Equity

Also known as: pot equity, hand equity

Your share of the pot if all remaining cards ran out and hands went to showdown — i.e. your probability of winning, plus split-pot fractions.

Equity is the percentage of the pot your hand or range "owns" right now, assuming the hand is checked down to showdown with no further betting. For a single matchup it's your win probability plus half of any tie probability:

\[ \text{equity} = P(\text{win}) + \tfrac{1}{2}\,P(\text{tie}) \]

Equity is the raw input for almost every decision: compare it to pot odds to call, and to required equity for any line. Crucially, equity at showdown is not the same as equity realised: position, SPR, and how face-up your range is all change how much of your raw equity you actually convert into pot share — see equity realization.

At the range level, range vs range equity and its equity distribution drive who gets range advantage and how aggressively each side can bet. Don't confuse chip equity with money: in tournaments your stack's Chip EV (cEV) and Dollar EV ($EV) diverge through ICM.