Pot Equity; the average amount of money that a particular hand would win if the specific situation were repeated a large number of times; at a given point, the amount of money at stake in the pot multiplied by the percentage chance of winning. Different from expected value because it does not account for the cost of additional wagers.
ADDITIONAL INFORMATION: Example: Player A has Ac-7c in the pocket. The board is now 2c-Qh-4d-Qc. Player A is drawing to a flush and believes the Ace-high flush would win the hand if completed. There appear to be 9 clubs remaining in the deck (13 total minus both the 2 on the board and the 2 in hand), although it is possible one or more clubs are in opponents' hands. There are 46 cards that Player A has not seen, so it appears to Player A that there is a 9 in 46 (or 19.6%) chance of a club being dealt. If the pot is $10, a quick estimation of the pot equity would be $1.96. The actual pot equity will vary below or above this, depending upon what hand would actually be required in order to win the showdown. If another player in that hand had Qs-Qd, Player A's pot equity would be 0% because Player A is drawing dead. While players can not know what the pot equity is with certainty, it can be calculated by observers who see the cards of all players.
EXAMPLE: "Even though treating my hands as though they were worth the equity is reasonable in the long run, it would be really frustrating in the short run if I missed on a few drawing hands."
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