E

Early position n. First players to act in a betting round. Very disadvantageous position.

Edge n. An advantage. Over time, even a small edge brings large winnings.

Effect of removal n. The change in the likilihood of receiving particular ranks of cards as other ranks are delt out.  A pair of sixes is less likely to become three of a kind if another player has already received one of the two remaining sixes.  See also bunching effect.   This phenomenon makes it possible to beat some versions of blackjack.  When many low cards have been delt, a card counter increases the size of her bets, knowing blackjacks are more probable.

Effective odds n. The pot odds not for this bet, but for all subsequent bets. Say you have an inside straight on the flop, which is roughly 1:11 to hit. There are 9 bets in the pot, which seems like good enough implied odds, so you call, expecting subsequent players to jack the pot up above 1:11. Sadly, no one else calls, leaving 10 units in the middle. But the bets double at the turn, so there are really just five units in the pot. Your one remaining opponent bets out, making it six big bets. Thus, to call the turn, you are getting 1:6, rather than the tempting 1:9 on the flop. Effective odds are much the same as implied odds, except that they usually refer to how expensive calls might be, rather than how lucrative. 

Expectation n. Expected value.

Expected value n. Also expectation or return. Mathematical term for how much something is worth, on average. A pair of aces wins often, and its expected value is positive. Jack-five unsuited is a horrible hand whose expectation is negative. Skilled players try to base all decisions on an estimation of expected value. They play a hand if they think EV is positive, not because they have a feeling or are bored. Due to the complexity of poker, EV is often only an educated guess, but in many situations it can be calculated precisely. See pot odds.

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