Fold Equity

Fold equity comes from the portion of an opponent’s range that gives up when facing your bet or raise. Even when your hand has little showdown equity, betting can still be profitable if they fold often enough. Sizing, board texture, position, both ranges and the opponent’s temperament all change how much of it is available — it never exists independently of the range you are betting into. Against a player who will not fold, a range that is strong and concentrated, or a line where you cannot credibly represent a value hand, fold equity drops sharply. Semi-bluffs are powerful precisely because they add the chance of an immediate fold to the equity your hand retains when called.