1. What is Odds Value?

Odds Value represents the difference between your projected probability of an outcome and the implied probability from the betting odds, expressed as a percentage. It helps identify potentially valuable betting opportunities.

2. How Does the Calculator Work?

The calculator uses the Odds Value formula:

Where:

• Your Projection Prob — Your estimated probability of the outcome (0 to 1)
• Implied Prob — Probability implied by the betting odds (0 to 1)

Explanation: A positive value indicates potential value in the bet, while a negative value suggests the bet may not be worthwhile.

3. Importance of Odds Value

Details: Calculating odds value helps bettors identify wagers where they believe the probability of an outcome is higher than what the sportsbook's odds imply, which is key to long-term profitability.

4. Using the Calculator

Tips: Enter both probabilities as decimals between 0 and 1. Your projection should be based on thorough analysis, not just intuition.

5. Frequently Asked Questions (FAQ)

Q1: What's considered a good Odds Value?
A: Generally +5% or higher indicates value, but this depends on your risk tolerance and confidence in your projections.

Q2: How do I convert odds to implied probability?
A: For decimal odds, implied probability = 1/odds. For American odds, use different formulas for positive and negative odds.

Q3: Should I only bet when Odds Value is positive?
A: While positive values are ideal, consider your confidence level and the size of the value when making decisions.

Q4: How accurate does my projection need to be?
A: The more accurate your projections, the more reliable the odds value calculation. Track your projection accuracy over time.

Q5: Does this work for all sports?
A: Yes, the concept applies to all sports betting, but some sports may be harder to project accurately than others.