What Is EV in Sports Betting?
EV sports betting is one of the most effective ways to beat the books in the long term. While most casual bettors focus on picking winners, sharp bettors focus on something far more reliable: expected value. Understanding EV helps you find mispriced bets, which are where the odds are in your favor, not the sportsbook’s.
In this guide, we'll explain what EV is, walk through how to calculate expected value, and show you how to find positive EV bets using strategy and tools built for sharp bettors.
Key Takeaways
Defining EV sports betting
EV betting in practice
Tools for EV sports betting
EV sports betting summed up
Expected Value Defined
EV stands for expected value, which is a calculation that helps bettors measure the potential profitability of a wager over time. It tells you how much you can expect to win or lose per dollar bet if you placed that same wager over and over.
In short, expected value betting involves selecting bets where your potential return exceeds your expected loss, based on the probability and odds.
Why EV Matters More Than Win Percentage
Bettors often fall into the trap of chasing high win rates, but that’s not where the real edge is. A 60% win rate doesn’t mean much if you're laying -150 on every bet. Instead, EV betting strategy focuses on long-term profit, not short-term results.
Calculating Expected Value
Before we examine EV sports betting, we must first understand the fundamentals of EV betting, including how it works and its underlying principles. From there, we can delve deeper into how to turn this concept into long-term profit.
The EV Formula
EV = (Probability of Win × Profit if Win) – (Probability of Loss × Loss if Lose)
Let’s say you're betting $100 on a +150 underdog you believe has a 45% chance to win.
Win: 0.45 × $150 = $67.50
Lose: 0.55 × $100 = $55.00
EV = $67.50 – $55.00 = +12.50
That’s a +EV bet. You’re expected to make $12.50 for every $100 wagered over time.
Interpreting Positive and Negative EV
Positive expected value betting is the goal, but it's also essential to understand the other side of the coin. If you are consistently placing negative expected value bets, even if you win in the short term, you are setting yourself up to lose in the long run.
Positive EV bets (aka +EV) mean you’re expected to profit in the long run.
Negative EV bets mean the odds are stacked in the book’s favor, and yours to lose long term, even if you win short term.
Read our review of Pick the Odds, a top-tier +EV betting tool.
EV Sports Betting Strategy in Action
It is essential to focus on placing bets with positive expected value. If you can accurately assess your expected value and can bet to maximize it, you will win in the long run. Losing bets is inevitable, and while it may still be a rollercoaster ride, +EV sports betting will take you to long-term profit.
Finding +EV Opportunities in the Market
In reality, finding +EV bets comes down to identifying discrepancies in sportsbook lines. One book might offer -105 on a total that another has at -120. Alternatively, you may find alternative lines with better pricing.
This is where sports betting math meets the art of identifying opportunity. Not all sportsbooks are created equally. Not all sports books price markets equally. Identifying which sportsbooks are sharper in which markets and using that weight to find value at a different sportsbook is the name of the game.
EV Betting vs Gut-Based Betting
Most sports bettors believe they are being unbiased and making informed decisions when placing bets. Still, the truth is that unless you are creating projections, using top-down betting, or correctly estimating your expected value, you are essentially relying on your intuition to bet. There's a reason sportsbooks are so profitable; sports betting is difficult, and you need math to back up your sports bets if you want to win.
Gut betting often implies a softer, subjective edge ("I think this team is underrated").
EV betting is rooted in math. If the numbers say it’s profitable long-term, that’s all that matters, even if you lose 10 bets in a row.
Example
Examples of potential ways to identify +EV sports bets:
A sharp sportsbook has the odds set at -110, while a softer sportsbook has the same bet at +100
Multiple sportsbooks are listing a bet at -140, and a non-market maker has it at -110.
Odds comparison shows a massive difference between sportsbooks
Each of these instances is directly related to finding and capitalizing on a betting edge.
Best Tool for EV Sports Betting
A few sports betting tools have +EV functionality, meaning they can help you identify price discrepancies to make better bets for the long haul. These tools must have a way to calculate expected value based on different market factors, or a method to customize your own +EV calculations based on your interpretation of each market and the sharpness of sportsbooks.
Pick The Odds: Best EV Sports Betting Tool
Pick The Odds is a top-tier EV betting tool that also identifies live +EV opportunities. What sets it apart is its speed and customizability. Using the tool, the user can create a countless number of different +EV calculations based on the sport and the market you are interested in.
With such advanced filters, you can create custom weights for each market and apply those weights to any other section of the website. This is EV sports betting analysis done right, and it’s sharp decision-making and long-term profitability.
You can access Pick The Odds and its live arbitrage betting functionality for FREE.
Example
If you know sportsbook A is sharper on NBA points props than sportsbook B, using Pick The Odds, you can create a custom weight for that market that will show you the expected value that compares sportsbook B's line to sportsbook A's, giving you a much better chance of profiting long-term.
EV Sports Betting Summarized
EV sports betting is about playing the long game. To do it correctly, you must trust the math, understand the markets, and bet with discipline. When you prioritize expected value over short-term results, you turn luck into a long-term strategy.
If you’re ready to take your edge to the next level, try Pick The Odds and start identifying EV betting edges before the market corrects itself. Use the tool for FREE and start making a profit using +EV sports betting.
Final Thoughts
EV sports betting is about trusting the math and the market, rather than relying on your gut. When you consistently find positive expected value, profit becomes a matter of time, not luck. Pick The Odds is the best +EV sports betting tool on the market. Try it for FREE.
Frequently asked questions
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