CLV is calculated by comparing the closing line with the line or odds that the bettor initially took when placing a bet.
Closing line value, often abbreviated as CLV, is a key concept in sports betting. It's a measure of how much better or worse the odds you bet at are compared to where they end up at the start of the game, aka the close.
What are closing lines? What are opening lines?
The closing line is the final odds offered by sportsbooks immediately before the game tips off. Opening lines are the lines that sportsbooks initially release, typically the night before in CBB. Openers are generally less efficient. As the sportsbook takes bets from sharp/respected groups, they move the line based on bets placed.
What is CLV?
Closing Line Value (CLV) is a metric used in sports betting to evaluate the effectiveness of a bettor's ability to predict outcomes. It is calculated by comparing the closing line (the final odds offered by sportsbooks immediately before an event begins) with the line or odds that the bettor initially took when placing a bet. If a bettor achieves positive CLV, they are more likely to achieve positive expected value. Note: This does not mean the bet will win, just that if you placed the same bet thousands of times, you would expect to make money.
How do I maximize CLV?
The closer to game time you place a bet, the less likely you are to achieve/maximize CLV (unless it's a unique example like injury news). If you bet the morning of instead of the night before, you are betting into a more efficient market and are likely leaving expected value on the table. It is advantageous to bet as early as possible.