Free Expected Value Calculator
Average outcome of a probabilistic bet or event, over the long run.
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Expected value
12.0000
Favorable on average
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Short answer
Average outcome of a probabilistic bet or event, over the long run.
What is the Expected Value Calculator?
Average outcome of a probabilistic bet or event, over the long run.
How does the Expected Value Calculator work?
Enter the inputs above and read the result.
Formula
Variables
valuePayoff of each outcome
Explanation
Expected value is the long-run average result if the bet or event were repeated many times.
Examples
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Related concepts
The Expected Value Calculator sits inside the Math Calculators hub, in the statistics & probability cluster. Describing data and quantifying uncertainty. Understanding the terms below makes the output easier to interpret and easier to compare against neighbouring measures.
Practical use cases and industry applications
Understanding Expected Value
Average outcome of a probabilistic bet or event, over the long run. Within math calculators, expected value belongs to the statistics & probability cluster, where it shares terminology and assumptions with closely related tools.
Learning how expected value is calculated
Expected value is the long-run average result if the bet or event were repeated many times. Working through the variables one at a time — value — makes the result reproducible by hand and easier to sanity-check.
Using expected value to make a decision
Because outputs depend on the assumptions you enter, run more than one scenario before committing to a figure.
How expected value compares with related measures
distribution, dispersion, significance, sample all describe adjacent aspects of statistics & probability. Comparing this calculator's output against those measures — using the related tools listed on this page — prevents a single metric from being read in isolation.
Frequently asked questions
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