Sports Betting : The True Odds of Parlay Bets

If you like to place parlay bets at a sportsbook, then this odds sheet will be of great service to you. Feel free to print it out and keep it by your computer—or you could just bookmark WiseBettor.com. The payouts on parlay bets are not the true odds of winning or losing. By looking at this chart, you will see just how much of a house advantage gets created as the number of teams on a parlay ticket increases. Anyone engaging in sports betting should know this information.

Teams and Probability of Winning
*Example 3 Teams 1 in 8 means that your probability of winning a three team parlay is one in eight, because there are eight possible winning combinations and you are betting on one of those. In other words, you have a 12.5% probability of selecting the winning combination (1 divided by 8).

Two Teams 1 in 4

Three Teams 1 in 8

Four Team 1 in 16

Five Team 1 in 32

Six Team 1 in 64

Seven Team 1 in 128

Eight Team 1 in 256

Nine Team 1 in 512

Ten Team 1 in 1024

Twelve Team 1 in 4096

Fifteen Team 1 in 32,768

The next time you go to place a parlay bet, dont’ focus solely on the betting lines. Keep these true odds in mind to determine if the loss of value is worth it to you. As I will discuss in an article tomorrow, the three-team parlay is really your best option. While betting dogs on the money line can increase your payout, they typically lower your odds of winning and even with the increase in payout, the value is still lacking.