1. A poker/gambling term, short for 'Expected Value'. Basically means how much you can expect to win at any gamble. For example, if you tossed a coin and I gave you a dollar if you flipped a head, then your EV is 50 cents. Often preceded by 'positive' or 'negative' where the former implies it is a good situation and the latter a negative one.
2. As above but also applied to random everyday situations where the outcome is unknown.
I had good EV on that call because the pot was so large
Chasing inside straight draws is negative EV.
You should go chat to that girl. Gotta be positive EV
Argh, Monday mornings are so negative EV.
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