It could work on soccer, if you bet on win and win only. Forget the draw.
By doing this you do take risk, but how often do we get the draw, especially with hot favourites.
For example; Australia and Argentina soccer game.
Australia to win =1.50 x 80= $120
Argentina to win= 6.00 x 20= $ 120.
If ? draw you would be $100 down.
My calculations are done with Arb calculator.
May be, just may be it is the way to go.