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What is a Positive Expected Value Bet?

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Can someone explain what a positive expected value bet is and how it works?

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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.
Question2Answer fatal error:

Reading one value from empty results

Stack trace:

require() in index.php:27
require() in qa-index.php:189
qa_output_content() in qa-page.php:53
html() in page.php:359
body() in qa-theme-base.php:271
body_content() in qa-theme-base.php:391
main() in qa-theme.php:264
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main_part() in qa-theme-base.php:836
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qa_db_read_one_value() in qa-base.php(720) : eval()'d code:73