Originally Posted by 190hp4banger
cool, got all that. I just wanted to ask here in case I had any questions on that stuff, and needed feedback, but it's simple enough. Like you said, parlays and teasers are the hard part to even understand
Somebody put that in different terms..lol.
Parlays are where you pick multiple wagers and all must hit to get paid.
For example, a two wager parlay may be....
Texas OU under 52.5
The only way you would get paid would be if the final combined score of the Texas/OU game is under 52.5 and Texas wins by more than 14 points. If either of the wagers is a push (tie, like Texas wins by exactly 14 points) the parlay is reduced by won. A 2 wager parlay becomes a straight bet, a 3 wager parlay becomes a 2 wager parlay, etc.
For example, over at Sportsbook.com, with 5% vig day...
If I pick Texas to cover the spread (must win by more than 2 tds) and the under of the over/under line of -52.5 and put $100 on this, it will payout 272.70 (plus the original bet).
A teaser allows you to improve the point spread or the over under but at reduced odds. Basically you are buying points. Given the above 2-team parlay example, if I put $100 on a 2 team 6pt teaser the bet would look like this:
Texas -8 (I improved from -14)
Texas OU over/under 58.5 (I improved from 52.5)
If I would have picked OU and the over the bet would add 6pts to OU's points and substract 6 points from the over under it would look like this:
OU +20 (I improved from +14)
Texas OU over/under 46.5 (I improved from 52.5)
Now... since the sportsbook was being generous and allowing me to readjust the lines the will reduce my payout. In this example, sportsbook.com, will pay me $90.90 on my $100 bet (plus my original bet back) if I win.
Parlays and teasers are fun but if you ask any serious sports gambler they will reiterate they are sucker bets. That is why sports books push them so much... they make a shitload of money from them.
Not saying you cannot make money on parlays and teasers but if you are a long term sports bettor it will even out quickly and you will be a net loser.
As with any gambling (from poker to sports) you are playing probabilities and that is why parlays are a sucker bet.
In simple math terms, regarding parlays...
The odds of winning 2 out of 2 bets (with a 50% picking ability) is 3 to 1 against. You get this figure from multiplying the chance of winning one game (1 of 2) by the chance of winning the second game (1 of 2) for a result of 1/4. One chance in four of winning 2 games, which is 3 to 1 against.
The odds are 3 to 1 against going two for two so the fair payout would be 3 to 1. You are getting 13 to 5 on a two team parlay. 3 to 1 is 15 to 5.
You are at a 10% disadvantage which is over twice the 4.5% disadvantage you face with betting one game at 11 to 10.
Just the name "teaser bet" should keep serious gamblers away from teasers.
I tend to concentrate in NFL games, there is just alot more available information out there. I'm somewhere around 55-56% on average over the years. I do play a 6 team parlay every week for $5. With 44-1 odds its fun on Sundays to watch the games and I usually hit one every two years or so which pays for the fun of playing the 6 team parlays.