ExSpadeLearn / Glossary
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Twelve terms, each with a worked example, a common mix-up and a tool to try.
12 terms
American OddsA price expressed as profit on $100, or stake needed to win $100.Expected ValueThe probability-weighted average of all net outcomes in a model.House EdgeExpected casino profit expressed as a fraction of the wager under stated rules.Implied ProbabilityThe break-even win rate encoded by a price, before costs.Independent EventsOutcomes where knowing one result does not change the probability of another.OverroundThe amount by which a complete market’s implied probabilities exceed 100%.PayoutThe amount paid after a winning bet; check whether a quoted figure includes the stake.PushAn outcome that returns the stake without a profit or loss.RakeA charge collected from a poker game, often from pots or through a separate fee.Return to PlayerThe modeled proportion of wagers returned through payouts over repeated play.TurnoverThe sum wagered across repeated bets, rather than a starting balance.VarianceA measure of how widely outcomes spread around their mean.
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