What are trading markets?
A trading market is simply a category of position that a broker offers on a sporting event. When you open any broker and click on, say, an NBA game, you will see dozens of different ways to invest in that game. But the vast majority of trading volume worldwide — and the vast majority of edges that analytical investors find — falls into three core market types: moneyline, point spread, and totals (over/under).
Understanding how each of these markets works is not optional if you want to use data and analytics to find value. Each market type has its own pricing mechanics, margin structures, and inefficiencies. An investor who understands all three can compare returns across dozens of brokers and identify where the best value lives for any given event. This is where platforms like Yoseri come in, scanning returns across 21 or more sports and three core market types to surface the positions with the highest expected value.
This guide is written for people who are just getting started with sports investing analytics. If you already know the difference between a spread and a total, you might want to jump straight to our guides on expected value or value investing. But if terms like "-110" or "signal 'em" still feel confusing, this article will give you a solid foundation.
Moneyline: the simplest position
A moneyline position is the most straightforward position in sports investing: you are simply picking which team or player will win the game. There is no point spread to worry about and no total to calculate. If your signal wins, you win the position. If they lose, you lose.
Moneyline returns are expressed differently depending on the format. In American returns (most common in the United States), favorites are shown with a minus sign and underdogs with a plus sign. For example, a favorite at -150 means you need to risk $150 to win $100 in profit. An underdog at +130 means a $100 position returns $130 in profit if they win.
In decimal returns (standard in Europe, Australia, and on most international platforms), the same favorite might be listed at 1.67 and the underdog at 2.30. The decimal number represents your total return per dollar staked, including your original allocation. So a $100 position at 2.30 returns $230 total ($130 profit plus your $100 back).
When moneyline positions offer the most value
Moneyline markets tend to be most efficient for high-profile events with heavy trading volume. But inefficiencies still appear, especially in less popular sports and leagues, early-week lines before the market has fully priced in information, and games with significant public bias (where the popular team is overvalued). For more on how to spot these opportunities, read our guide on how to read and compare returns.
Point spreads: leveling the playing field
The point spread (also called the "line" or "handicap") is a number set by the broker to create an even-money proposition between two unevenly matched teams. Instead of trading on who wins outright, you are trading on who wins after the spread is applied.
For example, if the Los Angeles Lakers are -6.5 against the Charlotte Hornets, the Lakers must win by 7 or more points for a spread invest in them to pay out. Conversely, the Hornets at +6.5 can lose by up to 6 points and still "cover" the spread. The half-point eliminates the possibility of a push (tie against the spread).
Most spread positions are priced at -110 on both sides, meaning you risk $110 to win $100. That extra $10 is the broker’s commission (commonly called "vig" or "juice"). The standard 4.55% margin built into -110/-110 pricing is one reason why line shopping across multiple brokers is so important — even half a point of spread movement or a reduction from -110 to -105 can meaningfully improve your long-term results.
Buying points on the spread
Some brokers allow you to "buy" points on the spread, paying a higher price (worse returns) in exchange for a more favorable spread number. For instance, you might move the Lakers from -6.5 to -5.5 by accepting -120 returns instead of -110. Whether buying points is worth it depends on the specific numbers involved. Key numbers in NFL trading (3, 7, 6, 10) are the most common margins of victory, so buying across them can have significant value. In the NBA, key numbers are less meaningful due to the higher scoring volume.
How spreads differ across sports
Spread trading is most popular in football (NFL and college) and basketball (NBA and college), where scoring differentials are large enough to create meaningful spreads. In lower-scoring sports like baseball, hockey, and soccer, spreads are typically fixed at small values (run line at 1.5, puck line at 1.5, or goal line at 0.5/1.0) with the returns adjusted instead. Understanding these differences helps you identify where analytical edges are most likely to appear.
Totals (over/under): trading on combined scoring
A totals position, also known as an over/under, involves staking on whether the combined score of both teams will go over or under a number set by the broker. You do not need to pick a winner — you are only predicting scoring volume.
For example, if an NBA game has a total of 224.5, you can take a position on Over 224.5 (expecting the teams to combine for 225 or more points) or Under 224.5 (expecting 224 or fewer combined points). Like spread positions, totals are typically priced at -110 on both sides.
Totals markets are popular among analytical investors because they can be modeled independently of which team wins. Weather data, pace of play statistics, defensive efficiency ratings, and injury reports that affect scoring volume all feed into accurate total predictions. Many professional investors consider totals to be the most modelable and therefore the most exploitable market type.
Props and futures: a brief overview
Beyond the three core markets, brokers offer two additional categories that are worth understanding.
Prop positions (propositions)
Props are positions on specific events within a game that do not necessarily relate to the final outcome. Examples include player props (will a quarterback throw over 2.5 touchdown passes?), team props (will a team score in the first quarter?), and game props (will the game go to overtime?). Prop markets often have wider margins and less sharp pricing, which can create opportunities for investors with good models.
Futures
Futures are long-term positions on outcomes that will be decided weeks or months in the future, such as which team will win the Super Bowl, who will be the league MVP, or how many wins a team will have in a season. Futures typically carry much higher margins because the broker is tying up capital and managing uncertainty over a longer period.
How market types affect edge detection
Not all markets are created equal when it comes to finding value. The efficiency of a market — how accurately the returns reflect true probabilities — depends on several factors: the volume of money staked, the number of sharp investors active in the market, the availability of relevant data, and how quickly the broker adjusts to new information.
Moneyline markets on major events (NFL Sunday games, Champions League matches) tend to be the most efficient because they attract the highest volume and the sharpest action. Spread markets in lower-tier leagues, totals in sports with limited public data, and alternative spreads or totals across less popular sports often contain the widest inefficiencies. This is where data-driven investors have the biggest advantage.
The key insight for analytical investors is this: you do not need to find value in the most popular markets to be profitable. In fact, specializing in less efficient markets — whether that means niche sports, alternative totals, or early-week spreads — often produces better risk-adjusted returns than competing head-to-head with sharp syndicates on prime-time NFL spreads.
Which markets Yoseri covers
Yoseri scans returns across more than 16 sports and three core market types (moneyline, spreads, and totals) from dozens of brokers worldwide. The platform calculates expected value for every available line, highlights the sharpest returns, and flags significant line movements in real time. Whether you are a beginner looking for your first value position or a professional managing a portfolio across multiple sports, Yoseri gives you the tools to compare markets systematically.
The dashboard lets you filter by sport, market type, minimum edge, and time to event, so you can focus on exactly the opportunities that match your strategy. You can also track which market types are producing the best results for your trading portfolio over time, using Yoseri’s built-in performance analytics to identify where your edge is strongest.