Betting Advice
Here are some of my thoughts and ideas on trying to get the most from betting.
Value
Value is one of the key concepts in gambling. Its the concept that you want to accept better odds on an betting opportunity than the theoretical odds of it happening. eg there is a such a thing as a bad 'winning' bet. For example the toss of a coin we know there is a 50/50 chance of it either being heads or tails. Now a bookie would probably give you odds of 4/5 (5/4on) on either a head or a tail. We put our £5 on heads and it comes up heads, we win £4 and the return of our £5. Result! Or is it? If we keep betting on heads we know that in the long run we will only win 50% of the time. So in the long run with a starting balance of £50 are streak would look something like this:-Bank £50
result 1 - win - £54
result 2 - lose - £49
result 3 - win - £53
result 4 - lose - £48
result 5 - win - £52
result 6 - lose - £47
We can see clearly here that our bank is losing cash. What we want to find is when the bookies odds are better than the the theoretical odds.
