Value Bets in Sports Betting
Value betting is one of the most common terms used in the sports betting world and is one of the methods in which sports betting customers can maximise their returns in the long term.
Therefore, understanding and finding value bets is absolutely essential for anyone who wants to be a success at betting.
A Value Bet is then defined is a bet where one believes that the chances of one team winning are better than the odds being presented by the particular bookmaker.
Experienced and/or professional sports betting punters are continuously on the look out for value bets. However, for inexperienced and new players to betting, it can be a difficult proposition to transition oneself from a sports fan to a serious punter who takes out the emotion from the betting selection process.
In the main, bookmakers are very good at setting odds, which reflects the real chance of the results. The issue with value betting pertaining to sports is that it is not an exact science and not mathematically quantifiable.
What this means is that it is not other forms of gambling like roulette or blackjack, where there are a certain number of outcomes and the probability of each outcome can be precisely determined.
So for example, there are six outcomes when it comes to rolling a dice. There is 1/6 chance of landing any one of the numbers. However, there is no exact probability for Manchester United’s Wayne Rooney to score first against West Ham.
The trick is how does one recognise when the bookmaker’s odds are not as accurate as it should be.
Sports betting punters have a variety of ways of trying to estimate the odds as best as possible.
There is an admission that getting better at assessing odds and thus finding value bets, comes with time and experience, increasing one’s knowledge of the specific sport, the markets and bookmaker’s methods in determining prices.
For both new players and experienced punters, there is one way in which that value bets can be quickly identified; and this is by comparing odds for a certain event via a wide range of online sports betting bookmakers.
This process can lead to easily identifying when a bookie gets it wrong and their price strays away from the mainstream.