Being profitable from sports betting is based on understanding the different bets and being able to calculate your chances of winning. Also, bettors must understand the difference between the realistic chances of a team’s win compared to the betting odds on offer. To make sure that they win, one must find value bets, as these are probably the most profitable ones.
Value bets aren’t only football value bets, but they can be found for all sports – with the right strategy. To help out our readers, we highlighted the most important aspects that beginners might need about value betting.
What is a Value Bet?
Value bets are those bets a player can make. These bets are ones where the realistic probability of something to happen is greater than the odds reflect. Let’s take a die toss for example. There is a 50% chance the die will land on an odd number. When you find a bookmaker offering odds of 2.10. for the die to land on an odd number – you have a value bet. Here is how you can calculate that:
Value = (Decimal Odds X Probability) – 1
Value = 1.05 – 1
Value = 0.05
When your value is greater than 0, you have a value bet.
Of course, this example is simplified – sports betting is significantly more complex. Betting on sports will have many different outcomes, not only a 50%-50% chance like with our die example. One might give a prediction on how the match between Manchester City and Manchester United will end, but it will only be an estimate. And that’s the art of successful sports betting. A bettor gives better predictions and estimates than a bookmaker. When you win against the bookmaker based on a calculated estimate, you’ve mastered sports betting.
How to Find Value Bets?
Finding value bets is a process. It entails several activities before one becomes successful at it. Here are the most important ones:
Understand Odds and Probabilities
One shouldn’t be a mathematical genius to take part in sports betting. However, knowing how odds and probabilities work will take you a long way. As a sports betting novice – you must understand the different types of odds, how they are expressed, and what they mean.
Due Diligence
The key to a good betting decision is information. One must be full of information to be able to make a concise and calculated decision. To make sure you find the best value bets, we advise you to always being in the know. This entails watching the sport, getting familiar with all the outcomes, learning about teams’ histories, future changes in teams, etc. If you are a complete betting novice, we also strongly advise you to stick with one sport until you master it. Have in mind that research is not a one-time thing – you must do it on a daily basis and take all the info you can possibly find. Forums, press releases from teams, watching the sport, watching sports news, take your pick!
Set Your Own Odds
After you’ve done your research, it is best to make your own estimates of outcomes. Simply take out a sports schedule and start putting your own odds, without looking at the bookmakers’ odds. Make sure to be objective too. After you’ve done so, you can compare your odds, and you might find a set of value odds.