Acquainting yourself with EV betting calculators
Once you understand how EV sports betting works, it’s quite possible you will want to use this technique when betting online. Getting to know what the expected value is of bets will help you identify which bets are of value to you. However, the actual calculation of expected value may seem somewhat complex. By using an EV betting calculator, you can accurately assess the expected value of bets that you can anticipate to receive over a longer time-frame.
The reason you would want to calculate the expected value is so that you can quickly find where sportsbooks have made a ‘misstep’ and in doing so, be able to take advantage of value bets online. If you can find out which sportsbooks are offering decent betting opportunities, you stand to increase your potential returns in contrast to using a sportsbook where the odds are priced to precision.
Using an expected value betting calculator - a practical example
Let’s assume that you love to bet on MLS. The New York Red Bulls are up against Los Angeles FC. LA are favored to win and have odds of -180. By using an EV betting calculator, you can assess whether the implied probability of LA winnings matches the odds on offer. The calculation for this is as follows:
180 / (180 +100) x 100 = 64.29%
It’s clear that the implied probability of them winning is above 50% so they are clear favorites. However, if LA has been bolstered by the return of Carlos Vela, you might think they are pretty much guaranteed to win. Your expectation is that they have a 90% chance of winning. You have thus found a great value bet which provides you with more value than you would have found elsewhere.
What about the New York Red Bulls? You can also assess whether, by betting on the Red Bulls, you might also be making use of a value bet. The odds on them to win is priced at +280.
100 / (280 + 100) x 100 = 26.32%
If you feel that the Red Bulls only have a 20% chance of winning, then you have not found a value bet. However, you might have a change of heart after reviewing their recent past performances. If you feel they have a 33.3% chance of pulling off an upset, then you have found yet another value bet!
Are EV betting calculators useful?
You might still be wondering, “Is value betting profitable?” The entire betting technique of identifying where a sportsbook has got their odds slightly off mark can be profitable. However, simply glancing at the latest odds and going with your gut feeling doesn’t provide you with an exact outline of whether your expectations are right. It is for this reason that EV betting calculators are an extremely useful tool.
It is possible, with the use of an EV betting calculator, to actually assess what the implied probability of an outcome is in the form of a percentage (as proven in our example above). Having a tangible percentage number relevant to the implied probability provides you with a much better reference point. It becomes that much easier then assessing which odds have been priced to the nth degree and which odds offer you the chance to capitalize on.
At the end of the day, if you can calculate the implied probability of an outcome using an EV betting calculator, you’re left with a more concrete conclusion. If your own expected value is more than what the implied probability is of a bet, then you have identified a value bet. Using your EV calculator streamlines this process and ensures that you don’t miss out.
Our latest tips for using an EV betting calculator
It’s important that you know exactly how to go about calculating expected value sports betting options. Now that you are equipped with this knowledge, we have included several tips for your convenience.
- Don’t want until the last minute: Betting on fixtures seconds before they commence will mean that sportsbooks have adjusted any odds that might have been undervalued. The longer you wait to bet on odds, the less likely it is that you will find value bets. Thus, it’s best to start as soon as possible. Odds that have been posted for the first time are more likely to be less accurate. It’s here where your chances lie.
- Remain objective: One of the main things you need to keep in mind is that using a betting technique such as this requires you to be impartial. It’s very easy to get caught up in online betting, especially when you are betting on your hometown team. However, in order to benefit fully from using an expected value betting calculator, it’s important to be objective. Don’t bet with your heart but rather with your head. This will enable you to find actual betting opportunities which possess tangible value to you.
- Scour niche markets: As you would expect, a lot of attention is given to pricing odds for the biggest games of the year. You are far less likely to find outright value bets when betting on the Super Bowl. However, less popular sports, and games throughout the regular season, are more likely to offer some fantastic betting opportunities. If you take the time to study these smaller markets, utilize the latest EV betting calculator, you might well find some very valuable bets where your expected value outweighs the expected value identified by the sportsbook.
Conclusion - make use of an EV betting calculator today
Betting calculators, such as the expected value betting calculator, are intuitive tools whereby you can assess various aspects of online bets. Using an EV betting calculator is a great way to quickly assess which bets provide you with decent value. As is the case with all modern technology, you can expect these online tools to continue to improve in robustness and ease-of-use.
We hope that you have found ‘value’ in our guide. Our experts have tailored a number of insightful guides which will help you formulate, and adopt, new betting techniques. All of which will help you become a more knowledgeable online bettor.
EV betting calculator FAQs
An EV betting calculator allows you to calculate the expected value given certain parameters. We suggest that you take the time to find out exactly how these calculators work so that you can make the most of the latest betting markets and odds online in the US.
It’s important that you know where to find a quality online EV betting calculator. If you don’t, then knowing how to use one will all be for nothing. Fortunately, our latest guide is here to provide you with all the necessary information that you require. We leave no stone unturned and aim to improve your betting knowledge and skills in all departments.
If you don’t take the time to understand how to use a betting calculator, you will find it difficult to calculate the expected value. However, it needn’t be an arduous task. All you need to do is read our latest guide. We’ll be sure to provide you with an in-depth outline of how you can go about making the most of this online tool. At the end of the day, you’ll be better placed to make the most of your online betting activities.
You will come to find that there are various sites where you can make use of an EV betting calculator. However, certain sites have created more responsive and easy-to-use calculators than others. Plus, you shouldn’t have to pay to use these tools. We recommend that you read our latest guide to find out more.
The more you look into things, the more you will realize that there are a number of different betting calculators. One of these calculators is an EV betting calculator. As you will come to find in our latest guide, it’s a useful tool which provides you with many insights. We recommend that you read our latest guide here at CaptainGambling.com to find out more about an expected value betting calculator and how to use it.