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What is equity in poker??

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What is equity in poker??

Just trying to make sure I understand things correctly. Equity in poker is the likelihood I win a hand and it's usually represented as percentage. So if I have a hand with 40% equity and we run it 20 times. Equity means I should expect to win 40% of those 20 run outs Therefore I should expect to win 8 run outs. Is this correct??

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