Value Betting: What is It & How Can You Make Money With It?
Value bets are a strategy that bettors can use to increase their chances of winning on their wagers. Read on for more insights into value betting and how you can use it to potentially boost the chances of turning a profit from your bets.
Table of Contents
- What is Value Betting?
- How Does Value Betting Work in Sports?
- How to Use Value Betting On 1xBit
What is Value Betting?
Value in betting means getting better odds than the 'true' odds for any event. Here, you would independently calculate the likelihood of a particular outcome occurring and compare it with the odds that have been set by a bookmaker, then wager on the events that favor your odds.
For instance, if you objectively feel that a team should have about 3.5 odds and the bookmaker provides the market with 6+ odds, that's a value-betting proposition since you have a higher chance of winning.
Types of value bets that you can wager on include:
- Tie bets: Tie/draw bets are the most common value bets, as many bookmakers overlook the probability of a match ending in a draw. Using readily available data about events, you can use the tie markets as they come with good odds.
- Value bets on favorites: Due to a favorite's probability of winning, many bookmakers provide them with lesser odds, and bettors tend to avoid them. But as a value betting strategy, betting on favorites brings profits in the long haul.
- Asian Handicaps on underdogs: Since handicaps are used to level the playing field between favorites and underdogs, using them to bet on the disadvantaged team may prove handy.
How Does Value Betting Work in Sports?
For you to understand the working mechanism of value betting in sports, it helps to know that there is no direct relation between the chances of a team winning and the odds provided. Odds give you the implied probability of the match outcome. For instance, a match with odds of 2 implies a 50% (100/2) chance of that market occurring.
Also, you need to know how to find the true probability of any betting market and its fair odds. You can do this through fundamental and technical analysis.
The fundamental approach entails analyzing match data and looking at teams' characteristics based on previous matches. The technical analysis is majorly based on crowd wisdom and the assumption that the average price is close to the fair odds.
Additionally, it would help to know a value bet's expected value (EV) before wagering. EV is the average amount you expect to win or lose on each wager. With all this in mind, you can proceed to a bookmaker and look for value bets.
To find value bets, you first calculate the implied probability, true probability, and fair odds. Lastly, calculate the expected return; if the expected value is positive, that's a value bet.
Here are some tips to ensure the difference between the EV and real value (variance) of your bets remains minimal.
- Place numerous bets: Volume is essential in any value betting endeavor. You should evaluate your betting performance after placing bets in many games—that way, results tend to move closer to the expected value.
- Set a maximum bet size: Using a considerable stake on value bets may come in handy in the future. This, coupled with a built-in staking strategy, may help you get optimal rewards in the long run.
- Bet on high values: Placing wagers on value bets with more enormous odds will generally contribute to your profits if those bets are won. Higher values shield you from shifting odds, like those experienced during in-play.
How to Use Value Betting On 1xBit
1xBit is among the top betting sites that allow you to place wagers on their site using cryptocurrencies. Here’s how you can use 1xBit when placing value bets.
Before you can place any bets at 1xbit, you’ll need to complete the registration process. Here is how. First, head to the 1xBit homepage and click on the registration button. Next, fill in your details on the page that appears and click on ‘Register.’
Once you’ve created your account, log in by providing your email and password to the site.
After you gain access to your account, proceed to make a deposit. You can do this by tapping on the deposit tab and selecting the form of crypto you wish to pay with.
In this case, we chose ‘Bitcoin,’ and the site put forward the address and QR code to complete the transaction.
Next, click on the sports menu, and of the numerous choices provided, settle on the ones you want to place wagers on.
After carefully considering what bet markets amount to value bets, stake in your amount and tap on the 'PLACE A BET' button.
1xBit is the go-to online sportsbook for any bettor looking to make some cash. The site provides users with scores of events, from real-life to virtual and eSports, meaning there’s a high possibility of finding value bets on the site.
Become part of the 1xBit community and enjoy the prospects of value betting.