Parlay cards represent a form of sports betting akin to a lottery, where bettors aim to earn a significant return from a small investment. They are prevalent in both legal sportsbooks and among illegal bookmakers, with each offering varying payout rates.
The appeal of parlay cards lies in the potential for substantial winnings from a modest stake. However, the payouts from sportsbooks and illegal bookmakers often deviate from the true odds. For instance, the true odds for a three-team parlay stand at 7-to-1. In contrast, a legal sportsbook may offer a payout of 6-to-1, while an illegal bookmaker might provide a less generous 5-to-1 payout. (A comprehensive table of standard payouts and true odds is available at the conclusion of this article.)
One of the nuances of parlay betting involves the treatment of ties. At a legal sportsbook, if one of your selected teams ties against the point spread, it usually results in a reduction of teams on your parlay card. For instance, a tie in a six-team parlay at a sportsbook morphs your wager into a five-team parlay, with potential winnings adjusted accordingly, provided your other selections win.
However, illegal bookmakers are less lenient, counting ties as losses. They often manipulate the odds slightly in anticipation of ties, majorly positioning point spreads on key numbers like 3, 4, 6, 7, 10, 13, 14, 17, and 21. For example, if the official Las Vegas line favors a team by 16 points, an illegal bookmaker might set the point spread at 17, as historical data shows more games are decided by this margin than by 16 points.
Another tactic employed by some illegal bookmakers is the “for” versus “to” payout representation. A payout of 10-for-1 on a $10 parlay would yield $100, whereas a 10-to-1 payout would return $110. This subtle difference puts bettors at a further disadvantage, underscoring the importance of scrutinizing the fine print on a parlay card.
In conclusion, the discrepancy between the offered payouts and the true odds underscores why bettors should exercise caution with parlay cards. While straight bets have a house advantage of 4.55 percent, parlay cards escalate the house edge, starting at 14.2 percent and potentially soaring to an alarming 80 percent for a 10-team selection.
Parlay cards may offer an exhilarating, low-cost way to engage with the weekend’s sports action, but their poor wagering value proposition makes them a less attractive betting option.
Parlay Card Odds
| Illegal Bookmaker Payouts | |
| 3 Teams | 5-to-1 |
| 4 Teams | 10-to-1 |
| 5 Teams | 15-to-1 |
| 6 Teams | 25-to-1 |
| 7 Teams | 50-to-1 |
| 8 Teams | 100-to-1 |
| 9 Teams | 150-to-1 |
| 10 Teams | 200-to-1 |
| 9-of-10 Teams | 20-to-1 |
| Sportsbook Payouts | |
| 3 Teams | 6-to-1 |
| 4 Teams | 10-to-1 |
| 5 Teams | 20-to-1 |
| 6 Teams | 40-to-1 |
| 7 Teams | 75-to-1 |
| 8 Teams | 100-to-1 |
| 9 Teams | 150-to-1 |
| 10 Teams | 300-to-1 |
| 9-of-10 Teams | 25-to-1 |
| True Odds | |
| 3 Teams | 7-to-1 |
| 4 Teams | 15-to-1 |
| 5 Teams | 31-to-1 |
| 6 Teams | 63-to-1 |
| 7 Teams | 127-to-1 |
| 8 Teams | 255-to-1 |
| 9 Teams | 511-to-1 |
| 10 Teams | 1,023-to-1 |