Whether you are a novice or experienced gambler, you must have heard of the term value betting. This is a betting strategy that skilled gamblers use to earn more profits from their bets. So, what exactly is value betting, and how can you identify it? In this article, we will have in-depth discussion about value betting.
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What is value betting?
Value betting is a betting technique where players bet only when a bookmaker offers much higher odds than the real probability of an outcome. Simply put, in value betting, you will be placing bets that have a higher chance of winning than implied by the bookmaker odds. This means that when you value a bet, you will have an edge over the bookmaker.
A practical example of value betting
When you toss a coin, there can only be two outcomes. They include the head or the tail. This means that the chance of the coin landing on either the head or tail is 50/50. Odds are calculated using this simple formula. Odds=1/ probability in decimal. In our case, the odd is 1/0.5= 2.00
Now imagine this scenario, two different bookmakers have offered the following odds 2.20 on the head and 2.00 on the tail. Which bookmaker would you choose? Because the probability of either outcome is 50/50, it only makes sense that you choose a bookmaker that offers higher odds. In this case, you will choose a bookmaker that offers 2.20 on the head. This is what is known as value betting. You can learn more about the formula in investopedia.
How can you detect value betting?
Now that you know what value betting is and its benefits, the next important question is how can you detect value betting? Let me be honest, finding value betting is not a walk in the park, especially for novice gamblers. Unlike the value of a coin where there is a 50/50 chance, in sports, there is no such probability. That is why it is difficult to detect value betting.
However, some bookmakers are very good at determining odds that reflect the actual probability of a given match. In betting, such bookmakers are referred to as sharps. By carefully evaluating sharp bookmaker odds, you can accurately determine the odds of a given match.
Value betting mostly occurs when new information is revealed about a certain match. For instance, if the match lineup suddenly changes or if a key player is suddenly ruled out, bookmakers usually adjust the odds of the match based on the information, and that is when value betting mostly comes in. Sharp bookmakers usually adjust their odds immediately, in case there are certain changes in the odds before other bookmakers adjust their odds, which mostly does not reflect the actual probability of the outcome.
Conclusion
Understanding value betting is key to the long-term success of any gambler. Now, to an experienced punter, value betting may seem like common sense. However, to a novice gambler, value betting can be a complicated concept that is difficult to grasp. It is not possible to understand value betting in a week or a month. However, with practice and consistency, you will eventually grasp this crucial concept that will not only increase your chances of winning your bets but also earn you more profits.
