Ignore the two posters here that say its a losing bet, or only a 2% chance of winning. This type of betting is a books biggest fear.
Middeling, also known as Arbitrage betting is without question the most profitable form of sports betting there is. The problem with it is that most books don't allow it, or they will only allow it for recreational betters . If you are Arbitrage betting, the books will determine if you are a professional or a recreational. They will determine this not by your profit / lose, but by your discipline to making +EV bets. Once they spot that you are a professional, they will prevent you from doing it, conversely, they will continue to allow you to attempt middles if you are deemed recreational. Check the rules of your book. Its easiest to do it on betting exchanges as the 'house' has no interest in the outcome and some books do allow it freely like
pinnacle.
The rule of thumb for arbitrage betting is you make the bet at a 0% edge or better. This differs from normal bets where you need at least a 1% edge. Some even advocate a -1% edge is still worth attempting the middle.
A note here, the vast majority of Sports betters have the slightest idea as to how to calculate their edge making this a losing bet. But as I said before, if you're savvy, enough, you can find these bets daily and do very well.
The easiest way to go is to have accounts at multiple books, and preferably in different regions and exploit books with slow moving lines. This will also help disguise the fact that you are indeed arbitrage betting.
One example is if you live in Chicago, recreational betters will probably be more inclined to bet the Bulls and a local bookie may adjust the line accordingly as all his business is local. International books may be slow to move the line because its an American sport or post an unbiased line opening up an opportunity for you to exploit using the two books.
But this is a long term proposition, and takes copious amounts of time and effort to find these bets. But if successful, you can essentially enjoy risk free profit. This is what makes it attractive and feared at the same time.