Value betting is a strategy where you calculate the actual probability or likelihood of an event occurring. Next, you compare the probability with the odds a bookmaker gives to determine if the odds are higher and more profitable. This will help you determine whether the odds are in your favor.
A great example of a rare case of a value bet that bookmakers underestimated is the Euro 2016 Final. France was listed as the favorite to win the final against Portugal. France had odds of +105, Portugal +350, and the draw had odds of +220.
Daman Chick, a punter from the United Kingdom and an avid football fan, wagered £5 on Portugal to win. He correctly predicted the goalscorer and the minute of the goal. Betting a small amount on Portugal to win at +350 odds, as well as the additional high odds for the correct goalscorer and time of the goal, resulted in Daman winning £1 million, proof that value bets can work very well. However, value betting does carry risks, and you should be prepared for unsuccessful bets.