0 votes
by (120 points)
Can someone explain what a positive expected value bet is and how it works?

1 Answer

0 votes
by (540 points)
A positive expected value bet is when the odds offered by a bookmaker are higher than the true probability of the event occurring. For example, if a dog in a greyhound race has a true chance of winning 25% of the time (implied odds of 4.0), but the bookmaker offers odds of 5.0 (4 to 1), then betting on that dog represents a positive expected value. Over time, consistently betting on such opportunities should yield profits as you're getting better value than the actual chance of winning.
by (100 points)
You make a great point. But if a horse has a chance to win 25%, it does not mean it will win one in 4 races though. So even with positive EV, it is not guaranteed to win.
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