Contrary to popular belief, all gambling endeavors share the same basic concepts. As a beginner gambler, you will probably find it hard to believe that poker, horse racing and sports gambling share anything in common except for the obvious gamble. Well, if we narrow things down, a gamble is a transaction which has a specific outcome. In order for these transactions to be profitable to gambling agencies, the odds need to be in favor of the house. The difference between sports betting and all other gambling endeavors is the fact that sport gamblers have access to more value betting chances.The Principles of Value Betting Picture 1
A bookie is the person who sets the odds for a gamble. A professional gambler will always research a bet before risking his money. If you notice that the bookie is off on the odds, then you’ve got yourself a value bet. Your value is determined by the difference between the bookie’s odds and the odds estimated by you. For example, lets assume that we have an upcoming soccer game between Team A and Team B. Team A is known to be a very good team and he is opening at 1.20. Team B (+0,5) opens at 4.00. Team A has an 83% chances of winning while the underdog Team B has only 16,17% chances. Well, in this situation, it is fairly obvious that the bookie knows that there will be a lot of bets placed on Team A. He will most likely reduce the odds of team A because of the large number of bets. However, he will still have a nice turnover. Now picture a difference scenario: what if Team A finds itself without several important players, just a few hours before he game (flu can struck in the most unfortunate of events). In this situation, the team B bet looks like a value bet. However, you cannot determine the exact value of that bet without a lot of research and statistics. Still, we can all agree on the fact that the odds are very suspicious in this situation.The Principles of Value Betting Picture 2
The situations presented above have a lot of random factors and they are very far stretched in order to help you understand value betting. You should know that the chances of one team having several players struck by illness, just a couple of hours before the game is a very unlikely situation. The most important asset of a value gambler is patience. You will not get rich with just a few bets as you will be taking small edges from multiple games. Most of the time, the odds given by the bookies are quite accurate and in favor of the house. In order to make money out of value bets, you have to spend a lot of time researching all aspects of the game, even special situation or whether conditions. Statistics are usually the best tools for determining value although they can be quite complicated for beginner gamblers. The statistics need to be broken down in order for you to apply them to favorable scenarios. These are the main principles of value betting. In order to be able to earn a living from sports bets, you have to be patient and arm yourself with a lot of data.