Odds And Sods

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Odds & Sods – basic explanations of various wager types with examples to help you understand the process and payout structures.
The “Search Wager Type” in the drop down menu is listed alphabetically. Examples given here are purely fictional but the odds apply.

sports resource and room information Parlay

A parlay or accumulator is a single bet that links together two or more individual wagers and is dependent on all of those wagers winning together. The benefit of the parlay is that there are much higher payoffs than placing each individual bet separately since the difficulty of hitting it is much higher. If any of the bets in the parlay loses, the entire parlay loses. If any of the plays in the parlay pushes, the parlay reverts to a lower number of teams with the odds reducing accordingly.

Odds and payout
Parlay bets are paid out at odds higher than the typical single game bet, but still below the “true” odds. For instance, a common 2-team NFL parlay generally has a payout of 2.6:1 if both picks are correct. In reality, however, if one assumes that each single game bet is a coin flip and would be expected to pay out at 1:1, the true payout should instead be 3:1, a substantial difference.

 
Example 1
Alex places a three-team NFL parlay on the Packers, Bears and Bengals. If any one of those teams fail to cover the spread, Alex loses his parlay bet. But if all three teams beat the spread, Alex gets paid $600 for every $100 bet.

If Alex pushes on one of those picks, he then has a two-team parlay. If he pushes on two picks, he would then have a straight bet.

 
Example 2
Imagine a series of odds and results as shown below:

Home team Away team Home win Draw Away win Result (Result)
Manchester United Tottenham Hotspur      1.70  3.20      4.50    0-0 (draw)
Chelsea Manchester City      1.70  3.30      4.40    2-1 (home win)
Sheffield Wednesday Sheffield United      1.30  4.00      8.50    3-1 (home win)

 
Winning example
You wager $1,000 on Manchester United/Tottenham Hotspur to draw, Chelsea to win and Sheffield Wednesday to win.
You win $6,072 as you correctly predicted all three results.

The calculation is: $1,000 x 3.2 x 1.7 x 1.3 = $7,072, less the stake of $1,000.

Losing example
You wager $1,000 on Manchester United to win, Chelsea to win and Sheffield Wednesday to win.
You lose the wager as Manchester United did not win.


sports resource and room information Full Cover Bet

A full cover bet is any bet which consists of all available multiple bets over a given number of selections.

Examples of full cover bets:
Trixie – three selections
Yankee – four selections
Canadian or Super Yankee – five selections
Heinz – six selections

Examples of full cover bets with singles included:
Patent – three selections
Lucky 15 – four selections
Lucky 31 – five selections
Lucky 63 – six selections

The Lucky bets are so named because of the bookmaker’s practice of offering bonuses for one or more winning selections; most common of which is ‘double the odds’ for one winner. The offering of a percentage increase in winnings for the success of two or more selections in these Lucky bets is primarily to compensate for the compounding of the overround when two or more events with individual overrounds on their books are combined in doubles, trebles and accumulators.


sports resource and room information Each Way Bet

An each-way bet is a wager offered by bookmakers consisting of two separate bets; a win bet and a place bet. For the win part of the bet to give a return the selection must win or finish first in the event. For the place part of the bet to give a return the selection must either win or finish in one of the predetermined ‘places’ for the event. The odds paid on the place part of the bet are usually a fraction (commonly 1/2, 1/3, 1/4 or 1/5) of the win odds. Examples are domestic football knockout competitions (e.g. FA Cup) where the quoted place terms may be 1/2 the odds to place first or second and horse racing where the quoted place terms may be 1/5 the odds to place first, second or third.

Staking
Because an each-way wager comprises two bets, the total staked is twice the unit stake. For example, a £5 each-way single would cost £10, as indeed would a £5 each-way treble comprising as it does of a £5 win treble and a £5 place treble.

Settling the bets
Calculation of returns uses either decimal odds or (fractional odds + 1).

Example 1
£50 each-way on a football team ‘to win the cup’ at 9-2 and 1/3 the odds to place first or second would cost £100.

Returns for the win part of the bet would be £50 x 5.5 = £275
Returns for the place part of the bet would be £50 x 2.5 = £125
If the team ‘won the cup’ the total returns would be £275 + £125 = £400 and if the team was beaten in the final the returns would be £125.
If the team did not reach the final the wager would be lost.

Example 2
A £10 each-way single on a 10-1 selection in a horse race and paying 1/4 the odds to place first, second or third would cost £20.

Returns on the win part of the bet would be £10 x (10/1 + 1) = £110
Returns on the place part of the bet would be £10 x (10/4 + 1) = £35
Total returns would be £110 + £35 = £145 if the horse won the race, but just £35 if the horse only finished second or third.


sports resource and room information Progressive Parlay

A progressive parlay is a joint wager on multiple events, for example team sports or horse races. Generally a progressive parlay involves a joint wager on four to twelve separate events. Should all the selected bets win, the bettor receives a relatively large payout, because of the sizable odds against this happening. However, unlike a regular parley, if some of the individual bets lose, but most win, the bettor still wins, although with a much smaller payout. Several sites use a schedule where the bettor can lose one bet on a 4-6 event progressive parlay, can lose up to two bets on a 7-9 event progressive parlay, and up to three bets on a 10-12 event progressive parlay.

The term has also been used for a long series of wagers on roulette or other gambling games, where the bettor attempts to rely on a “stream of luck”.