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Variance refers to the short term deviation of our winrate from our expected results. For example, we might be a confirmed 6bb/100 winner, but it’s rare our winrate will show exactly 6bb/100 over a given sample.This is referred to as variance. Generally, the larger the sample size of hands, the closer our winrate will be to its expected value. Since variance is very large in poker, big deviations from expected winrate are common, especially if the sample size of hands is small (i.e less than 50,000 hands).

A value bet in poker, is a bet made with a strong hand in the hopes of getting called by worse hands. It’s an extremely important aspect of poker strategy, especially in games where our opponents have a tendency to call our bets with too many holdings. In terms of rough maths, a value bet needs to be good over 50% of the time when called in order to generate profit.

In poker the term upswing refers to winning more than average over a given period of time. It’s the opposite of ‘downswing’ which refers to a period of prolonged losses. Upswings are generally a good thing but they have also been known to cause mindset issues since players start to fear what they imagine to be an inevitable downswing. Due to rather large nature of variance in poker, upswings and downswings are extremely common.

Upcard is a Stud term that refers to any of our cards which are visible to the entire table. This differentiates them from ‘downcards’ which are only visible to us (similar to hole cards in Hold’em and Omaha). In Seven Card Stud, we will be dealt four upcards over the course of a hand which give other players a small window into the type of hand that we may hold.

Find the meaning of the term "underdog" in poker. Is it always a bad thing to be the underdog in a hand of poker?

An underbet in poker refers to any bet smaller than about 40% of the pot. If there is $100 in the pot. Any bet sizing less than $40 would be considered an underbet. The exact percentage threshold could vary depending on who we ask, but the basic idea is that it’s a small bet relative to the size of the current pot. Many players are closed off to the idea of underbetting, but good players recognize it as an important component in their strategy.