For offers requiring higher wagering, please use a simulator available in the All Access tier of your Oddsmonkey membership.
In regards to the world of matched betting, informed decision-making and pinpoint precision is of paramount importance. This is simply down to the fact that not having the correct odds or stakes could be the difference between locked-in profits and potential losses. However, there is a whole plethora of tools that you could use as part of your arsenal to aid you when it comes to matched betting.
The expected value calculator is just one of the many betting odds calculators available; this helps users calculate potential returns with unrivalled accuracy, helping them make strategic choices with their matched betting endeavours.
What Is Expected Value?
Before we delve into how an expected value calculator can aid you, we must first explain what exactly the expected value is in terms of betting. Put simply, expected value, often abbreviated to just EV in betting terms, is how much, on average, you could theoretically expect to win based on the probability of the odds at hand. This is based on statistics and considers the potential losses and profits of each choice involved in a bet.
By utilising all these key pieces of information, an expected value calculator can evaluate the value of a bet over the long term, hence assisting in the decision-making process. It is worth mentioning however that this tool specifically is only in reference to casino promotions and offers, some of which we will be diving into in more detail shortly.
How Does An Expected Value Calculator Work?
The expected value calculator at OddsMonkey requires a number of key pieces of information to accurately determine the theoretical value of a casino offer you have at your disposal. This can be divided into several sections, all of which are extremely easy to use.
First, bettors select what casino offers they actually have at their disposal, with the two main options being free spin offers and bonus money offers. If it is the former, the calculator requires the initial wagering information, with that relating to the qualifying bet amount that was required in order to actually claim the bonus, as well as the RTP of the game the initial wager will actually be used on.
From here, the expected value calculator requires the details of the bonus received. This could either be the number of free spins and the value of each or the value of the bonus credits and the wagering requirement that this offer may come paired with. However, regardless of the type of casino bonus, the RTP of the games they are used on is also required. The free spin section of the calculator has an option for wagering requirements, too, should these terms and conditions be applicable.
From here, the expected value calculator can determine the perceived value of any profits that could be expected based on the information input. From here, you can determine whether or not a promotion is worth claiming in the first place, as well as helping maximise any potential returns by inputting different RTPs from different games.
What Is RTP Exactly?
RTP is a term we have thrown around a lot in the prior section; however, if you are new to the online casino space, you may actually be unfamiliar with the term. This stands for ‘return to player’ and is essentially a percentage of wagers that a player could expect to receive back from a game over a long period of time. Although this could give a good indication of how a game may play out, it is vital to bear in mind that this percentage is completely theoretical and does not guarantee any returns.
Why Use An Expected Value Calculator?
There is an array of benefits that an expected value calculator presents that makes them indispensable tools for anyone who participates in matched betting or just wants to make the most out of the offers they may have claimed. One of the main qualities relates back to its ease of use, with the interface of this calculator being user-friendly and uncomplex, only requiring key pieces of information in order to give you the potential returns of an offer easily.
Due to this, an expected value calculator can streamline any calculations you may have had to do manually beforehand, ensuring accuracy and invaluable precision, all whilst increasing overall efficiency and saving impressive amounts of time in the process.
As we have already touched upon, an expected value calculator can determine the perceived value of a casino promotion and, as a result, helps identify potentially profitable offers and bonuses. Due to the abundance of casino promotions that are out there, this can help you develop a strategic plan to get the most out of the ones available to you, as well as help bettors manage risk by highlighting offers with poor expected value.
Who Can Use The Expected Value Calculator?
Due to the versatility of the expected value calculator, pretty much anyone who has a casino promotion at their disposal can use this tool. However, if matched betting is one of your side hustles, this can come into play predominantly thanks to it assisting those in assessing the value of the promotions they have to use. Inputting different RTPs of different games can help you optimise the whole process in order to have the best-perceived returns. However, anyone who wants to maximise the potential returns of a promotion effectively can use this calculator, with the aforementioned ease of use facilitating this possibility.
More Betting Calculators at OddsMonkey
If you want to use the expected value calculator for yourself, there is one available right here at OddsMonkey. This includes all of the features, benefits and overall qualities that we have touched upon applying to it directly.
It is not just the expected value calculator we have on-site either, though, with there being so many alternatives, each of them tying into a different type of betting format. For example, if you are someone who prefers to place multiple selections in a singular bet slip, then the accumulator betting calculator could help determine potential returns, combining the different odds of your selections automatically.
On the other hand, if you prefer a no-risk approach to sports betting, then the matched betting calculator is most likely your most valuable, too. This can take the odds of both your back and lay bet and provide the required stakes in order to lock in a margin of profit.
All of these can be found on-site, and some can even be checked out thanks to our OddsMonkey free trial!
