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Parlay Betting: How to Bet Parlays on Your Favorite Sports. By Kurt Boyer. Sports betting odds are designed to match payoff to the chances of an outcome. If you choose to wager on Cal to beat Stanford in football, great, but it won't result in a 5-to-1 or 10-to-1 windfall unless the Bears are having a bad year, in which case Cal's chances to win won’t be promising.

Payoff is calculated differently for the betting odds in the favorite’s and underdog’s markets, but always centered around the value of $100. For instance, (-200) Stanley Cup® Final odds mean that for every $200 wagered on a team, the house will pay out $100 if that team wins. (-500) odds stand for $100 payoff on every $500 wagered at …

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