Expected value (EV) in gambling is the average return per unit staked over a large number of identical bets. Positive EV means a bet returns more than it costs on average; negative EV means it costs more than it returns. Almost all gambling products (casino games, slot machines, lottery) have negative EV built in by design. The only gambling contexts where positive EV is achievable are: sports betting with superior information, poker with superior skill, and a small number of casino advantage-play situations.
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