As you explore the world of esports betting you will come across terms such as ‘value betting’. Less seasoned bettors may not fully understand quite what this term means. If you’re one of the people wondering just what is value betting, then you’re in the right place!
Here we’ll tell you how to value betting is about being astute and able to spot where the price a bookie has set doesn’t reflect the true probability of something happening. Confused? Read on to discover more about how to bet on value!
What is value betting?
So, let’s start by answering the question ‘What is value betting? Just how do you place a value bet? At its simplest level, a bet that offers value is a wager where the event it predicts is more likely to happen than the odds offered on it would suggest. We’ll give you an example next to help you better understand the idea.
Let’s say that Manchester City are playing Brentford and the bookie has them priced at 3.5, even though they are playing at home and are top of the league. You would expect the probability of a City winning to be much higher than those odds suggest. This would be a prime example of a value wager, as the probability of City winning is much more likely than the odds that the bookie has applied would suggest.
How to bet on value
The main idea behind value wagering is that you need a method of calculating probability. There is no foolproof method of doing this. Bookies are not going to offer wildly inaccurate odds that make value bets obvious. This is where your skill and judgement become crucial.
In order to assess whether a wager offers true value, you need to have an excellent and deep knowledge of both the sport on which you are betting and how odds are worked out. The ‘value’ in this type of wager is provided by the gap between the bookie’s odds and the actual probability of the event occurring. You can only really assess this by having a piece of truly expert knowledge about the event on which you are betting, otherwise, it is impossible.
Of course, you need to find a good bookie for your betting. You can discover more about what different bookies offer to punters by reading articles like our Bet365 review here at EsportsBets.com. It is always a good idea to check out.
Read also: What is a Teaser Bet? – Teaser Bets Explained
Value betting tips
The idea behind value betting is that you back your own judgment over that of the bookie in certain specific instances. Spotting value like this really does come down to your ability to understand your chosen sport incredibly well. It is very rare that a bookie will set odds that are mistaken, so you also need a thorough understanding of how betting odds are calculated.
In order to be able to spot good value wagers, your sporting knowledge needs to be really sharp. You really need to be an expert, so it pays to focus on one particular sport or esports game. You need to stay as up-to-date as possible with all the latest esports news and sports news in order to be as knowledgeable as possible.
For more value betting tips and hints on how to spot good value in sports betting, you can consult our betting guides here at EsportsBets.com.
The concept behind a value bet really boils down to being able to make a more accurate assessment of something happening than the bookmaker. Bookmakers are not stupid, so taking them on like this is a challenge. As with any challenge, the more skill and judgement you use, the more likely you are to be successful. It is important to remember that spotting good value does not automatically guarantee success!
Continue reading: Micro Betting Explained: What is Micro Betting?