What is a value bet?

This is the type of bet you should always be trying to place. If you think your selection has a better chance of winning than the odds suggest, that’s “value”. For example, if you think a team has a 60% chance of winning and the bookies are offering odds of evens (1/1), then it is a value bet. On the other hand, a team with a 40% chance of winning at even odds would be a poor bet.