Expected value (+EV)
The average profit of a bet if it were repeated many times: probability of winning × payout minus probability of losing × stake.
Positive-EV betting takes prices above a fair estimate and accepts variance; arbitrage removes the variance by covering every outcome. Both rely on finding a venue that is mispriced relative to the rest of the market, and the same scanning infrastructure finds either.
Related terms: Arbitrage · No-vig odds