Chris Hardy brings years of experience to Wetten.com, thanks to his strong background in journalism and online writing. Chris’ career began nearly 20 years ago when he was hired to work for his local paper; he then made the move to web writing when he and his wife moved to the USA to be closer to family in 2017. This location change led Chris to develop a particular passion in US sports such as basketball and NFL (he remains a beleaguered Miami Dolphins fan and is sure their turnaround season will happen… one day) and he utilises his all-encompassing knowledge of US sports, along with soccer, when writing for Wetten.
Value bet explained for beginners
If you’re looking to win money from the best betting sites in Australia, you’re probably going to need to know the answer to ‘How do value bets work?’ We’re going to have a value bet explained in simple terms, so that you can spot when the best bookmaker in Australia has one of these in their odds. Plus we’ll unveil an easy value bet strategy that can be used by sports betting fans of all levels.
We’ll start by answering the key question of ‘How do value bets work?’ so that you can see whether or not you want to try what is perhaps the best betting strategy for Australia. Once we’ve had a value bet explained, you should be in a good place to see how to apply it to your sports bets.
A value bet is simply when a bookmaker has undervalued their odds. Some sites will have a value bet explained by using lots of fancy terms like ‘expected value’ and ‘variance’. But we prefer to have a value bet explained by saying that the bookmaker’s got their odds wrong.
Rather than subjecting you to lots of boring mathematics, you should be able to see that a value bet occurs when a bookmaker gives you longer odds than you’d expect. For example, if you were to bet on the favourites Australia in a T20 international against a lower-ranked team like Sri Lanka and got long odds of 6.00 for Australia to win, then this would probably qualify as a value bet.
As a result, a value bet strategy is one of the easiest betting strategies to use. Rather than wasting time trying to put the best matched betting strategy Australia has into action, you can pretty much go with your gut instinct when it comes to spotting value bets.
Now that we’ve had a value bet explained, it’s time to take a look at answering the question of ‘how do value bets work?’ It all ultimately comes down to your ability as a sports fan to be able to see when a bookmaker might have got their odds wrong.
For example, if you knew in your heart that Sydney FC were the surefire favourites to be the A-League champions next season, but a bookmaker had them down as rank outsiders, then you’d know to include this bet in your value bet strategy.
When it comes to finding value bets, you can check our resource of the most accurate bookmaker reviews Australia has to offer. Here you’ll get to see how these bookmakers handle their odds and how likely they are to slip up and give you value bets. So how do value bets work? It’s simply a bookmaker getting the odds wrong, and you taking advantage of the situation.
Value bet explained – Why do value bets exist?
As bookmakers put in plenty of effort into ensuring that they get their odds right, it might surprise some punters to find that value bets exist at all. However, it’s important to note that bookmakers will tailor their odds to meet public demand.
For example, Manchester United are one of the world’s most popular football clubs. This means that a bookmaker might adjust their odds for United to win as so many punters will be backing this team. By doing so the bookmaker won’t be looking at the true reality of what could happen in the match, and you’ll get a chance to take advantage of the discrepancy in the odds.
Value bets are probably easiest to spot in sports where there is a limited selection of competitors. As a result, if you are using the best 1×2 betting strategy Australia has to offer, then you’ll be keen to spot whenever any value bets crop up. However, as value bets are based on undervalued odds, you probably won’t be able to use it with the top 1.01 betting strategy Australia at the moment.
Implementing a value bet strategy for different sports
If you’re still asking ‘How do value bets work?’, it might be worth taking a look at a few more examples. This will help you develop what should be a pretty good value bet strategy.
While you should anticipate the occasional upset in the best tennis betting strategy, if you see a bookmaker that has Serena Williams to go out of the first round in the Australian Open, this would be a value bet.
Similarly, although the best cricket betting strategy Australia has can predict all manner of results, if you see odds that have England down as winning the next Ashes Series 5-0, then you should count this as a value bet.
Spotting a value bet as part of the best football betting strategy Australia had to offer would include seeing odds that gave Burnley a good chance of beating Liverpool in their next Premier League soccer clash.
It’s important to never get too confident with your value bet strategy. Just because you’ve understood our answers to the question of ‘How do value bets work?’, doesn’t mean that you’re always going to be able to spot when the bookmakers have got their odds wrong.
You might use what you think is the best golf betting strategy Australia has at the moment, and still get things wrong. For example, a bookmaker could have given Tiger Woods short odds to win the 2019 Masters tournament. This would have meant that you’d seen this as an opportunity to have a value bet on one of his rivals as Woods was still thought to be out of form at that point, and therefore you’d have lost your bets.
It’s also worth noting that value bets are much easier to spot when you have plenty of time to evaluate the odds. This is why it’s fairly hard to identify value bets with some of the most popular in play betting strategies Australia has to offer, and it would be risky to use the best in play tennis betting strategy Australia has at the moment and hope to be able to spot a value bet.
Above all, being successful with a value bet means that you think that you are able to formulate your betting odds better than a bookmaker. While there’s always the potential that the bookmaker might make an error, such instances are very rare. So, just because a bookmaker has betting odds that look very generous, it doesn’t necessarily mean that you are going to win your sports bet.