Can I Bet on Both Teams to Win on DraftKings? An Expert‘s In-Depth Guide
As a sports betting enthusiast, you may have wondered if it‘s possible to bet on both teams in a game and guarantee a profit. The answer is yes – with some caveats.
In this comprehensive guide, I‘ll explain everything you need to know about betting both sides, including how to do it, the risks and rewards, and some pro tips to boost your chances of success.
How Betting Both Sides Works
Betting both sides of a game, also known as "middling" or "arbitrage betting", involves placing wagers on opposing teams at different sportsbooks to lock in a guaranteed profit.
Here‘s a simple example:
- The Patriots are -120 favorites over the Eagles (+100 underdogs) at DraftKings
- But the Eagles are +110 at FanDuel, and the Pats are -130
If you bet $120 on the Patriots at DraftKings and $100 on the Eagles at FanDuel, here are your outcomes:
- If the Patriots win, you win $100 from your DraftKings bet but lose your $100 FanDuel bet, so you profit $0
- If the Eagles win, you lose your $120 DraftKings bet but win $110 from FanDuel, so you profit $10
No matter who wins, middling the game guarantees you a profit. This works by taking advantage of slightly different odds at different sportsbooks.
How Much Can You Profit from Middling and Arbitrage?
The profits from arbitrage betting tend to be small – just a few percent of the amount wagered.
In a large sample of over 1,000 arbitrage opportunities, the average profit was 3.8% of the total amount bet according to research from Dimityr Romanov [1]. However, roughly 1 in 5 arbs resulted in a loss due to line movement.
For a $100 bet, that‘s just $3.80 in profit on average. At higher volumes, experienced arbitragers can generate strong returns, but it requires significant effort.
Some sports offer better arbitrage opportunities than others. Here are the best sports for arbitrage based on average profit potential [1]:
| Sport | Average Profit |
|---|---|
| Tennis | 4.5% |
| Soccer | 4.1% |
| MMA | 4.0% |
| Basketball | 3.6% |
| Football | 3.2% |
However, with only ~1% edges, a lot of volume is required to turn arbing into a lucrative strategy.
The Risks and Downsides of Middling
While arbitrage betting seems like "free money" in theory, there are some significant risks and downsides to consider:
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Timing risk: Lines can move quickly, eliminating the edge. Bet must be placed simultaneously.
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Loss risk: Up to 20% of arbs can result in losses due to line movements.
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Bet size limits: Books restrict big arbitrage bets to limit exploitation of edges.
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Account closures: If detected, books will ban arbitragers, restricting opportunities.
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Huge volume required: Need to bet large amounts to overcome the small edges.
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Takes effort & time: Finding + exploiting arbs requires constant line monitoring.
For these reasons, only experienced sports bettors tend to engage in arbitrage betting, and even then selectively. It‘s challenging to scale.
Hedging Parlays by Betting Both Sides
Another way to leverage "betting both teams" is to hedge your parlays. Here‘s how it works:
- Place a parlay bet at one sportsbook
- If it‘s looking good, let it ride
- If not, hedge your position by betting the other side
For example, you bet a 4-team parlay that‘s hit 3 legs and is now on the last game. The payout odds are +600.
You could now hedge by betting the other side at -105 odds. Here‘s how the math works out:
- If your parlay loses, you lose your $100 parlay bet but win $95 on your hedge. $5 loss.
- If your parlay wins, you win $600 but lose your $95 hedge bet. $505 profit
Hedging reduces your profit upside but protects against the parlay losing entirely. You can tweak your hedge amounts to balance risk versus reward.
In general, hedging is more effective when bets are placed at different times. Bet your parlays first, then add hedges later if needed.
How Sportsbooks Balance Their Books
To understand arbitrage opportunities, you need to know how sportsbooks operate. Their goal is to take equal money on both sides of each game.
If the total money bet is balanced, the books will retain the built-in house edge (vigorish) and are guaranteed a profit regardless of the outcome.
However, action isn‘t always perfectly balanced. When one side attracts more bets, books will adjust the lines to entice action on the other side.
They have no real incentive for one side to win over the other – they just don‘t want to take on heavy lopsided exposure.
That‘s why sharp arbitrage bettors often have their limits slashed or get banned entirely. Books don‘t want to leave themselves vulnerable.
Expert Betting Strategies Beyond Hedging and Arbitrage
While hedging and arbitrage are powerful tools for sports bettors, they represent just the tip of the iceberg. Here are some additional advanced strategies used by pro sports bettors:
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Line scraping software – Uses automation to scan hundreds of books instantly for arbs.
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Steam chasing – Following sharp money by watching line moves and betting with the pros.
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Reverse line movement – Fading inflated public lines and betting against the herd.
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Situational spot bets – Betting opportune situations like unrested defenses or desperate teams.
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Middling – Not just arbing, but personally moving lines to create and bet both sides of middles.
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Wong teasers – Utilizing the low-risk Wong teasers named after Stanford Wong.
The limits are endless for sophisticated sports bettors. Sharp players are always innovating new data-driven strategies.
Turning Sports Betting Into a Side Hustle
Can you realistically turn sports betting into a profitable side hustle? Here are a few parting thoughts:
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Most lose money – Over 90% of bettors lose over time. Arbing and hedging help but aren‘t silver bullets.
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Specialize your focus – Get deeply familiar with a sport or niche rather than betting broadly.
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Manage your bankroll – Bet small %s of your roll to withstand inevitable swings.
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Temper expectations – Turning a few % edges into big profits requires major volume.
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Avoid parlays & sucker bets – Stick to smart bets with clear reasoning and math behind them.
With reasonable expectations and strong risk management, sports betting can complement other income streams. But it‘s exceedingly difficult to make it a stand-alone business.
I hope this guide provides a helpful overview of how to bet on both sides of a game and some pro tips to boost your betting performance. Let me know if you have any other sports betting questions!