Learn Value Betting
If you are new in the world of sports betting, you might have heard about punters discussing the value of bets. So what exactly does the value of a bet mean? Even if you haven’t heard about value betting, don’t worry. In this blog, we will explain the details of value betting which is one of the most important concepts in sports betting.
It doesn’t matter on which sport you want to bet, value betting helps you to improve your chances of making profits in all kind of sports betting. So, if you are an Indian bettor interested in betting on sports, learn about value betting before you bet on an online betting app in India.
Okay, without any further ado, let’s learn about value betting.
What is value betting?
Simply put, value betting is an act of placing your bets when the odds provided by a sportsbook are cheaply priced. In other words, it is an act of betting on an outcome whose probability is higher than what the bookmaker or sportsbook’s odds reflect.
The concept of value betting is that you wager on the bets that have higher chances of winning than indicated by the odds of a sportsbook.
An example of a coin toss to understand value betting
When a coin is flipped, there are two possible outcomes; heads or tails. Both heads and tails have a 50% chance of occurring.
Probability of occurring heads, P(H) = ½ = 0.5
Probability of occurring tails, P(T) = ½ = 0.5
Now, let’s use above probabilities to calculate their odds. It would give us –
Odds of heads = 1/P(H) = 1/0.5 = 2.00
Odds of tails = 1/P(T) = 1/0.5 = 2.00
Now, let’s assume that we want to place our bet on heads, and we have two sportsbooks who are offering different odds on heads.
Sportsbook A is offering odds of 2.10 on heads while sportsbook B is offering odds of 1.90 on the same.
Let’s calculate the value of bets offered by each of them.
Value of bet can be calculated as:
(Probability × odds offered) – 100%
For sportsbooks A: value of bet = (50% × 2.10) – 100% = 5%
For sportsbooks B: value of bet = (50% × 1.90) – 100% = -5%
So, sportsbook A is offering us 5% value for betting on heads while sportsbook B is offering us less than the exact value, which is not a value situation.
Based on the concept of value betting, we should choose sportsbook A instead of sportsbook B to improve our chances of making profits.
If you are into IPL betting, calculate the value of bets and choose those bets that offer a higher percentage of value in an IPL betting app.
Detect value bets in sports betting
Above is a simple example of a coin toss to understand value betting. But detecting value in sports betting is not as easy as in a coin toss. In sports, we are unable to determine the exact probability of any match.
However, there are some sportsbooks or bookmakers referred to as ‘sharps’ who are highly good at finding out odds that reflect the exact probability of the event occurring.
Even among sharps bookmakers, some are better than the others. True odds can be determined by evaluating the odds of sharp bookmakers and considering market efficiency and betting bias into account.
It is highly beneficial to know about the sports betting market. When new information arrives in the market, value betting situations can happen. For example, if some key players of a team change or a key player is unable to play because of injury, the odds for the game are automatically adjusted by the sharp bookmakers.
Importance of value betting for punters
Value betting is an important concept in sports betting. Not being aware of this concept is one of the major reasons why punters are unable to make profits in sports betting.
Many punters are either unaware of value betting or do not understand it fully, and because of this, bookmakers are taking much advantage.
Only around 2% of all punters implement the value betting concept in real life by themselves. Such punters consider several factors such as computer-generated odds, ratings, news regarding teams and players, historical data, etc. into account in order to analyze the events for betting. They would bet only if they detect a gap between the odds offered by the bookmakers and the fair odds calculated by them. By implementing a value betting concept, they are able to grow their bankroll consistently.
Some of those pro-punters also share their expertise with other punters and provide them betting advice by charging some money. Around 10% of all punters seek betting advice and tips from pro-punters knowing and realizing the importance of value betting.
Around 8% of all punters follow betting tips and advice provided by tipsters who might or might not implement value betting.
That leaves us to the majority of the punters (around 80%) who are not aware of value betting.
If you understand value betting in detail and implement it, you are already ahead of the majority of the punters. This improves your winning chances to a great extent. Although value betting doesn’t guarantee success in every bet, it is the mathematical concept that helps you to be in profit in a long run.
We advise you to choose the top android and iOS betting apps that offer value bets.
We hope that this blog is helpful for you to know about value betting in detail. Remember that this blog is not conclusive of value betting concept but it provides much information of value betting to any beginner.
You can learn more about the concept by researching more. Use value betting concept and always bet smart.