Sports futures a hot commodity
Other sports bettors schooled in the stock market prefer spread betting, a futures-type market that revolves around the shifting probabilities generated by seasons and games.
John Murray, a 38-year-old financial trader from Morris Plains, N.J., said he enters the game having already realized about $20,000 in profit thanks to his early assessment that the defending Super Bowl champion Patriots would again be a force to be reckoned with.
“I’ve been buying long-term contracts on New England all year long, so now I’ve been getting out and locking in my profit,” he said.
Murray, a regular on TradeSports.com, said he bought $10 futures contracts on the Patriots to win the Super Bowl at the beginning of the season for between $1.40 and $2.50 and has been selling them for about $7.10 over the past week “because it’s getting to the point where the risk vs. reward isn’t as great.” At the end of the game, the contracts will either be worth $10 or nothing, depending on the outcome of the game, which the Patriots are favored to win by 7 points.
Instead, he said he will concentrate his firepower on various proposition bets and in-progress wagers that can change with each …Read More