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Roughly, I think it's a free chance at something.
In that context a freeroll tournament is a free entry into a tournament given to frequent players or a special tournament exclusivly for the regulars.
In the context of a hand, it's having a strong hand with a draw (freeroll) to an even stronger hand. In Omaha HiLo, I think it when you have one nut and a draw to another nut, allowing you to push the betting knowing at worst you'll split the pot.
On hold'em it sometimes comes up. For example:
I have:
Ks Ts
You have:
Ad Kc
Board is:
As Qc Js Td
I have a "freeroll" from the nut straight to the nut flush.
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