Let's elaborate more on why the simple (0.60 * 1.70)X expression gives you a value bet. Taking the same example as in Kendall's answer:

Expected-Profit = Prob.Win * Win-profit - Prob.Loss * Bet-amount

We have:

Prob.Win = 0.6       (this is your analysis)
Prob.Loss = 0.4      (this is your analysis)
Win-profit = 0.7     (this is the bookie offer)
Bet amount = 1.0     (this is your bet)

Plugging in we get:

Expected-Profit = 0.6 * 0.7 - 0.4 * 1.0

Noticing that:

Expected-Payout = Expected-Profit + Bet-amount

we have:

Expected-Payout = (0.6 * 0.7 - 0.4 * 1.0) + (1.0)
                = (0.6 * 0.7 - 0.4) + (0.6 + 0.4)
                = (0.6 * 0.7) + (0.6)
                = 0.6 * 1.7

and with this simplification we do not actually need to look at the prob. of other outcomes (loss and draw) and can always express:

Expected-Payout = Prob.win * Win-Payout

where Prob.win is your calculated value, so any Expected-Payout > 1.0 is in the money (in this case 0.6 * 1.7 = 1.02).

The same analysis can be done on the other two draw and loss bets.

Let's elaborate more on why the simple (0.60 * 1.70)X expression gives you a value bet. Taking the same example as in Kendall's answer:

Expected-Profit = Prob.Win * Win-profit - Prob.Loss * Bet-amount

We have:

Prob.Win = 0.6       (this is your analysis)
Prob.Loss = 0.4      (this is your analysis)
Win-profit = 0.7     (this is the bookie offer)
Bet amount = 1.0     (this is your bet)

Plugging in we get:

Expected-Profit = 0.6 * 0.7 - 0.4 * 1.0

Noticing that:

Expected-Payout = Expected-Profit + Bet-amount

we have:

Expected-Payout = (0.6 * 0.7 - 0.4 * 1.0) + (1.0)
                = (0.6 * 0.7 - 0.4) + (0.6 + 0.4)
                = (0.6 * 0.7) + (0.6)
                = 0.6 * 1.7

and with this simplification we do not actually need to look at the prob. of other outcomes (loss or draw (draw not show in this example)) and can always express:

Expected-Payout = Prob.win * Win-Payout

where Prob.win is your calculated value, so any Expected-Payout > 1.0 is in the money (in this case 0.6 * 1.7 = 1.02).

The same analysis can be done on other bets (loss or draw).