There is a wealth of literature available on Value betting strategies, unforturnately, there is as much misleading information available as there is useful. Below, we have summarised the key things you really need to understand regarding value betting written by a full-time professional gambler. In addition, this site offers weekly value betting instructions, with cumulative performance reviews to help illustrate the reality of a value betting strategy.
In terms of a speculation betting strategy (ie as opposed to arbitrage or matched betting), value betting is akin to fundamental trading. Put simply, you are seeking out opportunities to back a selection at a price that you believe to be better odds than the statistical likelihood of it actually occurring.
Using numbers, if you think something has a 50% chance of winning or losing, and you can back it at 2 to 1 (or 3.00 in decimals), then it's a value bet.
This doesn't then mean that you should stick your mortgage on this bet. Successful value bettors appreciate that an appropriate staking plan is required to run a profitable value betting strategy. In fact, a lack of an appropriate staking strategy in general, is a frequent reason punters fail to maintain a P&L in the green.
Successful sports betting trading strategies also understand the concept of value, however we'll tackle these elsewhere.