1. What is Expected Value in Betting?

Expected Value (EV) is a statistical concept that represents the average amount a bettor can expect to win or lose per bet if the bet is repeated multiple times. A positive EV indicates a profitable bet in the long run.

2. How Does the EV Calculator Work?

The calculator uses the Expected Value formula:

Where:

• \( P_{win} \) — Probability of winning (decimal)
• \( Profit \) — Potential profit amount ($)
• \( P_{loss} \) — Probability of losing (decimal)
• \( Stake \) — Amount wagered ($)

Explanation: The equation calculates the long-term average outcome by weighing all possible outcomes by their probabilities.

3. Importance of EV Calculation

Details: Calculating EV helps bettors identify value bets where the odds offered by the bookmaker are higher than the true probability. Consistently finding positive EV bets is key to long-term profitability.

4. Using the Calculator

Tips: Enter probabilities as decimals between 0-1. The sum of win and loss probabilities should not exceed 1. Profit and stake should be positive dollar amounts.

5. Frequently Asked Questions (FAQ)

Q1: What does a positive EV mean?
A: A positive EV indicates a bet that's expected to be profitable in the long run if repeated many times.

Q2: How accurate does the probability need to be?
A: The more accurate your estimated probabilities, the more reliable the EV calculation. Use statistical models for best results.

Q3: Can EV be used for all bet types?
A: Yes, EV can be calculated for any bet type as long as you can estimate the probabilities of outcomes.

Q4: What's considered a good EV?
A: Any positive EV is theoretically good, but practical considerations like variance and bankroll management matter too.

Q5: How does this compare across betting sites?
A: Different sites may offer different odds for the same event. Calculate EV at each site to find the most favorable odds.