Why Parlays Are the Worst Sports Bet That Exists
February 22, 2021 Business
To begin with, My goal is to assume if you are making a sports guess or bets on a sports game what you are doing it somewhere legal (i. e. Nevada, or some other place that legally takes sports wagers). I know that is the only place I make any of my sports bets. If you are making sports bets illegally, I’d advise against it, and request that you follow the foundations. Enough said about that.
If you are like me, and revel in making the occasional sports guess (college basketball and college football are definitely the sports to bet on), then you know how hard it is to essentially win money. In some cases, it appears as though the people that set the sports lines can see into the future and know exactly how many points a team is going to win or lose by. It is uncanny how normally a 3 point favorite wins by 4 or seems to lose by 2 — absolutely uncanny. With that being said, however, I must guess that if they are not that good there wouldn’t be a market for sports bets — everyone would be winning and those taking the bets would be out of business.
If you are new to sports bets, one of the first things you will notice are all of the different types of table bets you can make. There are the two traditional table bets, called the “money line” and the “spread. inch The money line is a bet where you just choose a team to win. Based on the determined likelihood of that team to win, the odds are adjusted accordingly. For example, a team that is expected to win fairly easily may pay out at likelihood of 1/10, meaning you must pay $10 to win $1. This is maybe the easiest bet to win, although as you might expect, the payout isn’t very good (unless you pick the underdog to win, which in my example would have paid $10 for a $1 bet).
Bets contrary to the spread is among the most common form of sports bets. In this case, the odds makers attempt to determine a number of points that will make the game fair. This means that a very bad team will get a lot of points “given” to them to make the game more fair. What you are bets on is which team will “beat” the spread. Here’s an example: let’s say a good team is playing a bad team and the chances makers believe the good team is 15 points better than the bad team. They would set the spread at 15 points, meaning the good team must win by 16 or more points for you to win if you bet with them, or the losing team must lose by 14 points or less if you bet with them. If the good team wins by 15, it is a tie, and you’d get your money-back. slot 88
In reality, this makes bets on sports very hard from the get-go, since what the odds makers want to do is make every game a coin flip. Spinning program so well is, the purpose of the odds makers is to set the line in a way that each team has an equal chance of “winning” contrary to the spread. The reason for this is so hopefully equal money will be bet on both sides of the game, and the casino can make its money on the fee, or “vig, inch it charges for each losing bet (typically 10% of the bet). In a perfect world for the casinos they’d have exactly the same sum of money bet on both sides.
As you can imagine, however, the casinos actually don’t make very much money if all they are taking from sports bettors is the vig. So they really came up with a different type of bet called the “parlay. inch The parlay is a sports bet where you get to pick several teams to cover or win in one bet, where they all have to win. In return for all of the teams you pick having to win, you get much better winnings on your bet. For example, if you pick 5 teams in a parlay to cover, the payout is usually in your neighborhood of 25/1. This means if you bet $5 on a 5 team parlay, you win $125. Sounds great, right? The problem is, your likelihood of winning are 3. 125% versus. 50% for a straight up bet. Your payout for winning a five team parlay is no place near enough to replace with the risk of the parlay.
What this should be hinting is that to be a successful sports wagerer, whether in college sports or pro sports, it is much more beneficial to create a bunch of single table bets that pay out less than to create a bunch of parlay table bets that pay out much more but are much much harder to win. So, next time you are out in Sin city for the NCAA Men’s Basketball Contest (otherwise known as 03 Madness), the school Football Bowl Season, or any other time a great sporting event is on, be sure you stay away from the parlays if you genuinely wish to win money bets on sports. It will be the best decision you ever made.