Value betting is a betting strategy that involves identifying wagers where the odds offered by a bookmaker are higher than the actual probability of the outcome occurring. In essence, a value bet is made when a bettor believes that a particular outcome has been underestimated, leading to favorable odds. By consistently placing bets where the perceived value exceeds the true odds, a bettor can achieve a long-term profit, as these opportunities reflect a discrepancy between the bettor's assessment of probability and the bookmaker's line.