Betting is an activity in which people place wagers on sporting events with the hope of winning something. Unlike gambling, which relies on chance, betting involves research and analysis. The objective is to produce positive expected value (EV) over time by finding and backing bets that have a higher probability of success than the odds suggest. The process of identifying these opportunities is known as value betting.
Implied probability is a method used to convert betting odds into a percentage that shows the likelihood of an outcome happening. For example, if a team is priced at odds of 2.00 to win, this translates to a 50% probability of victory. If the team has a greater than 50% probability of winning, it is considered to be a value bet and should be backed. This is a fundamental aspect of successful betting.
Over/Under (Totals) Betting: In over/under betting, you bet on whether the total score of both teams will exceed or fall short of a given number set by the bookmakers. These odds are updated based on performance, injury news and trades until the event has concluded.
Matched betting is a way to make a bet on both sides of an event without having to risk any of your own money. By matching your bets with others, you can reduce the amount of money you need to risk in order to get a decent profit. This is especially important in reducing your exposure to a bad result.