Hitting a 5 team parlay only gets you that? Why does anyone gamble?
Time for another gambling lesson from Kevin the Degenerate. There are two different types of parlays, fixed odds and true odds. Parlays with only point spreads and over/under totals at standard -110 odds are fixed odds parlays and pay out at the following odds: 2-team 13/5, 3-team 6/1, 4-team 10/1, 5-team 20/1, 6-team 40/1, 7-team 75/1, 8-team 150/1. So a 5-team fixed odds parlay at $20 would have paid me $400 in profit.
But, hockey bets don't use spreads, they use money lines, similar to baseball, so parlays using money lines pay off at true odds. And since I took five favorites, I had to lay some pretty big odds. For example, the Islanders were -315 last night at home against Ottawa. That means, betting the Islanders, I'd have had to lay $315 to make $100. If you factor that down to $20, the Islanders part of my parlay made me less than $7 profit.
The money-line parlay is actually extremely popular among the "public" (i.e. not smart or "sharp" bettors). People love to put up to eight big favorites together in one parlay. It won't pay a ton (like mine), but the thinking is they'll cash enough to make it profitable (note: they don't). During football season, it's common for one big upset to take out literally *thousands* of parlay cards/tickets. That Patriots/Dolphins game in Miami near the end of the season was a great example. I think every parlay card/ticket in the country had the Patriots. When the Dolphins scored on the final play, you could almost hear all those tickets getting torn up.
I still think the best gamblers in the world are guys who know the game inside and out and pounce on a "soft" number two or three times a week for big money. People who bet every game are always losers. People who bet every day are almost always losers. It's the guys who bet big 3-5 games a week who scare the sports books.
so where is the meetup for our keg?
Saturday at 6 p.m., we'll pre-game for the Preds game. BTW, I'm in Hershey, PA.
P.S. Anybody wants me back in Raleigh can help me get a job.