I’m the Odds Coach. This is how to properly use a parlay calculator. Parlays are bets of two or more, combined together to try to place the odds a little more in the sports bettors favor. They’re particularly common when you’re facing strong favourites in a game and you’re looking to get the odds down to something that’s a little bit more acceptable.
You find two really strong favourites and get the odds combined and lowered to something that pays out a reasonable amount. i’m going to go through an example here of two bets but you can have as many bets as the sportsbook will allow combined together. Bear in mind, with a parlay you’re expecting that only one outcome, the winning of all of your games is going to pay you in return.
Let’s look at this example. This is some odds from Pinnacle on NBA games. We have the Nuggets and Raptors and the Kings and Hawks. As you can see from the odds on these games the Raptors and the Hawks, in their respective games are both really strong favourites. To win one hundred dollars on a Raptors game… you’re going to have to bet $313 at casino gambling games. Its pretty long odds and a pretty big risk for the sports bettor.
What we can do is combine these two really long odds into a parlay. When that happens that merges the odds into something that’s a little bit more acceptable: -133 is a little bit more acceptable. You still need to have both outcomes occur. To really evaluate what’s going on in this parlay you have to then calculate out the other side of the parlay. You can lose in a number of different ways, you can win by one combination: Raptors-Hawks. You can lose by Hawks-Nuggets, Kings-Raptors or Kings-Nuggets.
All three of those outcomes mean that you lose your bet. What we want to do is use some of the calculators on the site to calculate out the exact odds of those outcomes. This would be a nuggets Hawks parlay that’s going to give you +378. That’s a 20.92% implied probability.Here we have the outcome of the Raptors and the Kings giving us +369 that’s a 21.32% implied probability that outcome will occur. Finally we have the Nuggets and the King’s here +1185 giving us a 7.08% likelihood that that’s going to occur. When we add all those implied probabilities together we get 50.02% We’ve already calculated out -133 is an implied probability of 57.08%.
What that actually is telling us is the real useful information here. Since these two numbers add up to above hundred that means the sportsbooks edge on this particular bed is 7.10% That’s a really high sportsbook edge. Typically if you’re going to spread bet your edge is 2.44%-5% depending on the sports book that you’re dealing with.
Here we’re seeing a bet that actually is strongly in the sportsbooks favor. You have to pay close attention because a lot of sportsbooks will change the odds based on the fact that you are trying to compete a parlay.You have to keep an eye on that because, once again, that sportsbook edge can creep up on you and lower the value of your overall bet. Remember to come to the site use the calculators. Pump in all of your numbers for your parlays but also pump in all the eventualities on the other side of the bet so that you’re sure that you’re getting the best value in your parlay. It may be it’s a sign that you should stay away from that bet.