Answer:
A value bet is a bet where the probability of a given outcome is greater than the bookmakers odds reflect. Simply put, when value betting you will be placing bets that have a larger chance of winning than implied by the bookmakers odds. This means you will have an edge over the bookmaker in the long run.
The author was using symbolism
Answer:
Lucian painted a picture with oil paints
Check sparknotes, I don't think people will know the answer without the bookb title, etc