What Is Value?

Hello and welcome to the Value At The Races' Blog.

Here you will find what I'm all about, how I make my money and general musings regarding Horse Racing and punting life.

For my first post I thought I'd give you an example of what I determine as value and how you can implement this into your betting.

The first thing to understand is how odds represent the probability of an outcome. For example, when you see the odds of 3/1 displayed from a bookie, they are suggesting that the horse in question has a 25% chance of winning that race.

To calculate this we divide the left hand number, in this case the 3, by the right hand number and add 1. This gives us 4.

We then divide 100 (there is a 100% chance a horse will win a race!) by the 4, giving us 25%

Let's do another one. 7/2 would therefore be 7 divided by 2 plus 1=4.5

100 divided by 4.5= 22.22%

So the next time you look at the odds you can now determine what the bookie is suggesting the probability of a horse winning is.

Now let's create a scenario here that we can equate to real life.

You fancy a horse that you believe has around a 25% (3/1) chance of winning its race. Imagine that 25% as a value equal to the value of a product you want to buy.

You walk into a bookies with this 25% in mind. You ask for the price of the horse and you are told it is 7/2. You know that this is 22.22%

So in reality you are able to "purchase" the horses chance at a discount!!

Imagine you wanted a new coat that cost £25.00. If you could get the exact same coat for £22.22p you would!

So the next time you fancy a horse, shop around and look for the value, in essence, the bigger the price you can get, the bigger the discount!

If you want expertly selected "Value" Tips like this the head over to Value At The Races where all the hard work is done for you.

My next post will be on how you can find your own value and start to make money from backing horses.

Until then, Happy Punting,

Regards,

Ed