Value betting is described as a way to identify an edge against a gambling agency or players you are competing with. Bets that offer value are priced for less than they are worth. Successful bettors have a good understanding of the difference between how odds compare and a selection’s chances of happening. This gives a hint of a value bet.
Relationship between probability and odds
Probability is defined as the chances of an event happening with 0% as impossible and 100% as certain. Bookmakers use this percentage to define the odds of an event. Value betting represents itself in instances where the odds set by a bookmaker are not a true reflection of the actual outcome.
How to identify value bets
Value bets can be identified using different methods. The first one is by setting up your own odds. By finding your own odds, you can easily compare it to the bookmaker’s odds to find value bets. Also, remember to think probabilities rather than underdogs or favourites. Your aim is to identify the chances of an event happening more accurately compared to a bookmaker. Finding a value bet can sometimes be difficult, but you can get help at RebelBetting.