Zorba said:
My confusion is that I don't know enough about betting on NFL and the parlays are a new bet to me, I know what they are just don't know enough to put cash on them.
[emoji106]
Yeah a "parlay" bet is the same thing as what we'd call a multi (betting on more than one thing to happen for your bet to win).
The thing that confused me about them at first is that I assumed you'd get "better" odds the more legs you add, because each leg makes it harder for the overall bet to win. But that's not actually the case.
All you actually get is the result of the bets, plus the profit from each one if it wins, being "reinvested" into the next bet. You don't get any extra on top of that.
Say you bet $5 on a three-leg multi, each leg with odds of 1.91.
$5 x 1.91 = $9.55
$9.55 x 1.91 = $18.24
$18.24 x 1.91 = $34.84
34.84 / 5 = 6.97... which is the exact odds you get if you go to any bookmaker website and plug in a three x 1.91 leg multi. I did it on William Hill just now, that's exactly what it gave me.
There
are some special types of multis that are exploitable, but we don't really have access to them in Australia, they're usually specific to American bookmakers. The most famous one is the "Wong teaser", it's specific to NFL so if you're not really up with the sport it's difficult to explain but I'll give it a crack if you're interested. Pretty much a moot point anyway though since it's not a bet you or I really have access too (I think Bet365 offers them here, but I haven't checked to see if the prices still stack up to make Wong work).