The betting money line (BML) expresses the spread between the winning and losing (parimutuel) wagers for a given event. For example, a $100 bet on the favorite in the Boston Marathon would be $100 to $100, or even (-100: +100), while a $100 bet on the underdog would be $100 to $0, or (100: -100).
An even number of runners competing in an event will always lead to an even money spread, with no advantage or disadvantage for either side.
More importantly, as the event gets closer, the money line will move in the direction of the betting public. For example, if you’re betting on the favorite in the Boston Marathon, you’re likely to see the money line move more toward $0 as the race date gets nearer. The same goes for an upset victory.
Moving back to our example, if you’re betting on the underdog in the Boston Marathon, you’re going to see the money line move more toward $100 as the event draws nearer.
Here’s a list of some of the most common events and their respective betting money lines:
Ticket Sales
The ticket sales or tote odds (TSO) are normally displayed either in decimal format or by using odds groups, which is a method of expressing odds in easy-to-use, bite-sized chunks. Ticket sales are usually expressed as a percentage of the total amount wagered, with 100 being the dividing line between winning and losing wagers. For example, a $100 wager placed on a team that wins by 4 would produce $1 of profit (4% of $100), while a $100 wager placed on a team that loses by 4 would produce a $96 loss (96% of $100).
It’s important to keep in mind that ticket sales represent the odds for the entire event, while the money line represents the spread between winning and losing wagers for a single race or run. In most situations, increasing your wager will result in greater betting activity, increasing your chances of winning.
Field Performance
The field performance (FIP) expresses the percentage of expected earnings (typically monetary) from the performance of a group of athletes in a sporting event.
Performance-based fees vary from race to race and tend to be quite high, resulting in significant earnings for the participating athletes. Top FIPs include:
- Crown Jewel Offers – New York, USA (monetary)
- Mauldin Open – Scottland, USA (monetary)
- Fireworks World Championships – London, UK (monetary)
- Walking in the Woods – Whitethorn Woods, UK (monetary)
- Badwater – Brasil (monetary)
- Taste of London – UK (monetary)
- Glasgow International Hockey League – UK (monetary)
- Bermuda Bowl – London, UK (monetary)
If you’re looking for a good source of income-producing sports events, you can’t go wrong by investing in field performance. The odds usually move in the direction of better performance as the event gets nearer, so increasing your wager will result in positive performance-based earnings.
Over/Under Wins/Losses
The over/under (O/U) wins and losses (W/L) are determined by the total number of winning wagers (wins) compared to the total number of losing wagers (losses). O/U sportsbooks normally offer numerous money-line options with distinct advantages and disadvantages. When you gamble on the number of wins, you’re essentially placing a wager on the over (or, conversely, the under) outcome of an event. For example, if you bet $100 on a golf tournament and the odds for victory are 7 to 1, you’re committing to a winning wager of $70. If the number of wins exceeds the amount wagered, your winnings will be returned along with the excess, while if the number of wins is fewer than the amount wagered, you’ll lose your initial $100 wager along with any additional funds to cover the deficit. You may also see win/loss records offered in decimal format or by using odds groups.
As a general rule, the closer an event is, the more likely it is that the O/U statistic will move in the direction of greater odds or interest. For example, if you’re betting on golf, you may see an over/under option for the U.S. Open or PGA Championship, which are held in the summer, while the Masters or British Open are held in the winter.
Special Events
Certain events, such as super bikes, will have a significant impact on the betting public’s interest level. These events will usually dominate the news and often draw large crowds. If you’re looking for a one-off event that could generate significant profits, you can’t go wrong by betting on one of these special events.
In the case of super bikes, the money will be on the movement of the odds. For example, if the odds are 7 to 1 for a given event, an outsider may get a great result by entering a wager at that odds. While an experienced and knowledgeable sports bettor may be able to glean a clear advantage from the outset, a less-informed individual may not realize the significance of such large numbers until it’s too late.
Team Events
In some cases, teams of athletes will compete in a sport. In others, a team is involved in a brand or commercial campaign. Either way, if you’re looking to bet on a team, you’ll normally find odds that take the form of percentages or fractions. For example, if you bet $100 on a favorite to win the Tour de France and the odds are 10 to 1, your investment may only produce a $10 return, with the other $90 going to your opponent. However, if you bet the same amount on the underdog, you’re likely to see a profit of $90, with $100 being the dividing line between winning and losing wagers.
As a general rule, you should look to bet on a team when you can lay a claim to some expertise regarding the strength of individual members or the potential for one or more of them to perform well. If you have no knowledge nor experience in this area, it may be difficult to gauge the true potential of a given team without some form of preparation or due diligence. Even then, it may be difficult to profit from winning teams, as most members’ contracts will stipulate that all earnings go toward the winner’s share.
Live Betting
All the information discussed to this point pertains to traditional wagering. However, live betting (LB) is also a possibility, particularly for major events that are televised or broadcast worldwide. In live betting, you place a wager based on the outcome of an event that is currently in progress.
While this sounds like a good idea in theory, the practice can be quite difficult to master. If you’re looking for an easy way to make money, you may find it easier to trade on futures or options contracts, which are discussed next.