Firstly I’ll start off by defining what “value” is..
Value is a purely a mathematical way of calculating how good any given odds are.
You are only using the odds and the probability of the outcome to evaluate the odds.
Factors like league position, form, and injuries are not taken into consideration, it is all about the odds and the probability.
The value calculated for an odds is the expected payout for each dollar (currency used in this example) staked.
The value calculated for an odds is the expected payout. That is how much you get in return for each dollar staked. You can calculate the value by using following formula:
If the value is above 1.00, then the bet is a ValueBet.
This means that your average payout per pound is greater than 1,00. Each time you bet more than a dollar you will get more than a dollar back statistically. In this way, you should win money in the long run.
This assumes that you know the true probability of an outcome, which nobody does when it comes to sport events.
When playing the roulette, you know the probability of red as an outcome, 18/37. But when it comes to sport events, like a football match between England and Brazil, you can only guess on the probability.
There are too many factors involved to make a precise objection prediction possible.
If you can get odds 5.00 at England to win over Brazil, and England has a 30% chance of winning, the odds will have following value:
Since the value is above 1.00, this is a ValueBet. In other words, statistically you will only win three out of 10 times. But each payout will be five times your stake. This gives a total payout of $15 if the stake is $1 each time. That is an average of 1.5 payout per bet, which is exactly what the value of the bet.
So how can you profit from Value Bets?
ValueBets is a way to find the very best odds among the enormous amount of odds at the site. It is a method to find the odds, which not only are the the highest for the specific event, but in relative terms, the best of them all.
Notice that ValueBets with the same value, for example 1.05, can have very different probabilities. If you feel like taking a big chance – and maybe go for a big winning – ValueBets with high odds and low probabilities are interesting. Conversely, if you are interested in finding a relatively safe bet, then low odds with high probabilities would be of interest.