Columnist Jeff Haney: The popularity of parlay cards and tips on when to hold them and when to run

Monday, Oct. 24, 2005 | 8:15 a.m.

The popularity of parlay cards among Las Vegas sports bettors continues to thrive.

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.

Even though parlay cards are rarely a smart play for bettors, as those numbers demonstrate, gamblers who still want to take a shot can help themselves by doing some pregame preparation.

Be aware of the inordinate amount of advertising hype that always surrounds parlay cards, for whatever reason. Casino marketing departments like to tout their parlay cards as "The Best in Town," or offering "The Highest Odds," claims that are only occasionally true.

That kind of bluster is easily dismissible, fortunately.

More unbecoming is the way odds are expressed on Las Vegas parlay cards. Every card in town uses the terminology "7 for 1," "10 for 1," and so on. It's important to be aware that "7 for 1" means "6 to 1" -- for every $1 wagered, winners receive $6 plus their original stake back.

The "for 1" terminology is misleading, demeaning to customers and rarely seen in the legitimate gambling business except on parlay cards. In a survey of last year's parlay cards in the Sun, we wrote that such language was reminiscent of carnival games and should be changed to the more common and straightforward "to 1." It hasn't been.

The most crucial part of bettors' pregame preparation is comparing the odds, or payout returns, of various parlay cards.

As in last year's survey, we found that payout schedules can vary tremendously from casino to casino, even on parlay cards that are otherwise virtually identical.

We examined the standard "half-point" parlay cards offered by every sports book in the city. "Half-point" means the point spread for each game listed on the card ends in "1/2," so there can be no ties.

Following are highlights, and lowlights, of this year's Las Vegas parlay cards.

-- If you bet exactly three teams on your parlay card, the best odds are at Jerry's Nugget and Poker Palace, which pay 6 to 1 for hitting three out of three games. Most other sports books pay 5 1/2-1 for three-teamers. If you see 5-1, run the other way.

-- If you're trying to go 4-for-4, don't settle for odds less than 12-1, which are available at 11 separate sports books.

-- The best odds on five-teamers are 25-1, available at Cal Neva (the Tuscany in Las Vegas), El Cortez, the Golden Nugget, the Plaza and the Stardust and its related Boyd Gaming Group properties.

-- The best odds on six-teamers are 51-1, available at Cal Neva, the Golden Nugget, the Plaza and the Stardust.

-- For seven-teamers, while odds of 99-1 are widely available, your best bet is the Plaza, which pays 109-1.

-- The Plaza also earns top honors for eight-teamers, paying 229-1. Odds of 199-1 for going 8-for-8 are widely available. Avoid the 159-1 for eight-teamers that some casinos try to get away with -- that equates to a difference of $700 in the payout for a $10 parlay card bettor who's lucky enough to connect on an eight-teamer.

-- The best odds on nine-teamers are also at the Plaza, which pays 439-1, beating runner-up Coast Casinos (424-1).

-- Most parlay cards max out at 10 teams, and the Plaza is No. 1 here as well, paying 899-1 for going 10-for-10. A couple of casinos offer a consolation prize for hitting nine of 10: Poker Palace pays 799-1 for a 10-teamer, and 4-1 for going nine-for-10. And Terrible's pays 749-1 for a 10-teamer, 19-1 for going nine-for-10.

So marketing bluster aside, which parlay card play really is the best in town? For our money, it's the eight-teamer at the Plaza paying 229-1. Sure, 8-for-8 won't hit very often, but those are strong odds and represent fair value for long-shot bettors.

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I will appear as a guest today on Larry Grossman's "You Can Bet On It," which airs 2-3 p.m. weekdays on KENO 1460-AM.

Jeff Haney can be reached at 259-4041 or haney@lasvegassun.com.

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BREAKING IT DOWN

Leroy's "Money Talks" football handicapping contest. This invitational features 16 handicappers who each put up $2,500 to compete in a single-elimination tournament. Leroy's adds another $10,000 to the prize pool for a total of $50,000. The winner collects $40,000, with $10,000 going to the runner-up. Each week, two contestants make seven selections against the point spread from the weekend's college and pro football games, working with a mythical bankroll to rank their picks. The top pick is worth $770 to win $700, the second pick $660 to win $600, down to the seventh pick, $110 to win $100. The contestant who ends up with a higher mythical bankroll advances to the next round.

The weekend's results:

Jeff Whitelaw, veteran Las Vegas sports bettor, 3-4, -$560: Baylor +14 (W $100); Rice +7 (L $220); Air Force PK (L $330); Indiana +16 1/2 (L $440); Rams -3 (W $500); Cards -3 1/2 (W $600); Giants -2 (L $770).

Bryan Leonard, Las Vegas sports handicapper, 3-4, +$490: Ball St. +7 (L $110); Toledo -29 (L $220); BYU +19 (L $330); E. Carolina +8 (W $400); Colts under 45 (L $550); E. Michigan +11 (W $600); TCU PK (W $700).

Leonard advances.

This week (8 p.m. Friday at the Riviera): Tony Salinas vs. Buzz Daly

The Stardust Invitational football handicapping contest

The Stardust invitational features 16 handicappers competing in a single-elimination tournament for a top prize of $10,000. Each week, two contestants make seven selections against the point spread from the weekend's college and pro football games. The contestant with the better record advances to the next round. A "best bet" is used for a tiebreaker.

This weekend's results:

Randall "the Handle" Murray, Toronto-based sports handicapper, 1-6: Oregon St. +9 1/2 (L); Navy-Rice under 56 (W); Eagles -3 1/2 (L); Browns -3 (L) ; Packers-Vikings over 44 (L); Bengals -1 1/2 (L); Ravens +1 (L, best bet).

Marc Lawrence, Florida-based handicapper, 3-4: Oregon St. +9 1/2 (L); Washington St. +12 1/2 (W); Auburn +6 (W); Texans +15 1/2 (L); Raiders -3 (W); Ravens +1 (L); Wyoming +3 (L, best bet).

Lawrence advances.

This week (9 p.m. Friday at the Stardust): Tim Trushel vs. Ken Weitzner