Ev Calculator Betting

Expected Value Formula:

\[ EV (\$) = (Win\ Probability \times Profit\ if\ Win (\$)) - (Loss\ Probability \times Stake (\$)) \]

Win Probability (decimal):

Profit if Win ($):

Loss Probability (decimal):

Stake ($):

Expected Value (EV):

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1. What is Expected Value in Betting?

The Expected Value (EV) in betting represents the average amount you can expect to win or lose per bet if you were to place the same bet multiple times. A positive EV indicates a profitable bet in the long run, while a negative EV suggests a losing proposition.

2. How Does the Calculator Work?

The calculator uses the Expected Value formula:

\[ EV (\$) = (Win\ Probability \times Profit\ if\ Win (\$)) - (Loss\ Probability \times Stake (\$)) \]

Where:

$ Win\ Probability $ — Probability of winning the bet (0 to 1)
$ Profit\ if\ Win $ — Potential profit if the bet wins (in $)
$ Loss\ Probability $ — Probability of losing the bet (0 to 1)
$ Stake $ — Amount wagered (in $)

Explanation: The equation calculates the long-term average outcome per bet by considering both winning and losing scenarios.

3. Importance of EV Calculation

Details: Calculating EV helps bettors identify value bets (positive EV) and avoid negative expectation bets. It's a fundamental concept in profitable sports betting and gambling strategies.

4. Using the Calculator

Tips: Enter all probabilities as decimals between 0 and 1. The sum of win and loss probabilities should typically be 1 (or less if there's a push/tie possibility). Enter monetary values as positive numbers.

5. Frequently Asked Questions (FAQ)

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

Q2: How accurate is EV calculation?
A: EV is only as accurate as your probability estimates. The calculation assumes your probability assessments are correct.

Q3: Should I only take positive EV bets?
A: While positive EV bets are ideal, other factors like bankroll management and variance should also be considered.

Q4: How is this different from probability?
A: Probability tells you how likely an outcome is, while EV tells you the expected monetary result of that outcome.

Q5: Can EV be used for all types of bets?
A: Yes, the EV concept applies to all betting scenarios, though the specific calculation might vary for complex bets with multiple outcomes.