Want to learn to bet? Betting 101 is the place to start.
Overlays & Underlays
So the obvious question: should you take a price from a bookie and have a bet?
That all depends on probably the most important concept in betting: value.
In the most basic terms, a value bet is when you can get better odds on your selection than the real odds of it occurring.
So let’s go back once again to the old example of the coin toss.
There’s a 50% chance of the result being heads, and 50% chance of it being tails.
Each coin toss is a contest. The same as a footy game, or a race. Of course, you don’t ‘win’ 50% of any one contest: it means that over time, with the identical contest played out over and over again, each result will occur 50% of the time.
To convert the percentage into decimal odds, you just divide it into 1.
1 / 50% = $2.00
If you’re able to get a better price than $2.00 about either side coming up in a coin toss, it’s a value bet. That’s often referred to as an ‘overlay’ or ‘overs’.
If the available price is less than $2, it’s ‘unders’, and not a value bet.