Let’s admit it. Most of us betting on football tend to place wagers on whatever outcome we feel is most likely to happen. It might be the most logical thing to go by with betting on sports and football in this particular case, but it often is the most flawed one as well as it is based on pure luck.
But those who think success in football betting comes by pure chance and luck cannot be considered serious punters and bettors.
Punters keen to take the casual betting to a more serious level and make anything other than a bet over a pint of beer with friends out of the betting process need to understand that finding value in the odds provided is the best way to make money from betting.
Value bets increase your chances of becoming a long-term betting success. It is as simple as that.
What are Value Bets?
The simplest and most straightforward way to explain a football value bet is to describe it through a difference between a team’s chances of winning and the chances of that team winning in comparison to the betting odds placed on that particular offer.
It might sound confusing but value betting is placing a wager on a selection at better odds that the selection’s chances of winning.
To a knowledgeable bettor, value bets come as common sense and a logical way to bet on football, but the less experienced punters will not be that productive in finding the proper value bet right from the start.
Coin toss stands as the best graphical illustration of a value bet. Each toss of a coin yields a 50% chance that it will land on Tails. And Heads for that matter. So if a bookmaker offers odds of 2.10 on Tails, this particular offer is considered a value bet and there is a simple way to calculate it and prove it.
Value = (Probability * Decimal Odds) – 1 = (0.5 * 2.10) = 1.05 – 1 = 0.05
Each result higher than zero is considered a value bet.
Finding Value Bets
It takes time and effort to become a punter good at finding value bets. Taking the time to learn as much as you can on the leagues and teams you bet on and effort to put it to good use are the two essential aspects of getting specialised in finding the value bets.
Great way to find value bets is to compare odds set by the bookmakers and the odds you yourselves set on a particular selection.
This is a great exercise to determine how far you are willing to go, under the premise you make the uncomfortable compromise and be as objective as you can with your assessment. Setting your own odds based on the knowledge you have on a particular selection will provide you with a better understanding of the probability and sharpen the edge you get to use for finding the value bets in football.