Calculating equity and betting amount?

[tsty]

Hello all,

I am a long term punter but trying to figure out more of the math behind it.

If I bet on a team/player at 3$ and their true value is 2$ how do I calculate the dollar amount I'm earning per dollar?

Is there also a way to calculate how many units I should bet depending on the equity I have?

Also should I bet every game where I found an edge or should there be a minimum edge before I should fork out money?

thank in advance