Parlay Betting

crackerjack · 08-22-06, 10:55 AM

I'd have to agree with this post. I remember not long ago a day in baseball where I had five two-team parlays and went 1-1 on all five. Had I just bet all 10 games separately, although I would have been risking more, I'd have come close to breaking even.

Dark Horse · 08-22-06, 12:56 PM

Read the book 'win more, lose less', available from gamblersbookstore.com. One of the best books on sports betting ever. There are many ways to parlay and round robin, and, depending on your winning percentage, many are more profitable than straight bets. People lose playing parlays because they don't know the science behind it. This book provides it.

bigboydan · 08-22-06, 12:57 PM

i know people here will say otherwise, but i agree JJ about the parlays being sucker bets.

Dark Horse · 08-22-06, 07:51 PM

I thought so as well. Until I read the book I mentioned, which is easily the best $25 I ever spent.

It's good to know your options in detail, instead of going for the good or bad, black or white approach.

clonecat · 08-22-06, 07:57 PM

I agree they are sucker bets, but for a person who gambles for entertainment, I will make a $20 six team parlay every week during football season. I enjoy parlays, but find teasers to be even more of a sucker bet.

justbet · 08-23-06, 02:20 PM

i think parlays are good if you have two bets inthe same game that are probably related. for example, you think the colts will cover the spread but thats only likely to happen if the over happens as well. in that case i say take the parlay, lessen your risk and win more when you are right.

tacomax · 08-23-06, 02:28 PM

Just wait until Ganchrow comes across this thread.

Viking · 08-23-06, 02:46 PM

I think parlays and round robins are a great way to make the most of your knowledge, and good lines.

Tricky thing is staying cool, it is tempting to add just one more team to boost your chance of winning the big money, but you should only add picks you like, and only if lines are great.

Parlaying vanilla lines will cost you in the long run, no question, but I truly believe that you get a lot out of investing time to find 4-6 great picks for a parlay.

Justin7 · 08-23-06, 04:55 PM

99% of Parlay players are losers. Unless you know the math behind it, and know precisely what your edge is.

The material in "Win More, Lose Less" by Peszynski has a great explanation of when you should use these. Another place to use parlays are when there is a correlation between the two bets... But this type of opportunity is so valuable, no one will tell you when they find them for fear of burning out the book offering them.

Ganchrow · 08-23-06, 07:31 PM

A while back I wrote a couple of primers on the mathematics of parlays:

Parlays
Correlated Parlays

crackerjack · 08-23-06, 08:52 PM

Originally posted by Justin7

Another place to use parlays are when there is a correlation between the two bets... But this type of opportunity is so valuable, no one will tell you when they find them for fear of burning out the book offering them.

You want to give us a hint?

pags11 · 08-24-06, 02:04 AM

have to also agree with JJ here regarding parlay wagering...

onlooker · 08-24-06, 02:09 AM

Im on the side of JJ here as well.

I just can bring myself to reduce my odds of winning a ticket. So I stay away from those parlays. Rather take my chances on sinlge bets.

jjgold · 08-24-06, 06:26 AM

An open parlay where the second team does not have to be filled right away is something I might consider this year.

You can bet The Giants in a two team open parlay and do not have to fill the second bet like for 2 weeks or so depending on the books. I think then you can pick a nice spot to win your parlay if the first game hits.

crackerjack · 08-24-06, 09:34 AM

Originally posted by jjgold

An open parlay where the second team does not have to be filled right away is something I might consider this year.

You can bet The Giants in a two team open parlay and do not have to fill the second bet like for 2 weeks or so depending on the books. I think then you can pick a nice spot to win your parlay if the first game hits.

Why would anyone do an open parlay? Why not just make a straight bet and then when you find a second one you like, make the same bet, plus your winnings from the first bet. There is no difference and your money isn't tied up...

jjgold · 08-24-06, 10:32 AM

crackerjack...good point when you think about it. I wonder why I am broke and your wearing a rolex.

I bet it is more money too if you just put all your money on the second game and you can find a good line.

crackerjack · 08-24-06, 10:43 AM

Don't worry jj, it's not a real Rolex...it's a knock off. Bought it in NYC from some guy off the street.

Dbldown11 · 08-24-06, 11:22 AM

Parlay betting in general is a losing proposition, but for entertainment purposes it's fun and exciting, especially when you get down to the last game or two. I got started in sports betting last football season just betting stupid parlays to make games i didnt care about more entertaining to watch. I would play $25 a week on a 12 team parlay (I know stupid). But I was usually pretty close, and like I said it was fun. then about halfway through the NFL season I actually hit a $28 12 team parlay on VIP sports paying out 2000 to 1. lets just say it was a very happy day for me. Now I do more straight bets to continue making money off of sports betting, but I do parlays as well just to keep it interesting. I actually missing 100K twice in four days during college basketball, one of them it came down to the last game of a 9 game parlay, and Louisville sucked it up in the second half against St. Johns and ended up blowing it for me. I still havnt forgiven those bastards.... But they are right in general if you're betting on parlays to win money it's not smart, for entertainment purposes if you're wagering small amounts they are fun.

Justin7 · 08-24-06, 03:21 PM

Originally posted by crackerjack

Why would anyone do an open parlay? Why not just make a straight bet and then when you find a second one you like, make the same bet, plus your winnings from the first bet. There is no difference and your money isn't tied up...

Professionals often do it to circumvent limits.

Imagine: I have a 4-team teaser where I've won the first 3 legs, risking $1k. On overnights, there is a game I like, but lower limits. By closing the parlay, I'm effectively risking over $6k.

Players often use parlays to circumvent limits... Again, look at overnight lines. You might have a $500 or $1k limit, but you can play as many parlays as you like. This isnt' too useful for recreational bettors, but deadly for pros (and will get you "disciplined" at some books).

Viking · 08-24-06, 03:56 PM

I think parlays and round robins are the ultimate test as to whether you are a sharp player or not.

Discipline is what it is all about, and cynical betting, if you go with your feelings you will be squashed.

Parlays are entertainment and hope for squares but big money for the math guys and sharps. You need to know when you see value and then parlay it, and if you are not sure the line is good enough you have to leave it eventhough it might be your favorit team. I know people that are way up on parlays, but you have to be sharp... razor sharp.

isetcap · 08-24-06, 04:50 PM

Dark Horse is correct.