Every top online sportsbook has different odds for what will happen during a sporting event. One game might have a favorite at -130 on one website, while another has that favorite at -115. Reviewing the odd value for each bet you place is critical to your success.
You’ll have more success making money with your bets when you work alongside the right value odds. But everyone has separate definitions of what they feel are the value odds of the day. Some might figure the odd value is best when there’s more money in the equation.
The problem with most sports betting efforts is that people focus on what events they feel are the most likely to happen. They don’t consider the odd value of each event. A bettor could get plenty of wins by betting on the outcomes most likely to happen, but that doesn’t mean they’re going to earn profits.
Finding the best value odds is critical to your success in making a profit on sports betting strategies. The value gives you a better payout when you’re successful in your wagers, and you find the value odds of the day. This brief guide will highlight what the best value odds are for different wagering activities.
What Is Value In Sports Betting?
Value in sports betting occurs when the probability of a wager being successful is greater than whatever the probability in the odds suggests. You can find a positive odd value when placing your bets. A positive value will pay out more than you might expect.
For example, there might be a wager on a coin flip to see what will happen. The odds of a coin landing on heads or tails are the same. But a sportsbook can provide 2.50 odds on the coin landing on heads and 1.50 for tails. You’ll be paid more for a successful heads bet, but you must also review the odds value.
You can figure the implied probability of an event. The implied probability entails the possible chance for something to happen. This is different from the actual probability, which for a coin toss would be 50%.
You can review the implied probability with these steps:
- Divide 1 by the decimal odds for the event.
- Multiply the total by 100 to get the implied probability of odds as a percentage.
For the coin toss example, you can divide 1 by 2.50 to get 0.4, which you multiply by 100 to get a 40% probability for the coin toss to land on heads. You can take tails and divide 1 by 1.50 to get 0.666, which means there’s a 66.6% probability for it to land on tails.
The implied probability for the heads pick is less than the actual chance. Therefore, the heads bet offers a better odd value. The tails bet would provide a negative value, as the implied probability is higher than the actual measure. The goal is to find something with a positive value. It is easier to make more money when you find the best value odds here.
Ways to Determine If the Odds Are Valuable
You can identify the best value odds for an event by monitoring the probabilities of whatever outcomes can occur. You will then compare these probabilities with the implied potentials for those odds.
There are a few steps to follow when running a value odds checker:
- Use the formula you read earlier on calculating the implied probability of a bet. Divide 1 by the decimal odds for the wager.
- Review the qualities of the two teams or players you’re reviewing. See which team has been performing better and who has the best chance to win.
- Figure out the percentage potential for someone to win. If the two sides are very close, there could be a fifty-fifty chance of each team or player winning, for example.
- See if the actual probability is higher than the implied probability you calculated. Anything where the implied probability is over the actual value will have the best value odds.
Ways to Find Betting Value
You can use a value odds checker to help you find the best values for the day, but your better judgment is also critical to your success. You can use a few tips to help you find the best value odds:
- Review sports that you know and understand. It’s easier to find the value odds of the day when you see what’s happening in your field.
- Check the reasons why a sportsbook would establish its odds. There might be unique trends in how well each player is competing.
- Pay attention to all wagering options, like the moneyline betting or prop betting, even when there’s a heavy favorite. There might be times when the implied probability for something is better or worse than you expect.
- See what multiple sportsbooks are saying about events. Some sportsbooks might have different odds that can influence the implied probabilities for events. An event with 1.15 odds would have a higher implied probability percentage than the 1.45 odds that appear on a different sportsbook.
The best value odds are over on what might happen during a game and what a sportsbook is thinking. Your value odds will focus on whatever occurs on the market and what you’re finding from a sportsbook. Complete your research to see what the most appealing value odds of the day are, and only work with things that you’re comfortable for wagering.
Knowing what’s working when finding the odd value for an event can be critical to your success. It is easier to make more money on your wagering efforts when you see what the value odds of the day are and what might happen. You will enjoy the excitement that comes with placing bets on the events that are more likely to occur when placing your wagers.