Abbreviation for Expected Return.

1. Often used in place of the mean or expected value, especially as ""The Expectation"
2. Involving the mathematical operation equivalent to averaging over some quantity of a distribution, random process or data set. If the quantity is the value itself, the expectation is the mean. If the quantity is the value minus the mean squared, the expectation is the variance.

The first moment of a random process, also known as it's mean or average value, and often given the symbol &micron;. In gambling, the Expected Value can be computed for a game itself (example: JOB video poker has an Expected Value of 99.54% when played with a Max-EV strategy) or a particular instance (example: in PKM video poker, the dealt hand with the highest Expected Value is trips) or the entire playing situation (by including the value of cash back and comps, if any). For video poker, Expected Value is usually expressed in percentage units, whereas a game that is exactly break even has an Expected Value of 100%, and a positive game has an Expected Value of greater than 100%. However, other units may be used, including fractional units, or real currency. Expected Value is generally used interchangeably with Expected Return, Return, and sometimes Expectation and long-term return.