Glossary

Core terms in value betting. Each concept links to a deeper explainer article with formulas, examples, and practical application tips.

• Value Betting – Betting when the true probability is higher than the implied probability of the odds.
• Expected Value (EV) – Mathematical average profit or loss per bet if the same wager were repeated infinitely.
• Closing Line Value (CLV) – Comparison between the odds you bet and the final closing odds; a proxy for beating the market.
• Kelly Criterion – Formula for optimal bet sizing proportional to edge and bankroll.
• Yield / ROI – Return on investment: total profit divided by total staked.
• Variance – Statistical measure of result dispersion; causes swings despite positive EV.
• Bankroll Management – Structured approach to staking to survive variance and compound edge.