Expectation ( blackjack)

A reference to what a player or the house can statistically expect to win or lose on a given bet or game.
For example, the house expectation on a pass line bet at craps is 1.4%. This simply means that the house
can expect to win 1.4% of all the money bet on the pass line over the long run. Since the only outcomes are win
one unit or lose one unit, a 1.4% expectation means winning 50.7% of the time and losing 49.3% of the time.
If the same bet were described for the player, it may be stated by saying the player on average gets 98.6% of his
money back on the pass line bet (getting 100% back would be breaking even) or it could be stated that
the player has a 1.4% negative expectation on that bet.

Expectation ( poker )

The long-run advantage of a given situation, specifically without reference to any particular outcome. I.e.,
what you figure to win or lose on average after a large number of repetitions of the same situation.

Expectation (videopoker)

[1] A term referring to the amount of you expect to gain on average if you make a certain play.
For instance, suppose you put \$10 into a \$50 pot to draw at a hand that you will make 25% of the time,
and it will win every time you make it. Three out of four times, you do not make your draw, and lose \$10 each time
for a total of \$30. The fourth time, you will make your draw, winning \$50. Your total gain over those four average
hands is \$50-\$30 = \$20, an average of \$5 per hand. Thus calling the \$10 has a positive expectation of \$5.

[2] The amount you expect to make at the poker table in a specific time period. Perhaps in 100 hours play, you have won \$527.
Then your expectation is \$5.27/hr. Of course, you won't make that exact amount each hour (and some hours you will lose),
but it's one measure of your anticipated earnings.