If you’re pondering a wager on the Colts, we’d recommend reading up on the bets most likely to turn a profit before going all in:
The Money Line is by far the most common and simplest form of sports betting which can be found across the majority of sports, generally speaking.
A meeting of two teams, or two competitors (if we’re talking boxing for instance) will always generate one favorite and one underdog.
In order to determine this, a number of factors are considered including league standings, form, home field advantage, injuries and head-to-head results.
Bettors tend to find more value betting on the underdog where a small risk can reap big rewards
The real-life example of a few years back demonstrates such:
- New York Giants -600
- Dallas Cowboys +450
The favourites, assigned a minus (-) value on a money line, are the NY Giants. The Dallas Cowboys are considered to be the underdogs as the plus (+) value indicates.
In terms of monetary value the -600 given to the NY Giants tells us that one must lay $600 in order to win $100. In other words, because the probability of NY winning is high, the rewards are small.
A stake of some significance is required to win a notable amount and it’s this high risk with low reward which turns bettors elsewhere…
Enter the underdog. In this case, a successful bet on Dallas +450 will turn $100 into $450, a scenario of more appeal to a bettor who can wager less and stand to win more.
This is exactly what played out actually during the 2010-11 NFL season and is just one example of how the underdog can defy the odds, quite literally. Remember, every dog has its day!