EV Cashout Explained: How Expected Value Works, Is The EV Cashout Feature Worth Taking?

Poker is a game with an element of chance involved, no matter how much we study the odds and refine our strategies. So called bad beats, where another player goes against probabilities and usually common sense too, and beats you when you appear to have a strong hand, are a manifestation of that element of chance.

But a bad beat is more than that, it can make you second-guess every choice you make as the game progresses, and even professional poker players can tilt into a losing spiral as a result. So, if there is a way to avoid bad beats, that is a good thing, right? Expected Value Cashout, usually called EV Cashout, is designed to do just that, but how, and is it something you should be taking advantage of?

What Is EV Cashout?

EV Cashout gives you the chance to buy your way out of a hand in very specific situations to avoid the potential for bad beats, and the problems they can cause.

Because bad beats can have such a negative impact on player psychology, poler sites have sought ways to mitigate the issue for a while. EV cashout is the latest version, replacing various insurance options that were previously popular, and are a simple option integrated into the game itself.

Where Can I Find The Expected Value Cashout Option?

It is available in a number of games, including:

Texas Hold’em

PLO

PLO-5

Rush and Cash

Short Deck

How Does EV Cashout Actually Work?

First, there must be at least two players still in the game including you, and you must be all in on the flop, with a minimum of 20 Big Blinds in the pot. If the game meets these criteria, after the hole cards have been revealed, all players in the game who have a minimum 60% equity will be able to choose EV Cashout.

The game offers a clear path, and tells you exactly how much the cashout offer is. If you accept the EV offer, then that is how much you will win, even if you go on to win the hand, you only get that amount, with the rest of the pot going to other players. Of course, if you lose the hand to a bad beat, you still get that EV amount, which kind of eliminates the risk.

The system only gives you a limited time to accept the offer, then it is gone for good, so you need to make quick decisions when deciding the best approach for each hand.

How do you calculate EV payout?

While the system does all the calculations for you, and simply provides an on-screen value to accept or not, the way it is worked out is actually simple.

The formula is this: Equity Value*(Pot Size – Rake – Jackpot Fee)

In practice, if you were playing a game of $2 no limit Texas Hold’em and there is $60 in the pot, then that would be 30 Big Blinds, which means the game qualifies for EV Cashout. The rake in the game is 5%, or $3, and let’s say there is no jackpot fee, the total pot is $57.

Your equity value is the probability of you winning the hand in normal circumstances. So, if your current position would lead to a win 80% of the time, then your EV cashout value would be 80% of that $57 we already calculated. So here, the EV payout you’ll be offered would be $45.60.

Differences with All-in Insurance

The EV Cashout directly replaced the previous all-in insurance, but what are the main differences? The biggest is that there is no commission from the room, you can see exactly what is on offer without having to calculate insurance fees, count your outs and so on.

Also, EV cashout is only available once during the hand after all hole cards are shown, and for a very limited time. EV cashout is easier to use, doesn’t slow the game and offers better cover for bad beat situations, but should you use it?

Is EV Cashout Worth Using?

As with everything in Poker, there are no absolute answers, and whether it’s worth using EV cashout will depend on the particular situation.

If you are someone especially affected if you find yourself on the wrong end of a bad beat, then using EV cashout could well be worth it. Yes, you don’t get the full pot on your winning hands, but you also don’t lose it all on the bad beats. Importantly, the fact you still win on a bad beat can help you overcome the psychological cost of those situations and not help you perform better, but enjoy the game too.

For all players, it is a useful tool if you are in a situation where you have high equity and a large pot size. In these scenarios, it is very much insurance against improbable outcomes, and the larger the pot, the more attractive it becomes. Don’t forget though, if a player accepts the EV cashout offer then that player will forfeit the pot and only get the cashout value.

Conclusion

EV Cashout moves the game on from all-in insurance, making it easier to protect yourself against some of the variances in poker. It is much more intuitive to use and avoids interrupting the flow of the game, so for those that struggle with the emotional impact of bad beats, or are playing larger pots and would like to hedge some risk, it is a very useful system.

It won’t be for every player, but another tool in the arsenal for those who need it.

FAQ

What is EV cashout?

A way to protect yourself from bad beats, EV Cashout guarantees a payout no matter what happens later in the game.

What happens if you cashout?

You get the amount mentioned in the EV cashout. However, you only get that amount, if you win and the pot is bigger, the additional money is distributed to other players, you still only receive the smaller EV cashout sum.

Is EV profitable?

By using EV you protect yourself against bad beats, and guarantee some money from each game. For those who tend to tilt and go into a losing streak after a bad beat loss, sticking to EV cashout will be more profitable in the long run.