Everyone is aware of the value concept in our lives, especially in a financial sense. Any goods you opt to buy need careful thinking about its value, especially costly purchases. Buyers shop around to find the best possible value. Besides, the value concept even applies to friends and colleagues. Nonetheless, how is value connected with betting?
One thing to remember is that betting on any kind of sports on the UFA betting site, bettors need to understand the significance of value. It makes a difference between a good and great successful wager. There is a misconception that value is related solely to odds offered for a given wager. So, they believe that high odds mean good value as potentially big payouts are offered. Similarly, low odds are equivalent to bad value as the potential payouts are small. This is the wrong way of thinking!
Value is connected with odds size in a way, but you will also need to study the relevant adds to determine a wager value. Never assume high odds means good value and vice versa.
How will you identify good value wagers?
1st step – Calculate the implied probability
The formula for calculating implied probability = 1/odds x 100
Use decimal odds to calculate the implied probability.
For example, the bookmaker is offering the following for Moneylines –
- Arizona Cardinals = -250
- New England Patriots = +220
You can see that the favorites are cardinals [odds are low] and so we think that they are best winning bet but it is necessary to find out if there is value in odds available.
Convert -250 into decimal odds. You can use the odds converter tool. It will give 1.40.
Implied probability = 1/1.40 x 100 = 71.43%
2nd step – Compare
Determine your prediction or estimate the chances you think Cardinals will win. For this example, let’s say 78% are your thoughts Cardinals will win.
Compare your estimated probability [78%] with implied probability [71.43%] of relevant odds. The latter is higher means in theory your bet on Cardinal offers good value wager. In case the estimated value was lower than implied probability then your expectations were negative and never wager on negative expected value.
Value consideration is not a strategy but an underlying concept, which helps to identify good value wagers. Your main aim is not just winning but to detect possible good value bets as many as you can.
Identifying and sharpening your value detection skills is via experience in the football betting arena.
Tips for football value betting
- Use alternative wager kinds besides totals and spreads. Both these are popular because there is a huge margin and they are easy to understand, especially to medium-skilled bettors. Understand how the alternative wager types work before you participate.
- Live betting is thrilling and offers opportunities to find value. Before making a wager decision, you get to watch the game and are very advantageous, especially if you have the knack to read the game.
- On football games, bookmakers offer alternative betting lines, which feature big or small adjustments in either direction. These alternative lines offer wide scope and so they are worth checking for value.
An online betting site like UFAkick offers different odds and lines. New bettors can get good value wagers and even benefit from the valuable bonuses and rewards provided online.