The ability to value bet effectively is one thing that separates winners from small winners and small winners from losers. If you are able to get calls from players when you bet $32 instead of only getting $24, that $8 differential is going to make a very big difference in the long run. You must be able to maximize your winnings when you have a solid hand if you want to be a successful poker player.
Value betting is most important on later streets, but it has a place pre-flop as well. The best way to get the most value from hands pre-flop is to add one or two big blinds to your raises when you have a particularly strong hand like KK or AA. Another way to squeeze extra value from your opponents pre-flop is to raise a bit more against players who are looser. If you get AJ and would normally raise to 4x the big blind, why not raise 6x the BB if they are going to call with the same types of hands? This is the same general concept that will be applied later on in hands, but it holds true pre-flop as well. Pre-flop is a time where many players neglect to get that extra bit of value, even if they are able to on the flop, turn, and river.
If you have a strong hand on the flop, you should bet very close to the pot. Don’t bet half pot, try to stay closer to 3/4 or 4/5 of the pot. Here is an example to help demonstrate value betting the flop.
You are dealt QQ in MP at .50/1. You open to 4x BB, $4. There is one caller from LP.
The flop is 7 6 J, suits being irrelevant. The pot is now $9.50.
A good amount to bet on this flop would be $8. You have a strong over pair that beats the highest card on the board, your aim should be to get calls from pocket pairs like 88, 99, TT and floats alike.
Continuing with the hand above, the pot is now $25.50 as the turn is dealt, another 7.
The board reads 7 6 J 7.
Your hand has improved in strength, the villain is now much more comfortable if he has a paired jack and the seven does not hurt him if he had a pocket pair.
You can safely bet $19 or $21 and expect a call. If you do get a call you have set yourself up for a solid river value bet.
You bet $21 on the turn and are called; the pot is now $67.50. The river is harmless, a deuce.
Since your hand’s relative strength has not been harmed, and it is unlikely that your opponent is fearful that he is beat, you should make a bet that extracts value while not scaring away inferior hands. The pot is large at this point; you do not want to bet very big in relation to pot size as you had on previous streets. A bet around half pot is perfect, $34 or so. You will get calls from many jacks and the occasional pocket pair who is convinced that you have nothing.