Value betting is a practice that many professional sports bettors use, and is one that more novice gamblers should put into action as well. 

First of all, value betting is based on making wagers after using strict mathematical evaluation.  It is a way of solely betting on value, rather than betting on other factors like team history or starting lineup. Instead of selecting a game to bet on, and checking to make sure the odds being offered are acceptable, value betting is entirely about seeking the best odds and determining if they are worth playing.

In order to calculate the value of a bet, there is a simple mathematical formula that should be used at all times.  In order to determine if a set of odds has value, use the following formula: 

ODDS * PERCENTAGE ÷ 100 = VALUE 

If the calculated value using this formula is greater than 1, the bet is deemed to have value, and is worth putting money down.  For entering the PERCENTAGE figure, this is your personal, subjective opinion of the percentage chance that the bet will win.  This is where the system can become faulty if not carefully thought over - so make a safe choice.  If you are betting on a game that is pitting a big favorite with a bid underdog, do not give the bet a 50% chance of winning.  Take into consideration the actual teams and their ranking when determining the percentage chance of winning the bet.

In regards to the ODDS figure, this is the numeric odds that the online sportsbook is offering to bettors.  Search around for the best paying odds on a particular game, especially in sports where odds can vary from bookie to bookie.

Keep in mind that value betting has proven to be effective at the start and end of a season, since results are less predictable in the first and last quarters of a season.  Also remember that value betting is most effective on underdogs, and should not be consistently used on game favorites.  Since sportsbooks know that bettors will more likely bet on the favorites, picks will be higher on the underdog for the most part. 

The last phase of value betting is determining the proper stake value, which is shared in the next tip of this month's archive.

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