Gambling Odds, Parlay Bet

Factual Questions
1

Its football season, and I have gambling question on calculating a parlay bet. Except it has nothing to do with football.

This week, Michelle Wie is leading the LPGA tournament going into the final round and a English bookie has put the odds of her winning at 4/7.

Charlie Wi is Tied for 2nd place in the PGA Tournament, going into the final round and the same English bookie has put the odds of him winning at 10/1.

If a little piggie wanted to make a parlay bet on Wie/Wi bet on his way home, what would be fair odds on a Wie/Wi daily double?

2

I may have figured something out, to get a close approximation.

Lets the little piggy has $70 and he makes a wager on Michelle Wie at 4/7. She wins. He wins $40 and he gets original $70 back for a total of $110

now the little piggy lets the $110 ride on Charlie Wi, at 10/1. He wins $1100 plus $110 back. The little piggy pockets $1210 on a original wager of $70.

A net gain of $1140 ($1210 in pocket, minus $70 original bet)

1140/70 or about 16/1.

3

Nope, that’s how you do it, at least according to these two calculators I used: Parley Calculator and Odds/Money Line Converter

Of course, this calculation doesn’t take into account any vig not in the original wager odds for the privilege of parleying these two bets.

4

“Nope, that’s how you do it” Now, I am really confused.

Yes, I didn’t account for any “vig” but I think there is a substantial “Vig” is built into golfing odds.

In the field #1 of the first link, I put in -175 and field 2 I put in +1000 and it gave me odd of 16.28/1. Exactly what i calculated.

5

Sorry for the confusion; I meant the ‘nope’ to negate your statement that your method was an approximation; it’s not an approximation, that is the way you are supposed to perform the calculation.

And the parley vig comment was based on my very limited experience trying to get a parley bet down. While the parley equation will give you the correct odds for A AND B occurring , the parley bet on the book’s board for “A and B occurring” will often give much poorer odds, particularly for games happening near simultaneously. So, instead of 16.28 to 1, the money line for the parley bet will be something like 13 to 1. At least that’s what I noticed the one time I went to the Mirage to watch sports.

6

In the example, the two events one is betting on are (presumably) independent. Independence is not the case with some bets, e.g. beat-spread and over-under bets on the same basketball game. (One team might outperform in high-scoring games, underperform in low-scoring games.)

A friend of mine was a very successful basketball bettor. He used to get bookies to combine beat-spread and over-under bets into 3-1 parlays for him!