EV is "expected value".
Example....I am playing a game with a calculated return of 104%. This means for every 1000 in action I should profit 40.00. Therefore my EV is +40.00 for a 1000.00 session. When you truly have an edge you make a schedule and play it. Variance is not going to affect you if you really have an edge and play according to your bankroll using Kelly Criterion or something similar.
Professional gamblers measure their results on a daily, weekly, and monthly basis using EV. If I get 25K down at 104% return I earned 1K for the day. If I want to make 100K for the year then I know that I have to set a schedule and maintain it to get in the 2.5 million in action needed.
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