Andrew Lowrie of Optimum Racing

To make money gambling, you need to understand the meaning of value, and more importantly, you need to obtain it on every, or at least the majority of bets you strike.
What is value? Value when betting is simply when the bettor takes better odds on an event occurring than the true odds represent.
For example, the odds of you correctly predicting a roll of a dice is 5/1, there are six possibilities. If a bookmaker were to offer you 6/1, you would be playing with an edge, obtaining value. Whether you receive 4/1 or 6/1 on predicting the outcome, the amount...