What Are Value Bets - Value Betting Explained
Bets that hold an edge against a bookmaker or another user on a betting exchange are considered value bets. Value as a term is derived from the financial sector and has the same core meaning - as long as there is a selection identified with a lower probability than indicated to occur, also known as a positive value, then there is an opportunity to take advantage of it.
Value Bets of The Day - Best Value Bet Predictions Today
Find the best bets using the Oddspedia free value bet tool. Look for the overvalue percentage and starting time to check the most potentially profitable bets for today. The matches shown have higher odds than what the probabilities would suggest. We suggest using them as single bets.
Value Bets Tips - How To Identify Good Betting Opportunities
In betting finding positive value plays a critical role in long-term success. It is one of the fundamental concepts in sports betting, and naturally, you would place bets only where you see a positive expected value between the probabilities you calculate and the odds provided by bookmakers.
Here are ten tips to be able to successfully extract positive value from your bets:
- Be able to calculate probabilities and convert odds on the fly.
- Have a deep understanding and experience in the sport you are betting on.
- Time and place your bets before the lines start moving
- Analyze the difference between the odds and your perceived probability of an outcome
- Watch out for recent news or announcements that may affect the outcome of a game
- Look at statistics and beyond before you settle on a bet
- It’s more frequent to find overvalue on the underdogs, even with less hit rate
- Don’t be afraid to go against the public consensus
- Value betting comes through in the long term, short-term bad streaks can happen
- Use your EV calculations to correspond to the Unit amount wagered on your bets.
But you don’t have to worry at all because Oddspedia has you covered as well with the value bets betting tool found on this page. You will be able to easily and reliably find value bets across multiple sports. Read below for more about our tool.
What Is the Correlation Between Probabilities and Odds?
Probability represents the likelihood of a certain event to happen and how likely the outcome is being shown in percentage. In sports betting, bookmaker personnel and traders assess this probability, which is then transformed into betting odds. Value betting situations will occur where the odds of an event from a bookmaker reflect a probability that is less than the actual probability of this outcome to occur.
What Positive and Negative Expected Value Means?
Expected value or EV is the potential long-term fairness over the given situation. Positive +EV signals that long-term positive results can be expected and negative -EV is the opposite. Or simply put, positive EV equals taking a good deal at the right time. The EV perspective is a great approach to gambling and especially sports betting and we naturally stick and call bets we perceive as +EV.
How Is the Value on A Value Bet Calculated?
To calculate expected value let’s use a coin flip as an example. A coin toss has a 50/50 chance to land on heads or tails, therefore the odds offered on a fair market should be 2.00/2.00, but there is a bookmaker which is offering heads priced at 2.20. The formula is as follows:
- (Potential Profit * Probability ) - (Potential Loss * Probability)
Our potential profit with a stake of 10$ on odds of 2.20 will be 12$. Our potential loss is 10$. We are quite sure the true probability of heads to land is 50%. So using the formula, we measure our +EV at 1 : (12 * 0.5) - (10 * 0.5) = 1. To get overvalue percentage, the initial stake can be divided by our EV - in this case, 10% - which means that for each $10 dollar bet, we will make an average of 1$ because the probability given by the odds was lower than the implied probability of the coin flip.
Oddspedia Value Bet Finder - How to use
Value bets tool displays bets that have odds with implied probability value higher than the real probability of it happening. Those bets are calculated based on the comparison between bookmakers' market odds with total average odds. Oddspedia’s overvalue algorithm takes into account various factors and collects data simultaneously from at least several bookmakers. Betting with value included in the bets will statistically lead to long-term profits.
- The "Odds" column features the best betting odds available.
- The "Probability" column shows a statistical likelihood to win the bet.
- The "Overvalue" mathematically estimates the added value advantage between the odd and the real probability of this outcome.
You might also like to check other Sure Wins situations via the Oddspedia Sure Bets tool.
