A value bet is best described as a bet that is good value for money. It may slightly divert you from your usual strategy when it comes to betting, but if there seems to be value in the bet and there are statistics and trends out there that appear to back it up as a potential winner, then it could be worth investigating. If the likelihood of an outcome is actually bigger than the odds suggest, you could be on to a good thing.
The first job is to actually search out the value. This is done through research and studying, and as with any form of betting, research really can be key. Knowing your market and chosen sport, leagues and teams will also help you when it comes to finding value bets.
Identify
You need to start by being able to determine the probability of a possible outcome against what the bookmaker’s odds imply. You can do this better when you have some knowledge of say a team and their results or form. A lot of people work on the basis of trying to determine their own odds.
So, say a better follows a specific soccer team such as West Ham United in the English Premier League and happen to know that they have a great home form, they can probably determine the likelihood of them winning their home games. Then, when comparing them to the odds that the bookmaker offers, they can see whether there is value in the bet. If for example, a side like Manchester United has terrible away form, the likelihood is that West Ham would still be a big price to beat them at home. So there would be value in the bet.
Bet on favourites to your advantage
A lot of people tend to back the favourites when it comes to betting. The issue in doing this is that the odds will be short. Also, when it comes to favourites, the bookmaker is actually dictating the odds and prices to you. Basically, say you are betting on a team who usually are favourites, you aren’t actually backing them. You are betting against the other two possible outcomes, that the draw and defeat, won’t happen. You will always find that punters who back the favourites will only win small amounts or they’ll risk significant stakes, putting more on the line.
Do your homework
Research is always going to be the most useful weapon in your arsenal when it comes to betting. Always. There are numerous resources available online to help you too. There are various sites that will allow you to compare form and trends. Once you have gleaned this information, you can then look to check for the value.
Compare odds
After identifying potential bets, you’d like to place you can then search for value through odds comparisons websites. You could find one bookmaker is offering odds of 2/1 on a bet you’d studied whereas another may be priced at 3/1. So this would offer more value and you’d be better off taking the better price, obviously. The thing is, if you don’t shop around and compare prices, you may end up either not placing a bet as it doesn’t seem to represent value or may take a lower price.
Check your chances
Calculating probabilities of outcomes is something everyone should learn to do. If you pick out a team and they’re priced at 2/1 to win, it doesn’t mean your chances of winning the bet are 50/50 as there are three possible outcomes. So, in reality, you always have a 66% chance of losing. So it is best to break down the odds to see what the probability actually is.
Odds of 4/6 mean there is a 60% chance that the bet will come in.
4 + 6 = 10
6 divided by 10 = 0.6
0.6 x 100 = 60
This formula can be used to find what the bookers feel the probability of that outcome happening is. This is a useful tool when it comes to searching out value in bets.
Increase your profits with value betting
Finding value bets can be a great way to increase your profit over the short term but there is always a risk, but that is weighed off against where you think the bookmakers have priced something bigger than they probably should have or usually would do.
It’s always best to do your research first to weigh up whether it is worth taking the chance. Utilising all the available tips out there as well as the various resources to compare trends and betting odds will help you do this more efficiently.