Equity realisation
Equity realisation is the share of a hand's raw all-in equity that is actually won once betting, folding, and position are accounted for, rather than assuming every hand reaches showdown.
Raw equity assumes a hand goes to showdown every single time. Real poker rarely allows that: bets force folds, position controls who sees a free card, and initiative lets one player win pots their cards alone would have lost. Equity realisation is the share of that raw number a hand actually banks once all of this is accounted for.
realisation rate = realised equity / raw equity
Worked example. A hand holds 40% raw equity on the flop, but playing it out of position forces enough early folds that it only banks the equivalent of 30% over time:
realisation rate = 30 / 40 = 0.75
This hand realises 75% of its raw equity, well short of the full share the cards alone suggest.
Position, initiative, and how easy a hand is to play all push realisation up or down. A strong draw held in position tends to realise all of its raw equity and often more; a weak, hard to play hand out of position often realises well under it. The fix is directional, not a formula to solve at the table: play more hands where you expect to realise well, and give up the ones where you will not.