When it comes to placing any type of bet, the aim of bettors is for the bet to be successful and for a return to be made. Whether they use a matched betting technique or simply place stakes for entertainment, bettors play with the aim of making a return. This is where value betting can be of use, as value betting involves placing bets that are more likely to be successful than suggested by the bookmaker’s odds. Here at OddsMonkey, we will look in-depth at how value betting works, how value betting comes in different forms, and how to find these value bets.
How Value Betting Works
Value betting is a betting strategy which gives the bettor an advantage over the bookmaker by finding odds that are higher than they should be. This is done by working out how likely an outcome is, then using this information to find bookmaker odds that don’t quite add up and placing bets on these. For users who are unsure about what a bookmaker is, check out our guide titled ‘What is a bookmaker?’ at OddsMonkey.
It is important to note that value betting is not a form of matched betting, as a profit is not locked in when placing a value bet. If you can consistently find and place these value bets, long-term profits can be made by finding the value in these bets.
There are plenty of different ways in which value betting works, whether it be overvalued bets from bookmakers that have odds higher than the lay odds at a betting exchange or asymmetric information. If users are not sure what a lay bet is, make sure to check out our beginner’s guide to lay betting. Whereas asymmetrical information is when people know about information that others might not know about, such as a player injury or even a tendency that a player might have. This typically works with lower leagues and lesser-known sporting events.
Players can also chase steam, which means catching odds before they change when multiple people place bets on them; this might be due to team news releasing, weather changes or player injuries, which are picked up on by sharp bettors. Plenty of these pieces of information can be found in football, which OddsMonkey have created a guide for in the form of our football betting guide.
How To Find Value Bets
Fair odds accurately reflect how likely a bet is to win; bookmakers will not offer fair odds as this would mean bookmakers would continuously lose money and would be out of business fairly quickly. This means that bookmakers will not place fair odds and will slightly change them to be in their favour, meaning they will make money over a long period of time.
So, since the bookmaker has the edge, players must look out for odds that don’t quite match other odds or use other techniques to gain the edge against bookmakers. Sometimes, bookmakers can make mistakes with the odds, creating value bets that most players jump onto immediately, so keeping a keen eye is always important.
Value bets can be found at loads of different bookmakers and are not exclusive to just one form, with both sharp and soft bookmakers making these mistakes. Sharp bookmakers such as 12Bet and Dafabet will adjust odds extremely quickly. In contrast, soft bookmakers don’t price their markets as efficiently as others, meaning it can be easier to find overpriced odds at these bookmakers. Soft bookmakers such as Bet365 also have sign-up and other bonuses which can be taken advantage of; check out the Bet 365 free bets guide to find out more.
How Does Value Betting Compare To Matched Betting?
There are plenty of differences between value betting and matched betting, yet they are both handy tools for bettors to know. Value betting has greater long-term value compared to matched betting, as many bookmakers will pick up accounts that continuously match bets. However, value betting will usually lead to profit over time; it features variance, meaning there will be losses at the same time, whereas matched betting will lock in a profit every time if done correctly.
To find out more about matched betting, check out our extensive matched betting blog, which features plenty of details and tips that can help you throughout your matched betting journey.
