Jeff Haney warns against betting four-team parlays at some casinos

[clevfan]

September 11, 2006

Jeff Haney warns against betting four-team parlays at some casinos

LAS VEGAS SUN

The most commonplace bad bet made by gamblers in Las Vegas is a four-team sports parlay that pays off at odds of 10-1, or $10 for every $1 risked.

Considering the "true odds" of hitting a four-teamer check in at 15-1, the casino's edge on that wager comes out to a staggering 31.25 percent - dangerously close to simply gift-wrapping your money and giving it away.

Sure, you can find a few casino bets with larger house takeouts. Those generally involve either outlandish long shots, lottery-like jackpots or obscure and unpopular keno wagers.

Unfortunately, four-team sports parlays at 10-1 - especially football four-teamers - are neither unpopular nor obscure in Las Vegas.

As an advocate of doing all you can to negate the house's edge in gambling, whenever someone describes their latest four-team parlay ticket with a 10-1 payout, it pierces me to the heart.

It's been my experience that these bettors know a lot about sports, but lack gambling sense. I suppose it's the same mentality that compels people to play at blackjack tables that pay off naturals at odds of 6-5 rather than 3-2. They're so happy they were dealt a blackjack and got paid; they don't realize they're shorting themselves by failing to seek out better odds elsewhere.

Certainly I don't begrudge the bookmakers their pound of flesh. It would be absurd to expect payouts of 15-1 or 14-1 on four-teamers.

But odds as high as 13-1 can be found in Las Vegas, and enough major joints pay off four-teamers at 11-1 that even high-rollers can get down pretty much all they want at that price.

Not that devoting your gambling stake to playing four-team parlays at 11-1 is an optimal strategy, but it would be beneficial for my blood pressure if I knew fewer people were playing into those insulting 10-1 odds.

If you're a parlay player, go ahead and play those four-teamers. Root 'em home. Revel in winning, or add another bad beat story to your collection if they fall short. Whatever you do, demand odds better than 10-1.

The following rundown of odds applies to what are called "off the board" parlays - where you make your selections from games listed on the betting board - as opposed to parlay cards. It also applies to prices a bettor walking in off the street would find on a given day, not taking into account special promotions that casinos might occasionally offer.


Two-teamers: The industry standard for two-team parlays is 13-5, or 2.6-1 (win $2.60 for each $1 risked). The house edge works out to 10 percent, fine for this type of wager.

Jerry's Nugget in North Las Vegas offers 13 1/2-5, or 2.7-1, on two-teamers. This is a great price for recreational gamblers, but big bettors take note: Even I quickly run up against the house limits here, and I am not a high-roller. Your mileage may vary.


Three-teamers: The standard payout is 6-1, again perfectly acceptable.

Jerry's Nugget and the Plaza downtown pay 6 1/2-1, an excellent value for bettors.

As with all parlays, each pick must win for the ticket to cash. If one "pushes," or ties against the point spread, the parlay reverts to the next level (for example, a three-teamer becomes a two-teamer).


Four-teamers: Jerry's Nugget and the Plaza pay 13-1, followed closely by the Stratosphere/Arizona Charlie's properties and Poker Palace, each at 12-1.

Joints that offer 11-1 odds include the Hilton, the Palms, the Golden Nugget, Leroy's, the Rampart, all Station Casinos properties and Cal Neva affiliate books (Four Queens, Tuscany).

Those paying the dreaded 10-1 include Coast Casinos properties, El Cortez, the Mirage and related books, Caesars and its group, the Venetian, the Imperial Palace, the Aladdin, Terrible's, the New Frontier and the Wynn. To be fair, several of those hotels do offer outstanding buffets.


Five-teamers: Most books limit their off-the-board parlay action to five or six teams, with a few going as high as eight.

The odds on five-teamers bottom out at 20-1, with 22-1 readily available. Look for 26-1 (Plaza), 25-1 (Jerry's Nugget) or 24-1 (Stratosphere/Arizona Charlie's).


Six-teamers: Avoid 40-1 payouts in favor of 47-1 (Jerry's), 46-1 (Plaza), 45-1 (Stratosphere/Arizona Charlie's, Poker Palace) or 44-1 (Leroy's).


Seven-teamers: Several books offer these at 75-1, with 92-1 (Jerry's), 88-1 (Leroy's), 85-1 (Poker Palace) and 80-1 (Stations, Stratosphere/Arizona Charlie's) also out there.


Eight-teamers: Available at Jerry's (180-1); Leroy's (175-1); Stratosphere/Arizona Charlie's and Poker Palace (160-1); El Cortez and Stations (150-1); Caesars, Golden Nugget and the Hilton (140-1); and the Palms (125-1).

[ParanoidAndroid]

This article is great for locals that seek out value, but for the donkeys that come in from LA, they couldn't care less. Let's face it, if someone is playing 4-teamers, they probably couldn't even begin to tell you how to figure out the true odds on it, much less care if there's better value out there.

[hockeystl]

I go to Jerry's every trip. They almost always have some decent futures numbers up.

Agree with PA...the ploppies could care less...they're the same morons playing 6:5 BJ and Wheel of Fortune slots.