How to find Expected Value

Expected Value (EV) is a statistical concept used in probability theory to describe the long-term average or mean value of a random variable. In the context of gambling and betting, expected value is often used to evaluate the potential profitability of a bet or wager. Here's an example of how to calculate ev:

  • You place a $50 bet odds of -110.
  • Through a statistical model you determine this bet will win 60% of the time.
  • Using the calculator above, you can calculate that the expected value for this wager is $7.27 with an ROI of 14.54%.

Expected Value is a useful concept for evaluating the potential profitability of a bet, as it takes into account both the probability of success and the potential payout. By comparing the expected value of different bets, a player can make more informed decisions about where to put their money.