Value Bets Definition
Value bets are wagers that are supposed to give you the best chance of gaining profit. Rather than just backing the favourites, many punters try to find a match where they believe the bookmaker has made a mistake when quoting the odds and wagers on such matches are regarded as value bets.
Checking whether a bet has value is pretty easy as all you need to do is estimate the winning chance of the market in question, get the best price on the market and multiply the chance in percentages with the highest decimal price. Every result of 1.00 or higher means that you have found a value bet.Example
You believe that Palermo have 50% chance of winning their home game against Atalanta. You find odds of 2.20 offered on home win and now you need to check if the bet has value. Using the simple formula, you see that 0.5 (50%) x 2.20 = 1.10, and since the result is higher than 1.00, you have found a value bet.