The best way to make money in sports betting is through finding value in odds. In reality, it’s the only way to consistently make a profit in sports betting. If you’re not betting for value, then your long term success will be pretty low.
Many people don’t realize that successful betting isn’t about picking as many winners as you can. It’s about finding spots where the odds are in your favor so you can get your money down when you have a positive expectation. If you want to do this, then you need to understand the concept of value and how to have the best winning odds.
Understanding value takes some time, so if you want to make successful bets consistently and make a profit, then you should start now. This article covers what you need to know about value with some tips on finding it.
Value in sports betting
Value can either be positive or negative in the context of sports betting. A positive value is present when the probability of a wager winning is higher than the probability reflected in the odds. The value of a wager is negative if it reflects otherwise.
To help you determine a positive value to a negative one, let’s use betting on a coin toss as an example. As there are only two choices, the chances of winning are 50% on each wager. Say the odds placed on heads is greater than the odds placed on tails, then the positive value is on heads. This is because the chances of winning is greater than what is implied of the odds.
Calculating the implied probability, which is what the numbers on the odds is called, is quite simple. The formula is (1/odds) x 100. That formula will give you the implied probability of odds as a percentage, which is much easier to work with.
Top online casinos will always provide you with the best odds and lines in sports betting. On websites like www.pnxbet.com, you’ll see content that gives you updates on predictions and odds for the events on their sportsbook.
If you’re working with odds that are not in decimal value, you can use an odds converter tool. You’ll find many within the online gambling community around the internet.
How to find value in sports betting markets
Sports are very unpredictable. All you can do when betting is to make the most accurate assessments and trust your judgment. It ultimately comes down to how you’ll interpret the information that’s available to you.
In order to find value in sports betting markets, you should learn how to carry out adequate research and analysis. Don’t rely solely on your existing knowledge when assessing the probabilities of potential outcomes.
Another helpful tip on finding value is betting against what you think the outcome will be. It seems counterintuitive, but it’s just how it works at times. Sometimes you bet on the favorite, and there are times when you have to bet on the underdog.
Understanding value and knowing how to identify them doesn’t guarantee you anything. It only increases your chances of winning, which should be enough to make money in sports betting. One last tip to keep in mind is when you can’t identify any positive value in the presented odds, shop around for better ones. Keep your money and search for better ones where you can win.
Luther Abrams is an online game and sports enthusiast who spent his younger years playing and watching basketball, baseball, soccer, tennis, and badminton games, among the many others. Today, as an early retiree, he continues to write about his love and passion for sports. On most days, he also loves to play ball with his two kids.