2 Part Series On Sports Betting: Parlay Bets

Sports Betting : The True Odds of Parlay Bets

by WiseBettor.com

If you like to place parlay bets, then this odds sheet will be of great service to you. Feel free to print it out and keep it by your computer—or you could just bookmark WiseBettor.com. The payouts on parlay bets are not the true odds of winning or losing. By looking at this chart, you will see just how much of a house advantage gets created as the number of teams on a parlay ticket increases.

Teams and Probability of Winning
*Example 3 Teams 1 in 8 means that your probability of winning a three team parlay is one in eight, because there are eight possible winning combinations and you are betting on one of those. In other words, you have a 12.5% probability of selecting the winning combination (1 divided by 8).

     Two Teams 1 in 4
     Three Teams 1 in 8
     Four Team 1 in 16
     Five Team 1 in 32
     Six Team 1 in 64
     Seven Team 1 in 128
     Eight Team 1 in 256
     Nine Team 1 in 512
     Ten Team 1 in 1024
     Twelve Team 1 in 4096
     Fifteen Team 1 in 32,768

     The next time you go to place a parlay bet, keep these true odds in mind to determine if the
     loss of value is worth it to you. As I will discuss in an article tomorrow, the three-team parlay is
     really your best option. While betting dogs on the money line can increase your payout, they
     typically lower your odds of winning and even with the increase in payout, the value is still
     lacking.

     http://www.wisebettor.com/sports-betting/sports-betting-the-true-odds-of-parlay-bets/

     Sports Betting : Football Parlay Bets

     by WiseBettor.com

     Each season a herd of sports bettors flock to sports books to bet on college and pro football.
     Casinos do their best to promote the playing of parlay cards—a money source for them. Many
     bettors, lured by the thought of winning many times their wager, buy into this marketing and
     begin to lose money. However, is there such a thing as a good parlay bet? Aside from difficulty,
     why are parlay bets a poor choice? Are you being tricked?

    One of the lures of parlay bets is the ability to wrap multiple sports plays into one bet and get
    larger payouts. Typically a sports book will pay 11 to 1 for a four-team parlay bet on football. To
    the average bettor, this seems great. Drop a 10 spot on the parlay and walk home, if you win,
    with $110 in winnings. If you must bet a parlay, the best one to play is the three-team parlay.
    Yes, a two-team parlay is easier to hit, but since it is only two teams—and the payout for the
    parlay is minimal—you should simply bet each game straight up.

    As you go up the ladder with parlays, not only does the probability of winning lessen, but the
    payout odds get worse too. Let’s look at three examples, a three-team parlay bet, a five-team
    parlay bet and an eight-team parlay bet.

    Three-Team Parlay: The payout is normally 6 to 1. There are eight possible winning
    combinations, so you lose one possible combination in the odds—12.5% loss in value.

    Five-Team Parlay: The payout is normally 20 to 1. There are 32 possible winning
    combinations, so you lose eleven possible combinations in the odds—35% loss in value.

    Eight-Team Parlay: The payout is normally 150 to 1. There are 256 possible winning
    combinations, so you lose 105 possible combinations in the odds—41% loss in value.

    As you can see, the value keeps decreasing with the more sports plays you add to your parlay.
    Would you place a bet for $100 if you had 255 ways to lose and the payout value is equivalent to
    $59? As the number of bets on your parlay increase, you are not just lowering your probability of
    winning; you are basically getting ripped off in the payout if you do win.

    Having looked at this, one can come to the logical conclusion that the three-team parlay is the
    best one to play. Even a blind sports bettor has a 12.5% chance to win and the payout almost
    equals the risk. The next time you go to play a parlay, think a little bit about the value of the
    bet instead of being awestruck by the payout.

    http://www.wisebettor.com/sports-betting/sports-betting-football-parlay-bets/

    Related Topics: Worlds Safest Craps System, Gambling
    Topic Tag: Gambling, Sports Betting, Sportsbook, NFL Football, NBA Betting