Sports Betting FAQ - Data and Analytics

How do I know if a bet has value?

A bet has value if you feel that the odds of the result occurring are better than the odds being offered by the bookmaker. Comparing odds from various sportsbooks can help bettors find value bets. There is also a formula that can be applied, Value = (Odds% Odds{decimal value}) -1. If the result is greater than zero it is a value bet. For example you think a football team has a 70% chance of winning, but the odds from the sportsbooks have them as a 50% chance. The formula would look like this: Value = (.70 2) -1 which gives a result of .4, which is more than zero so the bet has value. 

What is the expected value (EV) in betting?

Expected Value (EV) shows the bettor how much they could expect to win or lose if they were to place the same wager on identical bets over and over again. Expected Value is calculated by using the formula
(Winning percentage Amount won per bet) - (Losing percentage amount lost per bet). 

How do betting trends and public money affect lines?

Betting trends have the ability to affect the lines that sportsbooks place on games in different ways. For example, if a large percentage of the public is betting on one MLB team, the bookmarks may adjust the lines to make the other team more appealing to bettors and reduce their potential exposure. These MLB betting trends can impact lines on the MLB moneyline bets, MLB run line picks and MLB over/under bets. 

What is the difference between betting percentages and handle?

Betting percentages refers to the number of total bets that have been placed on a certain outcome. The Handle is the total amount of money that has been wagered on the outcome. 

Do professional bettors use betting models?

Yes, professional bettors apply a number of various betting models including backroll management, expected value calculations, value betting calculation models and predictive algorithms to aid them when placing wagers.