Betting on sports can be far more remunerative for the player than most casino games. A simple look at the numbers proves it. Nevada casinos hold about 5% of sports bets, while they keep over 12% on virtually every casino game.
I’m going from memory here, so the math might be a little off, but the breakeven point for sports betting is a little over 52%. If you bet ten games and win six, you are a net winner. This isn’t easy, but it’s certainly possible.
Many players, though, want more of a thrill–why settle for a decent chance for an almost-even money payoff when you can risk a little to win a lot? Unfortunately, the odds are usually against them. From the LV Sun:
In the most recent 12-month period that included last year’s football season, gamblers in Nevada wagered about $60 million on parlay cards — those brightly colored betting tickets that casinos place not only in sports books but also in hotel lobbies and guest rooms. (Parlay cards require bettors to choose multiple games, usually three to 10, against the point spread. Every pick must be correct or the bet loses. The appeal of parlay cards is the opportunity to risk a small amount of money for a potentially big payoff.)
The casinos kept a large chunk of that money — more than $21 million, or 35 percent of the total amount wagered, according to the state Gaming Control Board.
By contrast, excluding parlay card wagering, casinos kept only about 5 1/2 percent of the money bet on football games, about 6 1/2 percent of the money bet on basketball and a little under 5 percent of the money bet on baseball.
No wonder they keep guest rooms stocked with parlay cards.
The popularity of parlay cards and tips on when to hold them and when to run
Basically, the payoff falls far short of the true odds, which is where the casinos make their money. But no matter how often people are told that parlay cards are a bad bet, they continue to lay money on them. It makes you wonder.