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Earlier this year, the State of Delaware passed a law allowing sports betting, however spearheaded by the NFL, the professional sports leagues and the NCAA sued challenging the legality of placing a wager on their games.
A federal court of appeals has since ruled against single-game wagering, saying that Delaware can only offer parlay betting. With parlay wagers, bettors must correctly pick at least three games against the point spread to win.
We now can see why, as they say, “the house always wins.”
As easy as it may sound, picking three games against the spread is extremely difficult. The odds are about 8-1, but the payout on a three team parlay is only about 6.5 to 1. On a four-team parlay, the odds are 16-1 and they pay 11-1; on a five-teamer, it’s 32-1 against you and it pays 20-1, and so on and son on.
Despite the long odds, Delaware reported that more than 14,500 wagers totaling $257,870 were made on NFL games during the first week of sports betting. Wagers can range from $2 to $100 per parlay card.
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