Guaranteed Profit Opportunity: Richmond vs. Florida Gulf Coast (ROI: 53.4%)
Arbitrage opportunity: Richmond Spiders vs. Florida Gulf Coast Eagles, Dec 28, 2024. Bet 1: Eagles -16.5, +310 odds, $374.05 stake (FanDuel). Bet 2: Spiders +16.5, +145 odds, $625.95 stake (BetMGM). Total stake: $1,000. Potential profit: approximately $533.60 regardless of outcome. Caution advised.
Introduction
An opportunity has arisen in the upcoming NCAA Basketball game between the Richmond Spiders and the Florida Gulf Coast Eagles on December 28, 2024, at 6:01 PM. This analysis examines two bets with opposing outcomes from different bookmakers that may present an arbitrage opportunity in sports betting.
Analysis
Event Details:
League: NCAA Basketball (NCAAB)
Teams: Richmond Spiders (Home) vs. Florida Gulf Coast Eagles (Away)
Bet 1:
Bookmaker: FanDuel
Market: Alternate Spreads
Outcome: Florida Gulf Coast Eagles -16.5
Odds: +310 (Decimal Odds: 4.10)
Stake: $374.05
Bet 2:
Bookmaker: BetMGM
Market: Alternate Spreads
Outcome: Richmond Spiders +16.5
Odds: +145 (Decimal Odds: 2.45)
Stake: $625.95
Total Stake: $1,000
These bets cover all possible outcomes regarding the point spread, as there is no chance of a tie with a half-point spread.
Discussion
Possible Outcomes and Returns:
Scenario 1: Florida Gulf Coast Eagles win by more than 16.5 points (17 points or more)
Bet 1 wins:
Profit = $374.05 x 3.10 = $1,159.56
Total Return = $374.05 (Stake) + $1,159.56 (Profit) = $1,533.61
Bet 2 loses:
Loss = $625.95 (Stake)
Net Profit: $1,533.61 (Return) - $1,000 (Total Stake) = $533.61
Scenario 2: Richmond Spiders win or lose by less than 16.5 points (16 points or fewer)
Bet 2 wins:
Profit = $625.95 x 1.45 = $907.62
Total Return = $625.95 (Stake) + $907.62 (Profit) = $1,533.57
Bet 1 loses:
Loss = $374.05 (Stake)
Net Profit: $1,533.57 (Return) - $1,000 (Total Stake) = $533.57
Implications:
In both scenarios, the net profit is approximately $533.60, indicating a potential arbitrage opportunity. This occurs due to the difference in odds offered by the two bookmakers on opposing outcomes of the same event.
Conclusion
The analysis suggests that by placing the two specified bets, there is a possibility of securing a net profit regardless of the game's outcome. This situation arises from exploiting differences in bookmakers' odds in sports betting. It is essential to approach such opportunities with caution, considering factors such as betting limits, potential changes in odds, and the terms and conditions of the bookmakers involved.
Disclaimer
This analysis is intended for informational purposes only and does not constitute betting advice or a guarantee of results. Sports betting involves risks, and it is important to bet responsibly and be aware of all related regulations and policies.