Value Betting was the book by Mark Coton that first raised my awareness to the whole concept of value in betting.
First published in the 1990's at the time it was cutting edge stuff, although of course the concept is as old as betting itself.
I was reminded of this as I searched around this morning for something to write about (bit of a slow day for racing) and I noticed a headline shoutin that Golden Firebird is the most tipped horse today.
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Priced at 4/9 Golden Firebird may well win, but one thing is for sure, it won't be a value bet.
By their nature value bets have to be the ones that nobody is talking about, the good thing that you uncover that isn't hyped up by every tipster and pundit.
These days there is heaps of information on what makes up a value bet or how you determine a value bet, but the trouble for most punters is understanding the concept of value.
You might read about the toss of a coin and how if you can get 11/10 about this even money chance that in teh long run you will be in profit, but the simplest idea that I ever heard that seems so simple for anyone to undertand is that getting a value bet is like buying pound coins for 99p!
How many would you buy – all that were available.
On the flip side, if everybody is tipping up a horse, maybe a lay is appropriate.
Update – Just to prove the point Golden Firevird finished 2nd at 1/4, happy days!
No selection today