The odds you get at a bookmaker represent the chance of your bet winning. Sometimes the bookies get it wrong and let the smart bettors get great value. It is the main essence of a value bet. However, it was the final and most profitable step for professional gamblers. Remember that a value bet is profitable and mathematically sound but not risk-free.
Even when done right, you can be unlucky and lose all your money. It is suggested that if you are new in the world of profitable gambling, then begin with matched betting instead. In addition, it is much easier, risk-free, and, most importantly, never use the money you can’t afford to lose. This detailed guide will teach you everything you need about Value Betting in Sports betting.
What Is Value Betting?
It is a betting technique based on mathematics, allowing you to beat the bookmakers in the long run. It is common saying that “the house always wins.” Thankfully for you, with the proper technique, like a value bet, you can get an “edge” over the bookmakers. Value betting is a gambling system that involves searching for odds that give you an edge over a particular bookmaker and betting on them.
To expand further, if you go through the match and realize the outcome of an event is much higher than the odds state of the bookmaker that is a value bet. So, if you are not a professional sports bettor, you can consider value bets as regular bets with some added benefits. However, before you conclude that particular odds after value bet, you must research and calculate. Don’t forget that the value bet mostly applies in sports betting since each outcome lacks an exact statistical probability of occurring.
How do Value Bets Work?
In basic terms, sports betting is the practice of wagering money on the outcome of a sporting event. Humanity has been gambling for millennia. For instance, archaeologists found Hexa Sides dice used by the Mesopotamians over 5 thousand years ago.
A bet is an agreement between two parties. The party then makes an incorrect prediction and forfeits something stipulated to the other. When you place a bet, you predict an outcome at predefined odds. However, the traditional form of betting involves the bookies against the gambler, but the Betfair Exchange, and others like it, have completely changed the game.
You also have a chance to wager against other players who “back” or “lay” an event at odds they choose. A “back” bet on an exchange means you believe the event will happen. On the other hand, a “lay” bet means you bet against the outcome. Remember that when you place a bet, you do so at particular odds based on the likelihood of the event happening.
Types of Value Betting:
There are two main ways professionals generally make money from Value Betting. One is to become an expert in a particular sport and develop your odds, and then when you think the bookmaker has got it wrong, you bet. The second is to use mathematical techniques and logic to determine what the market thinks the true odds are and then bet with bookmakers who disagree with the market.
Fundamental Value Betting:
It is the traditional way to make money as an expert sports bettor. To make money through fundamental Value Betting, it is necessary that you have complete knowledge about the sport and also how to create odds. However, you can effectively become a bookie by bets from other bookmakers instead of gamblers. Starting from a professional bettor to opening a bookie is a well-trodden route. So, if you go to a horse racing track and talk to the small independent bookie, you will see that quite a few used to be professional punters.
Technical Value Betting:
There are plenty of bookies and betting exchanges, all of which have slightly different odds. So, if two or more start t disagree and their odds separate, then a situation can occur where you can bet on all outcomes and lock in the profit, which are generally known as arbitrage opportunities. If two bookmakers disagree, one is right, and the other is wrong. So, if you do research to determine which bookmaker has the cheap odds and the only place to bet, you are now Value Betting.
The value bet is designed to increase your chances of placing winning bets. However, many great Value Betting strategies will help you to get the best outcome. Ultimately, betting comes down to odds. While if the results are predictable, the betting odds are very easy to beat. Wagering these results is not exciting. It is also the most profitable for the bookmaker. According to this, you can almost always bet on winning results when calculating the odds or likelihood of the given event. Any tipster will give you the odds when it comes to sports betting. You can use that information to place your wager.