A very old 2-player game with checkers played on a board with 24 "points." The object is to move (based on dice rolls) all your checkers past points controlled by your opponent, and ultimately off the board, while bumping off and trapping your opponent's checkers. (20-minute playtime.)

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Why is 'equity' much more commonly used than 'winning probability'? What is the mathematical formula that links 'equity" and 'winning probability'?

In backgammon, people always speak about 'equity', but never about 'winning probability'. To me, 'winning probability' seems much more simple and much more intuitive than 'equity'. So why is 'equity' ...