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Video Poker Dictionary
Expected Return: - The expected value of the game as a whole; i.e., the long term
expected Payback of the game, assuming perfect play. Sometimes called Payback. But, more correctly should be called Rated Payback.
Expected Value: - The average payback of a particular play. Often abbreviated EV.
Expected Value of any Chance event is the average of all possible outcomes.
Full Pay: - Usually the best payoff schedule offered for a particular game.
There are exceptions, however, such as the enhanced full pay games. These include the 4700-coin royal or a bonus for a sequential royal at a few casinos and the 10/6 and 9/7 Jacks-or-Better games at the Stratosphere. Most strategies are developed initially for the full pay game, and sometimes they are modified for other variations.
Optimum Play: - Employing a strategy that may not be quite computer-perfect play
but is designed to yield the maximum long term win rate with real human play.
Pay back: - The long term expected return of a games it is being played. Usually expressed as a percent. You can expect to make a profit on a game only if its payback (including any slot club rebate and/or comps) is over 100%.
Payoff: - The number of coins or credits paid for a particular winning hand, often expressed on a “per-coin” basis. For example, a Full House in standard full pay Jacks-or Better with five coins bet pays 45 coins, but instead of 45-for-5 this is usually expressed as 9-for-1. Note the use of “for” rather than “to” for the payoff odds; this is because the bet has already disappeared into the guts of the machine, and a Full House returns nine coins or credits for each coin or credit bet, which is actually 8-to-1 odds.
Payout: - The actual dropping of coins by a machine. A hand pay is also considered to a payout.
Penalty Card: - A discard that does not affect the chances of making the primary target hand but whose absence from the remaining deck reduces the chances of making some of the secondary payoffs, thus reducing the EV of the play.
Perfect Play: - Every play is made for the absolute highest expected value. Although perfect play is easy on a trivial game such as Double Down Stud, and not too difficult on Jacks-or-Better, it is nearly impossible for a human to achieve perfect play on the more complex games such as Double Bonus Poker.
Push: - No exchange of money. The machine says a payoff equal to your bet is a win, but actually the one-for-one payoff is a push. Compare this with a blackjack hand where you and the dealer each have eighteen (or any equivalent hands except when you bust).
Rated Payback: - The long term expected return of a game as summing perfect play.
Rated Payback: - The long term expected return of a game as summing perfect play.
Secondary Payoff:- In many cases we are drawing with the hopes of making a particular big payoff, but much of the expected value of the play comes from smaller payoffs when we miss the big one. For example, you might draw two cards to a royal flush but end up instead with a high pair, two pair, three-of-a-kind, a straight or a flush, all of which would be secondary payoffs.
Volatility Index: - The standard deviation per unit bet.
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