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Betting To Win on Hockey
The following is excerpted from Robert Ross' best-selling book on hockey handicapping "Betting To Win on Hockey."

The article is presented in affiliation with VegasExperts


THE LINES


It never hurts to review the fundamentals in any sport or business endeavor. Nothing can stand without a strong foundation and an understanding of the hockey lines themselves is foundational for any bettor hoping to succeed at wagering on the sport.
The hockey bettor could encounter as many as three different lines in the legalized sportsbooks of Nevada and when dealing with the so-called off-shore betting establishments that have proliferated in recent years. The first line is the old and familiar puck or split line found in many newspapers across the land, in a few sportsbooks in Nevada and (or so I'm told) when dealing with illegal bookmakers across the United States and Canada. 
With the puck line there are, in effect, two lines posted on every game. There is a line for the favorite and one for the underdog. The line are 1/2 goal apart. The favored team, for example, could be favored by one goal while the underdog is getting 1/2 goal. This is written in the newspaper as 1/2-1. If, for example the New York Rangers were playing the Detroit Red Wings at Joe Louis Arena and Detroit was favored by one goal on the puck line then what you would see in the newspaper would be
DETROIT 1/2-1 New York Rangers.
The favorite (in this case Detroit) is always listed first in these newspaper lines. Ordinarily the home team is CAPITALIZED as well. Therefore, what this line means is that Detroit is favored at home by one goal while the visiting New York Rangers are the underdog getting 1/2 goal. 
To determine the final result, vis-a-vis the line, you would subtract one goal from the final Detroit score of add 1/2 goal to the final New York Rangers score. If Detroit were to win by a 4-3 score then the final score from a Detroit betting standpoint would be 3-3 (subtracting one goal from the number of goals scored by Detroit) while the final score from a New York Rangers betting standpoint would be 4-3 1/2 (adding 1/2 goal to the number of goals scored by New York).
In a legalized sportsbook in Nevada utilizing the puck line the game would look like this on the board:

1001 NEW YORK RANGERS +1/2 ev
1002 DETROIT RED WINGS -1 ev

The numbers on the extreme left (1001, 1002) are the betting numbers which vary from sportsbook to sportsbook. Ordinarily, you use the betting numbers when placing a wager saying, for instance, give me $50 on 1001. You then check your ticket before leaving the window to make sure you received the correct team for the correct amount as you'll be surprised (often unpleasantly) how often one or the other can be punched out incorrectly by the ticket writer or clerk.
After the betting numbers come the team names, the lines on the game and last of all the small "ev's" which stand for even money. When playing the puck line the player bets dollar for dollar, even money, $100 to win $100, or $10 to win $10 or what have you no matter which side he bets.
The question then might be asked, how does the house make its money? In football or basketball wagering the house asks the player to lay 11-to-10 when he wagers, hopes for balanced action over the long run and lets the 11-to-10 have its effect. 
When booking hockey using the split line the house makes most of its money when a game land on the line or "on the split."
It also makes some profit when there is one-sided action and the players are wrong more often than they are right. And the house makes money when players mismanage their funds or run out of funds to utilize but by and large a house or other operation booking hockey using a split line makes its money when games land on the split. 
Remember that there are in effect two lines when the house uses a split line. The underdog player is always taking one half goal less than the favorite player is laying. Thus whenever there is a tie and the game lands "on the split" the tie always works to the benefit of the house.
In the example above if Detroit should win by one goal then the players who bet on Detroit will "push" or tie their wager (since they are laying one goal) and so have their money refunded. On the other hand those players who bet the Rangers +1/2 will lose if Detroit wins by one goal. The house wins on one side while losing nothing on the other which is a nice way to make a tidy little profit. 
During the 1996-97 NHL season there were 1066 games played and 138 times the game landed "on the split" or 12.9% of the time. These numbers are very close to the figures from the 1991-92 season used in the first edition of BETTING TO WIN ON HOCKEY. That year there were 880 games played and 114 of them or, you guessed it, 12.9% of the games, landed on the split. So it appears that changes very little from year to year.
Two other things change very little from year to year; the percentage of tie games and the percentage of games decided by one goal. During the 1996-97 season there were 143 tie games (out of 1066 games played) or 13.4% of games ended in ties. During the 1991-92 season 117 of 880 games (13.3%) of all games ended in ties. So the number of tie games in the NHL has remained fairly constant throughout the years.
As for games decided by one goal, in 1996-97 it was 310 of 1066 (29%) and in 1991-92 it was 226 of 880 or 25.6% so the percentage of games decided by one goal has remained fairly constant as well. It has risen slightly to be sure as scoring in the NHL has fallen over the last few years but tie games have remained constant. 
An interesting question might be asked as to how often games ended in a tie when the linemaker predicted that they would do so. That is, with a line of ev-1/2 the linemaker is telling you that he expects a very close game with a tie being a very likely outcome. In the event of a tie when the line is ev-1/2 those who wager on the underdog (even) will have their monies refunded but those who play the favorite (-1/2) will lose. Therefore if the house is correct when placing lines of ev-1/2 and more ties than usual occur in such situations it would be good to keep that in mind especially if thinking about wagering the favored side.
However, during the 1996-97 season there were 307 instances in which a game had a puck line of ev-1/2. Thirty nine of those 307 (12.7%) ended in ties or slightly less than the percentage of ties in games with other posted lines. Clearly then the linemaker did not have any special power to predict tie games and when a line of ev-1/2 is posted the player should expect that the normal percentage of tie games will occur.
Remember though that when the line is ev-1/2 a tie game works to the advantage of the house. When the line is 1/2-1 or 1-1 1/2 the house is hoping for a one goal victory by the favored team. During the 1996-97 NHL season there were 396 games with a line of 1/2-1 and 187 games with a line of 1-1 1/2. With a line of 1/2-1 the house is hoping for a one goal win by the favored team (in which case they will refund the monies wagered on the favorite while winning the monies wagered on the underdog) and the favored team did in fact win by one goal in 49 of those 396 games (12.3%).
As for games with a line of 1-1 1/2, during the 1996-97 season there were 187 of those and the favorite won by one goal on 30 occasions (16.0%). In such cases the house refunds the money of those who bet on the underdog at +1 but wins whatever money was wagered on the favorite at -1 1/2. It could be said that with puck lines greater than ev-1/2 the house is simply hoping for a victory by the favored side and that the margin of victory will take care of itself.
Besides ev-1/2, 1/2-1 and 1-1 1/2 the other lines you will see when dealing with a puck line are Pick Em, 1/2 Flat, 1 1/2 Flat, 1 1/2-2, 2-2 1/2, and, in the case of gross mismatches, 2 1/2 Flat, 2 1/2-3 and 3-3 1/2. All of the lines used for NHL games can also be used for wagering on other hockey leagues (college, minor leagues, Canadian major junior leagues, foreign leagues, etc). It is just a matter of making a set of accurate power ratings (covered in chapter 10) from which to derive a line.
With all these facts and figures in hand we can determine how much of an edge the house has when using the puck line. The house always wins one side of the wager when using the puck line, it always collects at least some bets from someone or from some proposition. At times, the house collects without having to pay off. 
There were 1066 NHL regular season games in 1996-97 so that puts 1066 winning propositions into the house ledger. The 138 times the game landed "on the split" translates into 138 ties for the player (the term being used here loosely to cover all the players in a given market) or 138 fewer decisions that the player can win. The player then has 928 winning decisions compared to 1066 for the house or an advantage for the house of 53.4% to 46.6%. The house edge when using the puck line is approximately 7%.
This can also be useful in determining the worth of a 1/2 goal. That is, if an extra half goal on the puck line could be found or could be purchased how much would that be worth to the player? This is important because, as mentioned, there are different lines used for hockey wagering by different houses. There player can see a variety of lines and should be able to recognize the difference between the lines and when a bargain is being offered using one line or the other.
Let's look first at our line of ev-1/2. Remember, there were 307 occurrences of this line during the 1996-97 NHL season and 39 times the game ended in a tie or landed "on the split." Getting a half-goal with the underdog side would have resulted in 39 extra wins for the player. Rather than a record when taking the even side of 134-134-39 or 50% the player getting the extra half-goal would have a record of 173-134 or 56.3%. To go from 50% winners to 56% winners is like going from Even money to -130 on the money line (see chart on page 207) so the player should be willing to lay -130 (6 1/2 to 5) in order to get an extra half goal.
As for the favored side, getting the extra half goal (playing at even rather than at -1/2) would change 39 losses into ties so rather than a record of 134-173 (43.6%) the player would have a record of 134-134-39 (50%) or a change of about 6% or 30 cents on the money line. 
Again, this will be important as we begin our discussion of the other betting lines used in hockey wagering. The hockey handicapper can often avail himself of a number of lines and the opportunity to find value with one line or the other if he knows what to look for.
The most often asked question is the value of a half goal on the money line versus playing on the puck line. That is, when the player has the opportunity to get an extra half goal on the money line or lay a half goal less with the favorite what price should he affix to that half goal. As we have seen, due to the constants of tie games and games landing on the split when using the puck line the value of a half goal is approximately 30 cents. 
To demonstrate, take the example from the 1996-97 season of the player getting an extra half goal when the puck line is eve-1/2. Rather than a break even record with the puck line of 134-134-39 the player getting the extra half goal would have had a record of 173-134. If the player had paid, on average, an extra 30 cents for the half goal (laying 6 1/2 to 5 rather than playing at even money) he would have won 173 times units but lost 134 x 1.3 units. If we assume he was playing to win $100 each time he played than the player won 173 x $100 or $17,300 with his winning wagers. He lost 134 x $130 or $17,420 with his losing wagers for a net loss of $120 or very close to break even. 
If the player had been able to get his extra half goal for (on average) less than 30 cents he would have been in the black with his wagers. If he had paid more than (on average) 30 cents he could have been further into the red. The same values hold for each increase of 1/2 goal: 60 cents per goal, 90 cents for 1 /2 goals and so on and so forth. 
Now, as we have begun to discuss, one of the other lines (in fact the primary line) being used in Nevada's legalized sportsbooks (and elsewhere) is the combination, money, Canadian or shaded line. With this line there is one line listed on the game. To use our earlier example, if the New York Rangers were visiting Detroit the line on the game would be the New York Rangers +1/2, the Detroit Red Wings -1/2, and the oddsmaker, linemaker, bookie or sportsbook manager would put a money line adjustment on the half goal puck line in order to equalize the odds and the betting. Thus you might have a line on the board that looked like this:

1001 NEW YORK RANGERS +1/2 +120
1002 DETROIT RED WINGS +1/2 -140

In this example the bettors are dealing with a 1/2 goal line on the game. The 1/2 goal will be subtracted from Detroit's final score for betting purposes just as the 1/2 goal will be added to the Rangers score to determine whether they won or loss versus the spread. 
Obviously, the only time the 1/2 goal will have any bearing on the outcome for betting purposes is when the game ends in a tie. As we have already discovered, approximately 13-14% of all games end in ties or about one out of every 8 1/2 games played. If this game did happen to end in a tie then the New York backers would win their bets (since the 1/2 goal would be added to the Rangers' final score) while those who wagered on Detroit would lose (after the half goal was subtracted from the Red Wings' final score). 
In determining who to wager on in this contest the possibility of a tie game becomes vitally important. If the player assumes the game will end in a tie 14% of the time then he cannot make a play on the Red Wings at -1/2, -140 unless he determines the Red Wings will win the game outright at least twice as often as they will lose. 
Assuming there will be 14% ties leaves 86% probability of the game being played to a decision with a 2-1 advantage for the Red Wings working out to about 58% winners to 29% winners for the Rangers. Since the 14% ties will work to the advantage of the Rangers' backers the breakdown is 58-42 for Detroit or 58% winners. The break even point on the money line for 58% is approximately -140 so the player would have some value in playing Detroit at -1/2, -140 if he had determined that they were twice as likely to win the game outright as the Rangers.
On the other hand, a player wagering on the Rangers at +1/2, +120 would need them to win only 32% of the time at +1/2, +120 to show a profit since the 14% ties make the Rangers a winner. The break even point for +120 is 45.45%so adding the two percentages together makes a slight winner out of the Rangers. We will cover more of this in our discussions on making your own line. 
There is now also being offered at most 
sportsbooks a straight NHL money line. For our example above the line might be New York Rangers +180, Detroit -220 with the bettor being called upon to pick the straight-up winner of the game. In the event of a tie all wagers are refunded and this fact changes the equation and the value of a half goal when using this line.
Because wagers are refunded in the event of a tie the net effect is to take winners away from the underdog side on the regular money line (the +1/2 teams) while at the same time reducing the number of games in the pool since wagers are
refunded in the event of a tie. Without going into all the math what this does is increase the win percentage on the favored side (the -1/2 side on the regular money line) by reducing the
number of games. The change is about 10% or about 50 cents on the money line thus a half goal when using the flat money line is worth about 50 cents rather than 30 as when using the combination
money line.
To return to our discussion of the standard money line (or combination line) the possibility of a tie game becomes vitally important in determining who to wager on and where the value lies. If the player assumes the game will end in a tie 14% of the time then he cannot make a play on the Red Wings at -1/2, -140 unless he determines the Red Wings will win the game outright at least twice as often as they will lose. 
Assuming there will be 14% ties leaves 86% probability of the game being played to a decision with a 2-1 advantage for the
Red Wings working out to about 58% winners to 29% winners for the Rangers. Since the 14% ties will work to the advantage of the Rangers' backers the breakdown is 58-42 for Detroit or 58% winners. The break even point on the money line for 58% is
approximately -140 so the player would have some value in playing Detroit at -1/2, -140 if he had determined that they were twice as likely to win the game outright as the Rangers.
On the other hand, a player wagering on the Rangers at +1/2, +120 would need them to win outright only 32% of the time at +1/2, +120 to show a profit since the 14% ties make the Rangers a winner and the break-even point for +120 is 45.45%. 
In actual wagering the money line can be adjusted up or down in response to wagering action or in an attempt to stimulate
wagering action. While with the puck line it is a relatively rare occurrence for the line to move from one increment to next (e.g. in our New York-Detroit example to have enough money come in on
Detroit to move the puck line to Detroit 1-1 1/2 or enough money show on the Rangers to cause the line to fall to Detroit ev-1/2) with the split or money line it is a very common occurrence for
the oddsmaker or sportsbook manager to adjust the money line odds on a game (while leaving the 1/2 goal spread alone).
The sportsbook can and does change the money line odds in order to attract action on one side of a contest while discouraging action on the other side. This can even be done before betting opens if a house knows its clientele and
anticipates action coming in on one side of a game: the house will then shade the line toward that side of the game to force the bettors to pay a premium for taking the side they wanted all
along. It is important then to know value as a point is quickly where the value in betting the "correct" side is no longer there
and soon afterwards another point is reached at which there is value in taking the "incorrect" (or unpopular) side.
In actual wagering the money line can be adjusted up or down in response to wagering action or in an attempt to stimulate wagering action. While with the puck line it is a relatively rare occurrence for the line to move from one increment to next (e.g. in our New York-Detroit example to have enough money come in on Detroit to move the puck line to Detroit 1-1 1/2 or enough money show on the Rangers to cause the line to fall to Detroit ev-1/2) with the split or money line it is a very common occurrence for the oddsmaker or sportsbook manager to adjust the money line odds on a game (while leaving the 1/2 goal spread alone).
The sportsbook can and does change the money line odds in order to attract action on one side of a contest while discouraging action on the other side. This can even be done before betting opens if a house knows its clientele and anticipates action coming in on one side of a game: the house will then shade the line toward that side of the game to force the bettors to pay a premium for taking the side they wanted all along. It is important then to know value as a point is quickly where the value in betting the "correct" side is no longer there and soon afterwards another point is reached at which there is value in taking the "incorrect" (or unpopular) side.
Again, using our example above, at +120 Rangers' backers will receive 6 to 5 odds should their team win (or tie). That is, for every five dollars wagered on the Rangers the bettors will receive back eleven (five plus six). A $50 wager on the Rangers would pay $110 ($50 + $60) should the Rangers win or tie.
On the other hand, Detroit bettors are asked to lay 7 to 5 odds. For every five dollars the wagerer on Detroit wants to win he puts up seven and if they win he receives his original seven back plus five for a total of 12. If the Detroit backer wishes to win $50 on the Red Wings he puts up $70 and if they win he receives back his wager ($70) plus $50 for a total of $120. 
The money line can be and is adjusted up or down depending on the betting action generated at a particular price. If money comes in on Detroit at -1/2, -140 the sportsbook may and usually will move the line to Detroit -1/2, -145, New York +1/2, +125 in an attempt to discourage any further play on Detroit while encouraging play on New York.
For example, let us say our sportsbook has a $500 limit on sides on NHL hockey. What this means is that in most instances the sportsbook will limit the player to a $500 bet at a particular price (or a wager to win $500 on the favorite side) while reserving the right to move the price before the player bets again. There are times when the house will take more than its posted limit, either due to it needing money to balance its books, due to the bettor being a high-rolling regular patron of the hotel or due to the fact that the sportsbook manager has his own opinion of the line on a particular game and figures he is giving the player the worst of it already without moving the number.
To continue using our Detroit-New York, a player making a limit wager on Detroit would wager $700 to win $500. In most instances, after a limit size wager the house would adjust the price on the game to Detroit -1/2, -145, New York +1/2, +125. Detroit backers can still lay a half goal on the game but will have to pay 7 1/4-to-5 in order to do so. The house has made it more expensive to play Detroit and will all know that regardless of the endeavor when costs go up profits go down.
On the other hand, anyone wishing to play New York will now find the Rangers to be less expensive than they were prior to the line move. Anyone playing New York still gets a half goal added to his final score and still must put up X amount of dollars but fopr every dollar he puts up he now potentially receives back 6 1/4-to-5 rather than 6-to-5. The cost per dollar of potentially return is now less which means the Rangers are less expensive to play.
Theoretically, manipulations of the money line by the house will equalize the betting action and put the house less at risk. In a perfect world, a player would step up and place a limit wager on the Rangers as soon as the price moved so that the house would have perfectly balanced action. The house would then have taken in $700 on Detroit and $500 on New York. If Detroit wins the house breaks even (it pays off the Detroit winner with the money wagered on the Rangers). If the Rangers win the house makes a profit of $75 (it pays off the winning New York wager with the money wagered on Detroit and still has $75 left over).
Different sportsbooks have different betting limits depending on their size and management policy. For a number of reasons sportsbooks in general have lower limits on hockey than they do on other major betting sports (baseball, basketball, football). First of all, they are less sure of the lines they post and the information they have on hockey than on other sports. Secondly, they can depend on public, emotional or uninformed money being wagered as much or as often on the NHL as on other sports. And last, after a line move they can not be as certain that they will get competing or "wise guy" action on the other side at the new price in order to balance their books. After all it may very well have been wise guy or informed money that moved the line in the first place.
As stated, a bet equal to the sportsbooks set limit on a side or proposition will usually result in a corresponding line move or line adjustment of one increment. If we assume that a sportsbook has a betting limit of $500 on hockey sides (a "nickel" in wiseguy terminology) then a player can wager $500 on the underdog side or "to win $500" on the favorite side. If the player makes a limit play on Detroit in our example he would play $700 to win $500. The house would then most likely move its line to Detroit -1/2, -145 and the player would then be free to play Detroit again if he wished. This time, however, he would have to put up $725 if he wished to make another limit wager to win $500.
What this does to our player and other players wishing to bet Detroit is not only increase the price but also increase the percentage of winners needed to break even over the long run. that in turn decreases the chances of our player or players coming out ahead over the same long run. If we refer to our chart on page --- we see that that when laying 7-to-5 (-140) a player needs 58.33% winners just to break even. When the price increases to -145 (7 1/4-to-5 or 29-to-20) a player needs 59.18% winners to break even, an increase of .85% or in reality 1.46% more winners just to break even than the player needed when laying 7-to-5 (-140).
On the other hand, a player could come in and bet the limit ($500) on the New York Rangers at +1/2, +120. In response, the sportsbook would then lower the payoff on the Rangers and the price on Detroit by changing the price to Rangers +1/2, +115, Detroit -1/2, -135. This would make it less expensive to play Detroit (the player would have to lay 6 3/4-to-5 or 27-to-20 instead of the original 7-to-5) while Rangers' backers would receive a lesser payout of 5 3/4-to-5 or 23-to-20 rather than the original 6-to-5. 
Again, the change in price not only changes the payoffs but also changes the percentage of winners needed to break even over the long run. Referring to our chart on page 207 we see that with a payoff of 6-to-5 (+120) a bettor needs 45.45% winners to break even over the long run (and, of course, he needs a higher percentage of winners to show a profit). When the potential payout is lowered to 5 3/4-to-5 (23-to-20 or +115) the percentage of winners needed to break even rises to 46.51%. That is an increase of 1.06% or 2.33% more winners needed to break even than at +120.
The lower the odds the more radical the change or percentage of change from one increment to the next. If the line is -180 (laying 9-to-5) then a change to -185 (9 1/4-to-5 or 37-to-20) changes the percentage of winners needed to break even from 64.29% to 64.91% a change of only .62% or .96% more winners needed to break even. Likewise the change on the underdog side is not as radical. It only stands to reason that the higher the odds are to begin with the less difference a change of five cents on the line will make.
The astute handicapper will shop for the best possible price whether the odds be high or low. He knows that consistently getting an extra one or two per cent edge over the long run can make the difference between a winning and a losing season.
There are players who deliberately wait for an opening line to move and then play against the move knowing that they are automatically getting the best of it. This is especially effective with underdogs in the lower price ranges. An extra five cents on the line when dealing with underdogs in the lower price ranges (Even to +125) cuts the percentage of winners needed to break even by one per cent or so. That can make a significant difference when dealing with a house edge in the neighborhood of 5-7%.
Conversely, it can also be hazardous to one's bankroll to lay an extra five cents on the money line with favorites in the lower price ranges (-110 to -130) because of the changes wrought in the percentage of winners needed to break even by such a change. If a line opens -115 and is bet up to -120 it may not seem like much of a change. But, at -120 1.1% more winners are needed to break even than at -115 or, in actuality, 1.8% more winners relative to the percentage needed at -115. Better then to either pass the game or look to make a play on the underdog.
The same rules apply if money comes in on the underdog side of the equation. If a favorite opened -1/2, -115 and money shows on the underdog so that the favorite drops to -1/2, -110 that makes for a significant difference. The player needs 52.38% winners to break even at -110 (a figure that should be familiar to all handicappers since it is the break even percentage when playing football or basketball and laying 11-to-10) compared to 53.45% winners at -115. It might be time to consider a play on the favorite side if your handicap shows there to be some value at that price.
Likewise, if an underdog opens at +1/2, +110 and drops to +1/2, +105 then the player has gone from needing 47.62% winners to break even to needing 48.78% winners to break even. On the surface that may seem like only 1.16% more winners but relative to the percentage needed at the opening price the player now needs 2.4% more winners. That shows how significant a five-cent price difference can be in the lower price ranges.
Line moves or price changes to the underdog side are a bit different than those to the favorite side. In many instances the line move can be correct or can be a tip-off as to the presence of smart or wise-guy action so the player shouldn't automatically pass the game because of a line move of five cents. The player needs to carefully handicap the game (and all games) to see whether there is still value in playing the underdog at the new price.
Most hockey line moves are significant because it is rare to see hockey money lines over -190 when a combination or Canadian line is used. In baseball wagering lines commonly rise to -200 or higher (such as when a strong team with a good pitcher playing at home meets a weak team with a suspect starter) but with regular season NHL hockey the oddsmaker always has the option of moving the line to the next one-goal increment.
That is, rather than a line of -1/2, -220 the oddsmaker will post a line of -1 1/2, -150 or so in hopes of stimulating action on both sides of the game. To determine the outcome for betting purposes 1 1/2 goals will be subtracted from the favorite team's final score at the conclusion of the game or 1 1/2 goals will be added to the underdog's final score. A 1 1/2 goal favorite must win by two goals or more in order to be a winning wager while those backing the underdog will win if their team wins outright, if it ties or if it loses by a one-goal margin.
When there are no ties, such as in the NHL Stanley Cup playoffs, then much higher money lines are seen. It is not uncommon in the playoffs to see lines of -200, -220, -240 or even higher since there are no ties and we are dealing with just the probability of one team defeating the other. For a more in-depth look at playoff lines see Chapter Eight: The Off-season and the Future Book.
Remember in all our discussions of line moves that the money line odds can be and are related to the puck line odds. When scoring in the NHL was at ordinary levels (seven goals per game) a goal was said to be worth 60-to-70 cents and a half goal 30-to-35 cents. A ten-cent move on the money line then was the equivalent of 1/6 of a goal. But during the 1997-98 season with scoring down to about five goals per game the value of the goal and the half goal rose to 90 cents to a dollar for a goal and 45-50 cents for a half goal. Each 10 cent line move was then worth only 1/10 of a goal rather than 1/6.
League scoring is something that will have to be watched in the coming years. If the league makes steps to increase scoring then each half goal (and each goal) will be worth less and each 10 cent line move will again be worth more.
Money odd lines often move or are adjusted when the house is using the combination or shaded line but puck lines are rarely changed. Thus if there is a money line move on the combination line it may be wise to look for value on the puck line.
For instance, should a game open 1/2-1 on the puck line and -1/2, -120 on the money line then those betting the underdog side will receive equal value (+1/2, Even) no matter which line they use (when using a 20-cent line). Should money show on the underdog side of the money line and drop the game to -1/2, -115 the player would be better off playing the underdog on the puck line (+1/2, Even) rather than on the money line (+1/2, -105).
Of course, from the beginning those who had handicapped the game and found an edge in playing the favorite side would have found more value with the money line (-1/2, -120) than on the puck line (-1, Even). The money line offers the opportunity for the player to give up one-half goal less at a cost of just 20 cents that is a good price for a half goal.
Likewise, if the game is 1/2, -140 on the money line the player inclined to wager on the favorite is likely to find more value on the puck line if he can find it (1/2-1) than playing the money line. True, laying one goal rather than one-half will result in a push rather than a win should his team win by one goal. However, that is preferable to an outright loss and the player will be better off in the long run if he sticks to the 30 cents per half goal rule.
The exception here might be if the player had handicapped the game on his own and had the favored side as a 1 1/2 goal favorite or -1/2, -160. Then there is value in playing either the puck line at -1 or the money line at -1/2, -140 due to the fact that the team really should be -1/2, -160. In this instance the player may opt for the money line depending on what he feels are the chances of his team winning by one goal.
With the underdog side there is often value to be found on the money or combination line rather than the puck line. If the puck line is is 1/2-1 and you like the underdog side than any money line price greater than -1/2, -120 will result in the money line having more value on the underdog side than the puck line. For instance, with our ongoing New York-Detroit example the puck line is Detroit 1/2-1 yet the money line is Detroit -1/2, -140. Rather than playing the Rangers on the puck line (+1/2, Even) playing them on the money line at +1/2, +120 earns the player an extra 20 cents per dollar wagered should the Rangers win. That is a significant difference.
Before leaving this part of the discussion of the most common hockey betting lines let's discuss what some unscrupulous players do to attempt to circumvent the house limits and beat the line moves.
Lets' say that the house limit on side wagers in hockey is $500. The house will move its line when it accepts a limit wager at a particular price. However, our player or consortium of players wants to get down more than the limit at a particular price rather than making a limit wager and then betting again after the price changes. 
The bettor can approach a window and make a smaller than limit bet and then attempt to return later to another window to make a limit bet. In that way he gets down two bets at the preferred price for a total of limit + X dollars. Or the bettor can have a confederate or beard approach another betting window simultaneously to make either another limit bet or a smaller than limit bet at the preferred price. 
In this way the bettors defeat the house limit by getting more action at a certain price than the house was willing to take. However, bettors who do this also attract the attention and/or ire of the sportsbook personnel and may find themselves banned ("86'd") from the sportsbook and/or casino or may find their action severely curtailed in the future. It is better to be above board and play by the house limits or ask if you desire more than the house limit on a particular game. It may be that the sportsbook manager and/or supervisor will grant your request or, if not, will begin to recognize you as a straight-forward player and will grant all or most of your requests in the future.
Bettors can also attempt to use phone accounts to circumvent house limits. That is why you will see signs posted in all race and sportsbooks in Nevada prohibited the use of cellular phones, beepers or other communication devices in the race and sportsbook. Bettors were using these devices not only to communicate with confederates in other sportsbooks to take advantage of line moves, middling opportunities and the like but also were trying to synchronize a bet on a phone account with a bet at the window in order to get double the house limit at a given price before the line could be moved.
With this ploy one bettor approaches the window to make a limit wager on a certain price. His partner, within sight of the betting window, waits until the player is at the window and then calls into his phone account to try to make the identical wager at the same price.
In this way two limit bets can be accepted by the house through two separate avenues and by the time the sportsbook manager or supervisor is made aware of it it could be too late. The house is again put more at risk (more in jeopardy) on a certain game at a certain price than it wanted to be. And the players again risk the ire of the sportsbook management and possible banishment or scaling back of betting activity. However, duplicity or conspiracy is much harder to prove when using phone accounts than the more obvious two-pronged attack at the front counter. Although using communication devices in the sportsbook area is banned other devices can still be used to communicate with a confederate stationed elsewhere from beepers to personal computers to old-fashioned hand signals.
Before leaving this detour down the avenue of unscrupulousness it must be mentioned that at times sportsbook employees are bribed to allow betting limits to be surpassed.
A player can offer a sportsbook supervisor a toke or a ticket of his own on the same team an an inducement to allow a larger than limit wager at a favorable price. Likewise, it's not unheard of for a sportsbook manager to use a beard to play at his own shop and give himself the most favorable prices. 
The combination, split, money or Canadian line under discussion uses what is called a 20-cent line. The difference between what you must lay with the favorite (in this case Detroit at -1/2, -140) and what you can take with the underdog (the New York Rangers +1/2, +120) is 20 cents. The house edge when using the 20-cent line is less than it is when using the puck line. That makes the 20-cent money line, as a general rule, a better deal for the player than the puck line.  However, there are instances when one side of a puck line proposition can offer better value than the corresponding side of the money line. Therefore the player should always shop lines and look for value using 30 cents per half goal as a rule of thumb. There are also occasional houses, off-shore books, man-to-man wagers between friends or illegal operations that offer straight money lines on regular season NHL games. Ordinarily the more outs and lines a player has to choose from the better it is. As long as the player sticks to the 30 cents per half goal rule of thumb there can be value found in straight money line offerings as well.
In one example from the 1997-98 NHL season the Philadelphia Flyers were playing in Ottawa against the Senators. On the puck line the Senators were ev-1/2, on the combination line the Flyers were +1/2, -145 and on the straight money line the Senators were -135. If you happened to like the Flyers the straight money line offered the best value: an extra 15 cents over the puck line. In both instances you would get your money back in the event of a tie but in the event of a Flyers victory you would earn an extra 15 cents on each dollar wagered. If you liked Ottawa, the combination line offered the best value, laying 1/2 goal and taking +125. In the event of a Senators victory the player would earn an extra 25 cents for each dollar wagered over what he would earn by taking the Senators on the puck line at -1/2, even. The straight money line (Senators -135) offered the player the chance to push in the event of a tie but at 35 cents for a half goal offers no real value. As with all wagers, there is only one side that has any value once the game is over. Talk about value can be expensive if not backed up with some handicapping expertise and the ability to land on the right side of the proposition often enough to turn a profit at whatever price is being offered. Philadelphia won this game 4-3 so in the final analysis there was value on the Philadelphia side with the most value on the straight money line at +115.
By and large, most shops do not offer the straight money line on regular season NHL games due not only to the occasional mismatches in the sport but also due to the large number of regular season ties in the NHL. However, there is always the possibility that the player might run into the straight money line in his travels so he should be aware of it and realize when and where extra value can be found in playing such a line.
In truth, shops that were so inclined could offer a form of index wagering on NHL games and put up three different lines on each game: a money line, a 1/2 goal combination line and a 1 1/2 goal combination line. To return to our New York-Detroit example with a 1/2 goal combination line of Detroit -1/2, -140 (New York +1/2, +120) the straight money line might be Detroit -175, New York +155 while the 1 1/2 goal combination line might be Detroit -1 1/2, +120, New York Rangers +1 1/2, -140. The player or players would then be free to search for value among the three lines or to play whichever line he thought prudent due to his handicap of how the game would be played and the probable margin of victory. Regardless of what line is used the difference between the lay and the take price is 20 cents; a 20-cent money line, a 20-cent 1/2 goal line, a 20-cent 1 1/2 goal line. The house edge when using the 20-cent line is in the neighborhood of 4.5%. The house edge with a 30-cent line (the difference between the take and lay prices being 30 cents) rises to approximately 6%. That makes a major difference and creates some major difficulties for the player.
In using our New York-Detroit example if the betting shop was using a 30-cent line the prices offered on the two teams would be 30 cents apart rather than 20. Detroit could still be -1/2, -140 but the Rangers would be just +1/2, +110. Or Detroit could be -1/2, -145 with the Rangers +1/2, +115. Or the Rangers could remain at +1/2, +120 with Detroit at -1/2, -150. No matter what, the 30-cent line adds up to a worse shake for the players on either one or both sides and a better shake for the house. Someone is either paying more to bet Detroit (and losing more in the event of a Detroit loss) or getting less in the event of a New York win or both. Any way you slice it it means a bigger advantage for the house and less money for the player. The house edge with a 30-cent line is, as stated, about 6% or about the same as when the house uses the puck or split line. Remember that in most instances the best line available for the player is the 20-cent money line found at most of Nevada's legal sportsbooks and many off-shore books as well. Occassional bargains can be found if the palyer is able to shop lines and has access to puck lines and/or straight money lines to compare to the standard 20-cent line. The 30-cent line is equivalent to the puck line in terms of the house edge (approximately 6%) that the player needs to overcome. In terms of house edge, no game is harder to beat than the various lottery games offered in Canada and some European countries....

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