What is "value betting"?

[pm_french]

You know what, I just can't seem to get my brain around the concept of value betting.

1 - What is it exactly and
2 - When is it used?

My understanding is betting when you want to get called - is this correct?
So you'd use this in situations here perhaps you had a great hand and you want others to catch up a bit etc.

[shorn7]

Partially correct. Value betting is most often done on the river when there are no more cards to come. Generally, it refers to betting a hand that isn't the nuts on the end for value when it is likely that your opponent (based on his actions and the play of the hand) has a hand with which he will pay you off. A good example is you holding AK and the board being ragges except for a King on their (i.e., no flush or recognizable str8's). You have bet each street and been called so it is likely your opponent has a weaker King. You value bet the river because he will probably call with top pair and you can win an extra bet from him.

Hope this helps.