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Multiway Markets And Parlays

by Ed Miller |  Published: Mar 13, 2019


All the markets I’ve discussed so far have been simple two-way markets. Bet on this team or that team. Bet over or under. Sportsbooks also offer multiway markets. Be careful with multiway markets. In theory nothing is special about a multiway market. There’s nothing fundamentally different about betting on one of three outcomes or one of five outcomes or one of 100 outcomes versus one of two outcomes. In practice, sportsbooks use multiway markets to hide very high hold percentages. My last article notwithstanding, it’s not too hard to look at a two-way market and eyeball the hold. If it’s -125/+105, it’s a “standard” hold (in the 4-something percent range). If you see -120/-105 then it’s a little higher (5-something percent). If it’s -120/-110 it’s higher still (6-something percent). In two seconds, try to estimate the hold on this five-way market: +140 / +245 / +375 / +725 / +1325 ...

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