The expected value for given mixed (random, independent) strategies is given by $\vec{r}^TM\vec{c}$, where the column vector $\vec{r}$ is the row player's mixed strategy (expressed as a vector of probabilities); $\vec{c}$ is the column player's strategy, and $M$ is the payoff matrix.
Typically payoffs are from the point of view of the row player, so a positive expected value is favorable to the row player; negative, to the column player.