But here is what I don't get. The true vig adjusted -110 odds give you 5.96 to 1 on a three teamer. So you are actually getting less than -110 vig.
The house edge on a straight wager at -110 is 5%. The house edge on a 3-team parlay at 6-1 is 12.5%. So how does the house edge go up while the vig goes down?
The house edge on a straight wager at -110 is 5%. The house edge on a 3-team parlay at 6-1 is 12.5%. So how does the house edge go up while the vig goes down?
Cuz there are tons of people out there that say "baseball parlays are not a ripoff, because you are getting true odds."
They don't realize that with a three-teamer, you are always getting better than true odds, if you account for the -110 vig on each leg.
They don't realize that with a three-teamer, you are always getting better than true odds, if you account for the -110 vig on each leg.
It would rarely be a correlated parlay ( maybe on the last Sunday of NFL reg season), but it is simply the expected vig of 3 straight bets in succession.
It is also a great use of freeplays.
It is also attractive if you have a book that pays +650 on it, some even used to pay the full +700 on it.
It is also a great use of freeplays.
It is also attractive if you have a book that pays +650 on it, some even used to pay the full +700 on it.
I'm just kind of having a brain freeze. I understand the math, but just wondering how the house edge can go up while the vig goes down. I guess the answer is that a winning bet pays the vig 3 times, so the net vig is a lot higher than -110.
A normal bet of 110 to win 100: both sides
House in= 220
House out= 210
they win 10 of the 220 handled or 4.54 % of the money
A 3 teamer all ways
800 in
700 out
house holds 12.5%, but the money was bet 3 times, as the winning parlay automatically rebet the money at -110.
House in= 220
House out= 210
they win 10 of the 220 handled or 4.54 % of the money
A 3 teamer all ways
800 in
700 out
house holds 12.5%, but the money was bet 3 times, as the winning parlay automatically rebet the money at -110.
You're right. 4.54%, not 5. 12.5% on a three-teamer. Just like a hardway.....definitely a sucker bet.
But the same applies at baseball, too. Even if you're betting +140, +130, and +160, each of those lines have vig, and if you win, you're paying the vig 3 times......net effect is that you're paying a helluva lot more vig on any parlay than you are on a straight wager. But people just look at the payout and think "I'm getting true odds, so it's a good deal." Not a good deal.
One Reply notes that there are actually eight possible outcomes of a 3Teamer, so getting back only 6x1 is a rip.
But Doug also correctly notes that if you make a single play at 11/10 and roll it over twice into subsequent 11/10 wagers, you'll come out at about 6.1
11>21>40.10>76.60
minus your original 11 and you're at 66.60
