We’ve created an instant alert which detects value bets. We find outliers where one sportsbook offers significantly higher odds than the rest of the market. These are positive expected value bets, so you’ll have an edge on the sportsbook and a good chance at long term profit!
For example, this was the latest alert:
League of Legends
Time: 11:00 PM Thursday 29th Sep
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Definition of a value bet
For every selection in our odds comparisons we calculate the probability from the odds averaged across all sportsbooks. We do take the sportsbooks’ overround into account. Then we alert for any odds that give more than 2% better probability than the average.
So if the average odds are about right, then our alerts give opportunities to bet with an edge in your favor!
You can understand this intuitively from the example below. The average odds on Chelsea were 2.176 but Stake offered odds of 2.37. That’s a value bet!
Keep in mind that most sportsbook’s terms of service allow them to refund bets if the odds were obviously incorrect due to human error. If the short priced favorite at all other sportsbooks is the high priced underdog at one sportsbook, that is most likely due to human error and is not a value bet.
We filter these out for you and we have done real world testing to confirm the bets we alert about are available at the sportsbooks.
Crypto sportsbooks will not block or limit you for making these bets
Because government currency sportsbooks often block or limit profitable bettors, the most common question we get is will crypto sportsbooks do the same? The answer is no, because they can’t.
We only include anonymous end-to-end crypto sportsbooks. If they blocked or limited your account for being profitable you could simply make a new account, so they don’t.
Unfortunately some of these crypto sportsbooks have asked bettors for IDs. However this only happens when the sporsbook suspects fraud, such as double spends, bonus abuse, or betting from a blocked country, not for profitable betting.
Calculation of a value bet
Implied probability = odds converted to probability True probability = odds minus overround converted to probability
Value bets are detected by using each sportsbook’s odds and overround to determine the true probability that each sportsbook assigns to a bet winning. Then taking the average of these true probabilities across all sportsbooks and assuming that is a good approximation of the true probability of a bet wining.
Using this average true probability we can then estimate the expected value of betting at the best odds available. If the expected value is over 2% we consider it a value bet.
We only alert about value bets where the decimal odds are less than 5, and the game is less than 3 days way.
Real world example
To understand exactly how value bets are found, suppose the odds for Real Salt Lake @ Minnesota United FC are as follows and keep an eye on Sportsbet’s draw odds:
We first calculate the “implied probability” for each of these odds. This is what the probability would be if the sportsbook’s edge was 0. The implied probability is:
implied_probability = 1 / odds × 100%
Applying this formula to the table above we get:
We know the implied probabilities are not what the sportbooks believe the true probabilities are because the sportbooks reduce the odds to give themselves an edge. We can estimate what the sportsbooks believe the real probabilities to be by dividing the implied probabilities by a measure of the sportbooks edge known as the “overround”.
The overround is how much the sum of the implied probabilities exceeds 100%. For example, in the table above Cloudbet’s overround would be:
overround = 22.8 + 28.5 + 53.5 - 100 = 4.8
If we calculate the overround for each sportbook we get:
We can use the overround to estimate the sportbooks’ predictions of the true probabilities using:
sportsbook_probability = implied_probability / (1 + overround)
Applying this formula we get:
We can then take the average across all sportbooks to get our best estimate of the true probability:
Finally, we can calculate the expected value of each bet using our estimation of the true probability and the sportsbook’s odds:
expected_value = probability × odds - 100%
This results in:
We now look for positive values and find that betting on a draw at Sportsbet has an expected value of 4.5%. This implies that this bet will, on average, produce a 4.5% profit.
Good luck and have fun!