Part 2/7:
To start, it's crucial to grasp the concept of value betting. Bookmakers profit by offering odds lower than the actual probability of an outcome, known as the true probability. Conversely, value betting focuses on identifying odds that are higher than they ought to be. This discrepancy allows for potential long-term profitability, something bookmakers despise.
I tracked all my bets meticulously using a profit and loss spreadsheet, capturing every aspect, from the venue to the stake and the odds. This diligence was critical, especially in evaluating the performance against Betfair's starting prices, which is deemed the most accurate pricing mechanism in the betting landscape.