for their turn in the big blind. An extra blind is the same as a post.
Family Pot — A hand of poker where either all or almost all of the players at the table see the flop. These types of hands can be common at lower limits, but are almost never seen at the higher limits.
Fast — To play a hand aggressively, betting and raising at every possibility. Often heard in the phrase "Playing fast" or "I played that hand fast." Usually you will play a hand fast when you are protecting a made hand against a draw that will beat you.
Favorite — The player who has a statistical advantage in a hand is the favorite to win. For example, a player with a pair of Queens is a favorite over a player with a pair of jacks.
Flop — The first three community or board cards in a Texas holdem or Omaha game. The flop is taken from the top of the deck after the first card is burned, then all three cards are placed face up at the same time in the center of the table.
Fold — To place your cards in the muck or exit a hand. When facing a bet, if you don't call it, you fold. The dealer can also fold your hand if you are not at the table when it is your turn to act.
Foul — A hand that cannot be played and cannot claim any part of the pot. If a player has three hole cards in Texas holdem, their hand is fouled. Most situations like this that are caught before any betting action takes place are corrected by a re-deal. A deck can also be fouled if it is found to be missing a card.
Free Card — A turn or river card on which you don't have to call a bet because of play earlier in the hand (or because of your reputation with your opponents). For instance, if you are on the button and raise when you flop a flush draw, your opponents may check to you on the turn. If you make your flush on the turn, you can bet. If you don't get it on the turn, you can check as well, seeing the river card for "free."
Free Roll — When two players are tied in a hand, but one player can win the entire pot while the other can only hope for a tie, the player who has a chance to win the entire pot is free rolling. For example, if you have the Ace and Queen of clubs, your opponent has the Ace and Queen of spades and the flop has two clubs and no spades, the worst you can do is split the pot, but you can win it outright if another club hits on the turn or river. Free roll also refers to a tournament that has real money prizes but no entry fee.
Gutshot Straight — Four cards to a straight with a gap, also called an inside straight draw, with at least one card to come. For example, Queen, Jack nine, eight or Ace, Queen, Jack, ten are both gutshot straight draws. If you have four consecutive cards to a straight, it is called an open ended straight draw.
Heads Up — When a hand or tournament gets down to two players or when two players decide to play one on one.
Hit — When one of the cards on the flop helps your hand, it "hits" you. For example, if you have Ace Queen and the flop is Queen, six, five, the flop hit you. It can also be used to express the degree the flop helped you. For example, if you have King ten and the flop is Queen, Jack, nine, then the flop hit you hard. Also used to describe when a certain card lands on the board. "The Queen hit on the river to give me a straight."
Hole Cards — Also called pocket cards; your hole cards are the cards you have in your hand which you combine with the community cards in games like Texas holdem and Omaha to make your best five card hand. In 7 Card Stud, the first two cards and the final card are the hole cards.
House — The house is the place where you are playing poker, often a poker room or casino. The house collects rake, provides tables and chairs and usually the dealers.
House Rules — The rules for the poker games where you are playing. It is very important to familiarize yourself with the house rules wherever you play poker to make sure you don't make a costly mistake and / or get taken advantage of, as they vary from poker room to poker room.
Implied Odds — When you are drawing to a hand, like a flush or straight, and trying to determine your pot odds, your implied odds are any additional bets you may be able to collect if you hit your hand. Don't make the mistake of overvaluing implied odds though, especially with hands like flush draws, where everyone can see the danger and may not pay you off.
Inside Straight Draw — The same thing as a gutshot straight draw, an inside straight draw is four cards to a straight with one gap, with at least one card to come. For example, two, three, five, six is an inside straight draw.
Glossary courtesy of "Winning Low Limit Hold'em" by Lee Jones