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When you raise the payout ratio of the same parlay to 2. The house edge of a Pick 4 parlay with a payout ratio of 10 is When you increase the number of wagers involved to an extreme, such as in a Pick 20 parlay, the payout ratio must be astronomical in order for the wager to be a good choice. In this example, a payout ratio of , would still yield a terrible house edge of The numbers involved with sports betting odds and probabilities can vary wildly depending on the type of wager you choose to use.
As mentioned previously, a straight bet is a wager on the ultimate outcome of a game. There are a few important numbers involved with straight bets. These are essentially corrections that will be made to the final score of the game, and these numbers are intended to even the odds in a lopsided match up.
These numbers, in the realm of sports betting odds and probabilities, are referred to as the points spread. Straight bets are sometimes called money line bets. Total bets are similar to straight bets, except that they are a wager on the combined final score of the game. For example, on a sportsbook website, you might see a total bet being offered for the Vikings — Lions game, with a 44 next to it. If you wager that the total score will exceed 44, the combined score must do so in order for you to win.
Teasers are another types of sports wager. The tradeoff is that the payout ratio is much lower. Teasers are often popular amongst casual bettors who like to rely on a small handicap while still wagering for real cash. Another wagering type popular among sportsbooks is a future.
A future is a wager on an event that will take place in the coming weeks or months. Typically, a future has a low probability of succeeding due to the number of options involved, though the payout ratio can be quite strong. As you dive deeper into sports betting odds and probabilities, you might find that the numbers become increasingly complicated.
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