Definition
Expected Value (EV)
Expected value is the average outcome of a bet if it were repeated infinitely. It is the fundamental unit of gambling math, and every standard casino bet is negative.
Published · Last reviewed
Expected value is the average outcome of a bet if it were repeated infinitely. A bet with negative EV loses money on average (every standard casino bet, by the house edge); a bet with positive EV profits on average.
EV is the fundamental unit of gambling math. Bonuses and promotions can temporarily shift a bet's EV — which is why bonus terms like wagering requirements exist, and why poorly designed promotions can create exploitable positive-EV situations.
Related: House Edge · Wagering Requirement