Value betting

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Bettors always discuss the term ‘value’ when wagering on sports. There isn’t any sport where value is more important than college basketball. That’s due to the large number of games and the many games that fall on or close to the number.

Read the rest of Fezzik's latest column by going to the RX home page at www.therx.com

Charlie
 

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Ahhh 'value', such a relative term. Riddle me this one though...prevailing line is +3. You find and grab a rogue +4 line -- a great value, right? But a half hour later, the line steams to +5. The +4 is no longer a great value, right? Would you judge line value only as compared to the consensus closing number?
 

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From the Valueman himself - People are often misguided in thinking that getting the best odds is value betting - this is an obvious given for all bettors and yes there is an element of skill in analysing how a market may move however value betting is finding opportunities to bet when you percieve that the odds you are getting are more than associated probability of winning in your opinion. For this to be valid however you need to be reasonably sure that your method of apportioning probabilities of winning are accurate. Very few are able to do this hence when they describe a value bet they are merely stating they got a "good" line.
 

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Good question D2

Thanks for the read Fezzik. The sharing of this type info adds up over time. Although many cannot mathematically verify opinions on "value" bets, I believe many can make sense of your thoughts on the matter.

Good day
 

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Didn't we get "value" with the Eagles? I mean a full touchdown at even money was available in many spots. But lets say it was across the board. Because of the public money aren't we still getting value by fading the public. Can't value be inherent?
 

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Value on the Eagles.

The line opened NE -6 and quickly was bet to -7, and during the 2 weeks went to -7 -120 in Vegas.

As my article discussed, this was an example where a totally square line move gave dog bettors value.

No self respecting, disciplined bettor would have played NE at any price worse than -7 100, and even that was a stretch. This price was still available midweek during the 1st week of the 2 week break. "Everyone" knew the line was going to leak higher a bit. Yet +7 +105s popped up in Vegas SB Sunday. Obviously, that was value based on

1) Rogue line value and
2) Fade the square line move value.
 

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Theoretically, I believe in value wagering. However, my lifetime on betting on teams with value has to be below 20%.

I am not certain betting on a team based on value is profitable.

There is no value in a losing wager.

Where am I going wrong?

IS
 

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Fezzik said:
The line opened NE -6 and quickly was bet to -7, and during the 2 weeks went to -7 -120 in Vegas.

As my article discussed, this was an example where a totally square line move gave dog bettors value.

No self respecting, disciplined bettor would have played NE at any price worse than -7 100, and even that was a stretch. This price was still available midweek during the 1st week of the 2 week break. "Everyone" knew the line was going to leak higher a bit. Yet +7 +105s popped up in Vegas SB Sunday. Obviously, that was value based on

1) Rogue line value and
2) Fade the square line move value.

I saw Olympic at -5.5 on NE during the AFC championship after NE had that game in the bag.
 

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Fezzik said:
The line opened NE -6 and quickly was bet to -7, and during the 2 weeks went to -7 -120 in Vegas.

As my article discussed, this was an example where a totally square line move gave dog bettors value.

How do you know it was square bettors that bet it from -6 to -7? The line for USC vs. Va Tech went from -18 to -15.5. Why didn't the line move toward the squares in this case?
 

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I doubt squares moved the line from -5.5 to 6 within minutes and 6 to 6.5 in a very short period of time and the only online book who had up a line, and please correct me if I am wrong, (on NE vs Philidelphia) was Olympic. That was sharps hoping to get a middle as some undoubtedly did.
 

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It is all theory and every line move that loses is called square money moving it, and any line that moves and wins was so called sharp money.


It is easy to say all this after the fact. One cannot truly put a value ona game based on arbitrary numbers.

If a couple books THINK a line should be -6, but they post a -9 then who is to really say what value is? A couple "sharp" guys might think that -6 would be better (like the books really do) so they bet the +9. The line doesn't move, and the team wins by 10. So who is right and who is wrong? If the bets lose then the supposed value point is moot.
Someone could say that the Bulls at +5000 or whatever they are to win the East has "value". But does it really?

Value only has meaning when you can compare it to something tangible and
"proveable". For instance the Spurs last year had a lower pay off to beat LA in their series than they did to win the whole NBA championship. Betting them in the series most definately had more value. But they lost to the Lakers anyways, so just how "valuable" was it? And thatwas one that was proveable.

If a team has to do 'a', 'b' and 'c' to pay this amount, and If doing just 'a' pays more in one area, then that to me is proveable. They have to only do one step compared to 3 that INCLUDES the one step you are betting on.

The bottomline line is that all winning bets are valuable regardless of the dds orline you got. And all losing bets, some with theoretic value, still lose, so no matter what value you think you had, doesn't matter. You lose.

If I raced a horse for 400 yards and I was given odds of a 10000-1. Then I actually would have theoretic value. The theory being that the horse would have to break it leg and not finish once in 9999 times (to break even). But if it were a one shot bet, then that 10000-1 is hardly worth betting. You just have to hope the horse does indeed break its leg that singular time. So even if value is there, it may or may not be worth betting at all since so many other things, or maybe just one flukey thing would have to happen for it to pay off.
 

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You guys have no concept of Value betting. If you do not have reliable methods to determine probabilities of outcomes then it is all subjective and speculation as to what is value betting. Shopping the best line is common sense not value betting.
 

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There's a lot of semantics here. I think I'd prefer to split value into subcategories and call what Fezzik is talking about "relative value" and what others are referring to as "theoretical value". I think most of try to place bets that we think are a combination of both.
 

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"For example, if Maryland is getting three points in all sports books vs. Duke, and your numbers have the game at ‘pick’, many would call this value. I personally feel this definition is off."

I personally feel this is what is meant by value at its most basic, although I do not mean to discount the other examples. I think this is the simplest form and equates more to the idea of EV used by blackjack and poker players. A good handicapper can probably calculate EV from the disparity in handicap and the probability of the different outcomes.
 

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wantitall4moi said:
The bottomline line is that all winning bets are valuable regardless of the dds orline you got. And all losing bets, some with theoretic value, still lose, so no matter what value you think you had, doesn't matter. You lose.

I don't agree and have a simple poker example to illustrate.

Playing holdem you have a draw to the nut flush on the turn with one card to come and an unpaired board. You have 9 cards to give the flush and 37 that don't. Basically the odds you will not win are 37/9 or 4.1 to 1 against.

If you put in 1 bet to win 3 it is a bad bet even if you win and you will go broke playing in this manner.

If you put in 1 bet to win 5 it is a good bet even if you lose and you are playing correctly and should win in the long run.

I believe sports betting is similar, although not so easy to calculate the true odds.
 

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WoodyO - poor example as you would have to take into account potential gains too in that Poker hand but agree with the sentiment.
 

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You cannot compare cards or dice or any other gambling arena that has a definte finite number of outcomes.


When lines and odds do not have a a prdicitive value then they are meaningless, and trying to determine what value is is nearly impossible.

Again it might be semantics. Sure if 75 books hav -5 on a game and 2 or 3 are offering 6.5 Then you can say that 6.5 has "value". But if the "true predicitive" line should be 7 then is +6 reallt valuable? Just because most places are offerinf 5 does it mean that it is the right line?

That is what gambelrs do, they ook at aline to determine value. Handicapping is the fundamental aspect in deterinng value. If you have no sense of what a team SHOULD be favored by then how can you determine value in the first place?

That is the issue I have. The better title might be "comparitive shopping". You can buy a product at Sears for $99.99, or you can buy it at WalMart for $78.86. You can say that Wal Mart's price has value. Same product at a 20% discount. But if the product is only worth 49 bux then you aren't gettting value at either place. You are just having to pay less for an overpriced product at one of the places you shop.

That is why, if you are betting games one way handicapping is the fundamental area you have. That is the VERY MINUTE adavantage one has (if one truly exists) in betting games one way. You don't know what value is unless you can determine it in the first place.

Also determining the lines and openers and closers and all in between is nearly impossible to determine, even after the fact. So to break it down into half point segments is also fanciful.

Basically in a lot of college games there is simply no way to determine a "market line". BECAUSE of the things said in this article. Lines are up and down, open here, move there, are cloned here, hedged there. So actually trying to figure out what line is the "maket" line is impssible, even AFTER the fact. So if you can't figure it out after, how the hell can you figure it out before, and use it to make a bet? You can't. What is that half point worth when it was available long ago? Or what is it worth if the line shoots way past it? So it als has a lot to do with timing just as much as shopping.

Even in the Superbowl when theline was hung for 14+days, it was hard to determine what the market line was. Was it Pats -7 -110, or Pats -7 at some other vig? Or was it something else? I saw probably 40 differing lines and odds scenarios at various books for that game, so who is to say which ones were value? Obviously now anything with Philly +whatever at the best odds would have been, since that is the winning play.

There is no true value when it comes to betting sports. It is all comparitive shopping, plain and simple. You can't say that you have about a 4-1 shot of making a flush flopping 4 suited cards in sports, nor can you say you have have a 5-1 chance of rolling a comeout 7 in sports like you can craps. Because sports cannot be given odds because the possibilities are endless. So there is no way to determine a true value based on mathematical probability.


All you can do is shop and compare and hope that by some stroke that you got the "right" side at some rogue book that offered you that half point you were looking for, at precisely the right time. Then for it to truly have plausible value, that half point or full point has to actually come into play and prevent you from a losing wager. If you wait a round for a half point and the team wins by 20 does it matter?

This is an endless argument that has so many angles they can't all be touched on in a written form, unless it is in a book.

I will agree that shopping around is a good way to go, as long as the odds are equal (I also do not think a half point is worth 7cents, but that is also another argument) Because you cannot put a value on something that has no value to begin with. That is definate theory.

But if you like team X at +6 -110 at Pin and Oly has them +6.5 -110, then obviously taking the +6.5 is the "correct" play. I don't think it hold anymore value than pinnacle, it is just abetter number. Value can only be determined if it wins or loses.

One last comment on the cards angle. Most professional payers will not chase a flush when they have a lot of chips, even if they are getting better than 4-1, if their opponent has equal to or more chips than them, because the know that if they do not get it on the turn their odds dramtically diminish, and they will be forced to commit all their chips to see the river, and by then they are pot committed. So even if a play seemingly has value, it is not always the correct move. Most guys that chase those flushes have their opponents massively outchipped or are on a major short stack, so basically hav little or nothing to lose. When they are in a positive position they will almost never do it.
 

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