1. What is Expected Value in Sports Betting?

Expected Value (EV) is a statistical concept that measures the average outcome if a bet is placed multiple times. A positive EV indicates a profitable bet in the long run, while negative EV suggests a losing proposition.

2. How Does the Calculator Work?

The calculator uses the Expected Value formula:

Where:

• \( P_{win} \) — Probability of winning (0 to 1)
• \( Profit \) — Potential profit amount ($)
• \( P_{loss} \) — Probability of losing (1 - P_win)
• \( Loss \) — Potential loss amount ($)

Explanation: The equation calculates the average amount you can expect to win or lose per bet over time.

3. Importance of EV Calculation

Details: Calculating EV helps bettors make informed decisions by identifying value bets (positive EV) and avoiding poor bets (negative EV).

4. Using the Calculator

Tips: Enter the probability of winning (between 0 and 1), potential profit amount, and potential loss amount. All values must be valid (probability between 0-1, monetary amounts ≥ 0).

5. Frequently Asked Questions (FAQ)

Q1: What does a positive EV mean?
A: A positive EV indicates that the bet is profitable in the long run, though individual outcomes may vary.

Q2: How accurate does the probability need to be?
A: The more accurate your probability estimate, the more reliable the EV calculation. Use statistical models or extensive research for best results.

Q3: Should I only make positive EV bets?
A: While positive EV bets are ideal, other factors like bankroll management and risk tolerance should also be considered.

Q4: How does EV relate to odds?
A: EV calculations incorporate the odds through the profit/loss amounts. Better odds typically increase EV if your probability estimate is accurate.

Q5: Can EV guarantee profits?
A: No, EV indicates long-term expectation. Short-term variance can still result in losses even on positive EV bets.