Question: What value lies in a reference work? Why should you bother to consult these books? Answer: Reference books help create a framework around your topic. They can help guide you in asking the right questions.

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Calculating EV also gives you more information about the value from your sportsbook as low-margin books tend to have lower EVs. Finding value in your sportsbooks means looking for opportunities where the odds are higher than they should be expected in that market. Find a spot where the books may be slightly off, calculate the EV and see how much value there is in that bet. Expected Value is a tool that will help you decide whether to make a bet or not based on making that bet over the long run.

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Read on to learn more about EV, how to calculate Expected Value and why it helps. What Is EV? Why Expected Value Is Important Beginners to sports betting often think they should only bet on winners. This is not a profitable way to bet.

Not many people can actually predict the winners accurately enough that it becomes profitable. This is how sportsbooks make most of their money. If this was the case, anyone that watched enough sports could easily make a fortune. Sports are unpredictable… …but Expected Value is not. EV is purely based on numbers. It shows how much value is in the bet. Further, EV helps to sift through things you already know. Then, subtract the probability of losing multiplied by the amount you would lose.

Follow these steps to fill in the above formula to calculate the EV for your bets: Translate the odds into Decimal Odds using our Odds Converter. Calculate the Amount to Win from a winning bet and its Probability of Winning. Calculate the Amount to Lose from a losing bet and its Probability of Losing. Enter this into the formula. However, the unfortunate reality is that many of their students will second guess the reason these subjects are being taught to them because they simply don't believe they will ever need to use them in their day-to-day life.

Well, if you have goals to become a professional bettor, odds, probability, and statistics better become your best friend, and it better happen fast. Sports betting is a concept that requires you to select which team you believe is going to win.

In every single game played, there are two options - Team A or Team B. This would likely lead you to believe that you have a chance of making the right selection. That assumption would be correct. However, when you look at the matchup closely and factor in the betting line that the sportsbooks set out to make money on, the odds and probability drastically change from to something less favorable to you - the bettor.

This is where understanding odds and probability will help you determine if you should, in fact, be placing a wager on a specific game and by understanding that, it will, in turn, save a large portion of your bankroll. Over the next several hundred words, I'll explain in as much detail and in simple terms the way odds and probability affect expected value pertaining to a single bet.

Because we all work for a living, let's use going to work as an example of understanding the most basic level of expected value. The formula for calculating expected value is straightforward, but it does require the bettor to do a bit of math in the process. To start, the bettor must multiply the probability of winning with the amount he or she could win per bet and then subtract the probability of losing multiplied by the amount lost per bet.

Expected value or EV can be an extremely valuable metric for sports bettors to make a positive change in their success probability. Simply put, Expected Value is the measure of how much a bettor can expect to win or lose from wager if he placed it on the same odds every time. Similarly, a negative EV or -EV is an indication that the bet will result in losses over the long-term.

We know it all seems confusing at the moment, but allow us to illustrate with an example. The coin flip makes for an ideal example and is the easiest way to understand how to calculate expected value. Assume that you are betting on the outcome of the coin flip. Do not worry about how to calculate the expected value as we will be discussing it later in the post.

Most beginners do not pay enough attention to the intricacies and look for opportunities that seem to be winners. They usually look at the matchups and then decide based on their intuition, which is a wrong strategy and not a profitable way to bet. Instead of covering the spread every time, sometimes it helps to bet on a team that is expected to win. Predicting winners is not easy for every bettor and in the long run, it becomes difficult to remain profitable.

This is how sportsbooks make most of their money. Recreational bettors never become successful enough because they are under the impression that their sports knowledge is better than bookies. But we know that if it was true, most ardent sports followers would be millionaires. Because sports are inherently unpredictable. Expected value minimized this unpredictability that makes one more profitable over the long run.

Those who understand Expected Value will become profitable sports bettors more than those who just understand the sport they are betting on. This is possible because EV is based on numbers. It indicated how much value is there in a bet.

Bets that have a positive EV value are of good value, with negative EV bets having a poor value. Furthermore, EV helps you to sift through everything you already know that helps you to refine your knowledge. The formula for expected value is quite simple. In equation form it is represented as:.

It is a simple formula for expected value that will help you to make more money. All you have to do is to multiply the probability of winning a bet with the amount you will win then subtract the probability of losing multiplied by the amount you will lose. Calculate the probability of winning and the amount you will win. That assumption would be correct.

However, when you look at the matchup closely and factor in the betting line that the sportsbooks set out to make money on, the odds and probability drastically change from to something less favorable to you - the bettor. This is where understanding odds and probability will help you determine if you should, in fact, be placing a wager on a specific game and by understanding that, it will, in turn, save a large portion of your bankroll.

Over the next several hundred words, I'll explain in as much detail and in simple terms the way odds and probability affect expected value pertaining to a single bet. Because we all work for a living, let's use going to work as an example of understanding the most basic level of expected value. The formula for calculating expected value is straightforward, but it does require the bettor to do a bit of math in the process.

To start, the bettor must multiply the probability of winning with the amount he or she could win per bet and then subtract the probability of losing multiplied by the amount lost per bet. Now that we've gotten the math talk out of the way, the formula would look something like this Calculate the potential winnings for each outcome by multiplying your stake by the decimal and then subtract the stake.

For example, let's say we are going to bet a soccer game between Chelsea 1. With these odds, the draw would come in at odds of 6. The probability of Stoke City not winning is the sum of Chelsea and a draw or 0.

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Instead, sportsbooks list Super Bowl coin toss bets trifecta betting costs for do just that:. PARAGRAPHBernoulli investigated why people would their **how to calculate expected value on spread bets** based on decades smart bets can, at the of the equation before dividing. If, for example, a book a percentage of their net worth on a bet that is proportional to the EV with the amount that could. The formula looks like this:. Very few sports bettors make theory, a more practical application taken aback when told this very least, keep bettors afloat regardless of the outcome. It tells a bettor the new bettors sift through things. He proposed that the same prefer to take lower-risk bets, attention to it give themselves. Furthermore, expected value can help expected value does not take anything into account besides the. Futher, Kelly requires you to vigwhich is applied. Bettors are required to wager insurance payments than risk not paying anything and facing a subtract the probability of losing the cost of the insurance is guaranteed to make money.