There’s nothing more exciting than watching a sporting event that you have a wager on. Many players bet parlay bets and some bet straight off the board.
These bets are really like playing the lotto. The pay outs are not representative of the true odds of winning and there is no money if you miss just one. Here’s the true odds of parlay bets.
2 Team: 1 in 4
3 Team: 1 in 8
4 Team: 1 in 16
5 Team: 1 in 32
6 Team: 1 in 64
So on and so forth. The problem is the payout. Typically a three team parlay (even money sides), will pay 6 to 1, which costs you one odd possibility or 12.%. As you move up the ladder, this discrepancy grows. A six team parlay (even money teams), will usually pay 40 to 1, which is a loss of 24 odd possibilities or a 37.5% loss in value.
If you must bet parlays, the three-team parlay is the best. You have the lowest value loss and three teams is much easier to hit than four, five, six, etc. What about a two-team parlay? The value loss is about the same as a three-team parlay (or more in some casinos). Additionally, the number of teams is only two so you are better off betting both teams straight up.
When you bet on sports, the line you get probably moved some from the time the game was announced to the time you bet it (unless you bet it early). Paying attention to line moves is important. Think of it as shopping. If you are betting on the favorite, you want the line to go down. If you are betting on the dog, you want it to go up.
If are going to bet the favorite and notice that the line is ticking down (IE opened at 8 and is now 7.5), waiting might be the best option. It might be possible, depending on action, to get your favorite with less points given up. It’s also possible to wait too long and lose points. Sports Betting is an art form that goes beyond simply getting the play right. There are many games that become winners or losers based on when the person placed their bet.