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Heads is now an even shorter price and represents no value. Tails now stands at a slightly better price but still only represents
'true odds' or likelihood of winning at 1/1 or 50% and so is not value.
The event continues and still
betting favors heads. Why? Well
'average bettor' does not really understand 'value', he does not understand that heads might well be a bad bet or hold no value. He just enjoys betting and since 'heads' is winning - he wants to bet on heads.
The bookmaker balances his books again with a dramatic shortening of
odds for heads to 4/9 and a lengthening to 6/4 on tails.
At this point
professional bettor would step in and begin to place bets on tails. He knows that he has got value at 6/4 (+150 US), for an event where
'true odds’ of success are 1/1.
As long as he bets at this price (6/4) or any 'value' price,
professional will win in
long run.
Naturally, it is not as easy to assess
'true odds' in sports events because there are so many variables, however, with experience it can be done, especially if one specializes in particular sports events.

The author has been a professional sports bettor and trader for seven years and helps advise a number of sportsbooks:
Gameday Sportsbook SportingBet VIP Sports Group