What is ‘Closing Line Value’ in Sports Betting?
Heard professional sports bettors talking about closing line values?
All is explained in simplistic terms here…
Closing Line Value (CLV) is a term used in sports betting that refers to the difference between the odds that a bettor takes and the odds that are available at the time the event starts (closing line value). In other words, the value margin between placement and the wager's final price.
It’s significant because of the accuracy of the final prices.
Let’s take an example in the NBA using DraftKings Sportsbook. You want to bet on the Los Angeles Lakers to beat the Boston Celtics. You find the odds available at DraftKings Sportsbook and they are listed at -110, which means you have to bet $110 to win $100.
However, the odds can change between the time you make your bet and the time the game starts. This can happen due to many factors, such as player injuries, changes in the weather, and more. If the odds change in your favor before the game starts, your wager has a positive Closing Line Value.
For example, let’s say that the odds on the Lakers to win change to -105, which means that you only have to bet $105 to win $100. In this case, you have a positive CLV of 5 because the odds have improved in your favor. This means that your bet is more valuable than it was when you first made it.
On the other hand, if the odds change against you and go up to -115, you have a negative CLV of 5. This means that your bet is less valuable than it was when you first made it and you are at a disadvantage compared to other bettors who got better odds.
It is important to note that CLV is not the same as winning or losing a bet. It is simply a measure of how much better or worse the odds were when you made your bet compared to when the event started.
Now, the closing line value is usually quite accurate when compared to the bets real chance of winning, thus, beating the CLV means you’ll likely become a long-term winner.
Successful betting strategies like arbitrage betting focus on mathematical differences such as the closing line. Another way to ensure you generate a positive return is through the exploitation of sportsbook promotions. Again, the closing line value is important when doing this. Check out this Profit Duel review for an example of how it’s done.