Unlike a lot of games in the Casino, sports betting can be a very lucrative type of investment.
In order to understand why it is possible to consistently win more than you lose some, you need to understand the concept ‘value’ in betting.
If your goal is to profit from sports betting in the long term, you have to make sure that you are betting at odds that are rated too high, as compared to the implied probability.
This can be explained by the following example:
Imagine a coin flip where you can bet on heads or tails. The odds should be 2 on each side, which means 50% probability of hitting one of the sides. A value bet would be an odd of 2.20 for heads. By playing enough of these bets where you have the edge, you will surely make a profit. Therefore we will refer to the law of large numbers in probability and statistics.
Bookmakers can’t make odds that represent the correct probability of a certain outcome on all the games they offer, because they don’t have the proper information and knowledge about statistics.
So, a good bettor will profit from their mistakes
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