Expected Value
This is a mathematical term that is highly relevant to poker. Expected Value is how much you expect to win on a hand in the long run.
For example, suppose you have a 50% chance of winning a $12 pot. Sometimes you will win $12 and sometimes you will win $0. However, your expected value is $6.
The way you calculate expected value is (percentage chance of winning * pot size).
For more information, please read this article.
Expected value is central to the concept of pot equity.
Other Articles of Interest