Fish Tank system - have to work it out on your own now so here it goes.
use this site -
http://www.dectech.co.uk/football_sites/football_dectech/gamesim.phpselect teams Brazil Vs Chile - give Brazil Home advantage
This gives following probabilities Brazil 73.8% - Draw 16.2% - Chile 10%
next convert to odds
Brazil = 100/73.8 = 1.36
Draw = 100/16.2 = 6.17
Chile = 100/10 = 10
Lets now compare to actual odds
Brazil - 1.57
Draw - 4.6
Chile - 6.5
Now we calculate the value -
Brazil - 1.57/ 1.36 = 1.1544 * 100 = 15% value
Draw - 4.6 / 6.17 = 0.7455 * 100 = - 25% value
Chile - 6.5 / 10 = 0.65* 100 = -35% value
Therefore in this game Brazil is the Value bet at odds of 1.57.