VALUE BET IN SPORTS BETTING [BASIC CONCEPTS]
Video Overview & Insights
Are you wondering what is a value bet in sports betting? You are in the right place!
It seems as if everyone wants to use the “heads/tails” example for value betting which makes sense. Except for the fact that the draw is left out in the calculation for example in football. Therefore the value is lower in reality than explained here. Keep that in mind. Otherwise I do agree that value betting is the best method for generating profit in the long term
In this video, you will discover a fundamental concept in sports betting. First of all, we will introduce the concepts of odds and probability, which are the basis of sports betting, and show you how to convert odds into probability. Then we will illustrate how value betting works through a really simple example. Through this video, we want to emphasize the importance of always choosing value bets to become a winning bettor over the long term.
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You did not use the correct wording when explaining. A value bet is not when player thinks the odds offered by the book are higher than the actual probability of it happening. That may be the case in some instances depending on what you were betting, but it's the other way around, actually. A value bet is when the actual probability of an event happening is greater or higher than what the book is offering. That means you can buy in at a lower price, but the actual probability of it happening is better. The book wants to be right on queue with the probability so it is confusing and you won't know which way to bet but if you can see the probability of something happening or not happening is actually higher than what the book says, it has added value. It's a discrepancy in the odds the book is offering. You know there is a greater or lesser chance of it happening or not happening and the book has it priced wrong. Depends on what you are betting. Value goes both ways either the book has it over or under priced and you notice it, that is a one up for you.
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My question is if for example I place a value bet and bithe team got good odds. Does this mean I only lose if the two teams go on a draw?
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This guy seems to really know what he's talking about!