GlossaryAt the table

Set

Three of a kind made with a pocket pair and one matching card on the board.

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What it means
A set is three of a kind where two of the three cards are in your hand. Three of a kind made with one card from your hand and a pair on the board is called trips instead.
How it is calculated
A set is well hidden, because the board shows only one of the rank. Trips are easier to see coming, and another player can hold the same trips with a better kicker.
Worked example
You hold 7♣ 7♦ and the flop is K♠ 7♥ 2♣: a set of sevens. A pocket pair flops a set or better about 12% of the time, roughly 1 flop in 8.
Why it matters
Small pocket pairs are played mostly for the times they flop a set, so how often that happens decides whether calling a raise with one is worth the price.

See also: Hand rankings, Implied odds, The nuts