bad beats 2
Las Vegas - Parlays are what bookies LIVE FOR! There are a ton of newbies coming to the world of sports wagering every month, and for those just dipping their toes in the water, a quick word on parlays. DON'T!!!
Parlays are the BIGGEST money-makers for the bookies, and the more teams you parlay, the BETTER it is for the bookmakers.
As it turns out, sportsbooks have made a fortune off parlays for years. According to the Nevada Gaming Control Board revenue reports, sportsbooks in Nevada rake a nearly 30% hold (profit) on parlays most years.
My man, the Pharmacist, is a good friend here in Vegas, and a pretty astute handicapper, but sadly, he is ADDICTED to parlays. He routinely plays 6, 7 and 8 team parlays, and hits games at an 80% to 90% rate. Sounds great, but you can win 7 legs of an 8 leg parlay, lose one, and you're TOAST. Simple math. I tell him that if he wagers separately on eight games, throwing a Benjamin on each, and wins seven, he would come back to his wife with $590 bones. Put those same eight teams in a parlay, and he comes back home with a loaf of day old bread.
Every week, we would go over the weekend games on Thursday night, and he would circle like 8, 9 or 10. Every week, I told the Pharmacist about a truly SAD parlay bad beat, courtesy of Greg T. from New York. Check this out. Talk to us Greg.
"It was the 1980s. One of those little bet sheets. You know, 4 out of 4 pays 10/1 etc. As a lark, I went for 10 out of 10, which woulda paid 100/1. Turned the sheet into my man, Mr. Green, with a $20 bill. Woulda been $2000 if I hit. Big, BIG money back then. Even big money now. Had ZERO expectations. So, I have 9 out of 9 in the bank, heading into the Giants/Skins game. The NYG are 2-point favorites. They have 3-point lead with ONE minute to go after just scoring. They kick off to Washington. It's a FREAKIN' onside kick. NO. NO. NO. NO. NO. The Redskins cover the ball at midfield, kick the field goal, and we go to OT. Of course, Washington wins the game in OT, and I watch $2000 bucks go right down the drain. Why? Why? Why? Why? I think the Giants coach at the time was the guy before Bill Parcells (that woulda been Ray Perkins). He's STILL trying to explain why he went for an onside kick."
Musta told that story to him 40/50 times, but the Pharmacist always had a handful of $20 parlay tickets in his pocket. He actually hit an 8-teamer, ONCE, and NEVER bet a single game again. And he ALWAYS came home with a loaf of day old bread!!!
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