Expected value is a mathematical concept used to determine the average profit/loss of a bet (or series of bets) by accounting for all possible outcomes and their probabilities.Įxpected value (EV) is a key concept in value betting, as it helps bettors identify opportunities where betting odds are in their favour. In doing so, profit is also expected.ĮV stands for ‘expected value’. In each case the goal is to produce a positive expected value (EV), or player “edge”, over time. Value betting applies to sports betting, poker, and other forms of gambling. Value betting is a fundamental strategy for successful betting, as it allows bettors to generate profits over time by consistently finding opportunities where the odds are in their favour. However, if the bettor believes the team has a (greater) 60% chance of winning, then they would view this as a value betting opportunity and place a bet on the team to win.

In sports betting, a value bet is one that is more likely to win than the odds suggest.Ī value bet can be identified when a bettor believes that the probability of an event occurring is greater than the implied probability of the odds offered by the bookmaker.įor example, if a bookmaker offers odds of 2.00 on a football team winning a match, those odds imply that the team’s chances of winning are (1/2.00) = 50%.

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