Odds and Equity
While watching 21, I was amazed as to how the students managed to master the art of card counting. They were from MIT so they really were intelligent. If a lot of people have that training, then casinos would surely lose millions and eventually file for 
bankruptcy. It can be seen as both a gift and a curse. Man has always used mathematical equations to explain things. In gambling, pot odds and equity are determined to give a clear view of what to expect when playing.
A player’s equity can be determined by keeping close attention to the number of outs he makes to make a hand. If you have a hard time determining then the rule is when you are on the flop, multiply the number of outs by four. When on the turn, multiply the number of outs by two. The pot equity is determined by first knowing the hand winning percentage over a series of rounds. As long as you have a greater equity than what is being played, it is wise to call or raise. In the long run, you will expect to have a positive value.
Players often face the dilemma whether to call, raise or fold a bet. The calculation must be for a longer term rather than just on that particular game. The size of the bet in relation to the entire pot is a what should be noticed. One must look at the long term profitability of the action. The entire process requires simple math but deep analysis. In essence, computing the odds and equity is just a way for you to make a decision since it focuses more on the long term results rather than the present. The data is spread over a number of games which makes it an average of all the wins or loses.