A Sports Betting Controversy at ESPN BET: And How to Handle Parlays and Teasers
As a major sportsbook was exposed for questionable practices, we look at what happened and one way to avoid the same fate.
The house always wins. There’s a reason Vegas has all those big buildings and bright lights, and it’s not because we walk away winners. Gambling is a hobby, something to pass the time. You’re going to lose more than you win; accept that fact before we even start.
Now, with that said, some casinos and sportsbooks take more liberties than others. Those extra tilts toward the house usually go unnoticed, but one big advantage came to light in Week 12 when the newly rebranded ESPN BET cancelled out a parlay bet that most sportsbooks would have counted as a win.
Words to Know
Let’s start by defining a few terms; this won’t be a full breakdown, but I’ll give you a basic definition and provide links to learn more.
For those unfamiliar with the basics, you can learn more here. (And, please, before you bet, learn the basics; know what you’re doing as you’re throwing money around). These definitions are very basic, so click the links in each section to learn more in depth if you are unfamiliar.
Teaser Bet
Teasers are bets of multiple games in which the bettor “moves the line,” gaining points in favor of their bet. This one is easier with an example: in Week 13, Caesar’s favors Detroit (-4) over the Saints, Kansas City (-6) over the Packers, and Dallas (-9) over the Seahawks (as of November 30th).
A seven-point teaser allows you to bet Detroit (+3), Kansas City (+1), and Dallas (-2), each line moving seven points in favor of the bet.
Two things to note: first, the more points you move the line, the worse the return on your bet. Some books, like FanDuel, allow a wide spread of possible teaser numbers, but the odds vary just as much.
Second, every leg of your bet must win, or the entire bet loses. When there is a tie, or push, many books simply eliminate that leg and recalculate the rest of the bet. In other cases, like the ESPN BET incident mentioned above, the sportsbook will cancel the entire bet.
Parlay Bet
Parlays are multiple bets together, like teasers, but without any line or number moving. Instead, the return increases with each leg, and all legs must win, or the bet is a loser. Like teasers, pushes are handled differently depending on the sportsbook.
The Danger of Parlays
Parlays and teasers are less likely to succeed than a single bet. Even with increasing return in your favor based on the number of legs, the odds of winning drop faster than the return on the bet rises. (Again, the house always wins; they’ve got it figured out).
A simple mathematical look shows the negatives of a parlay. In a straight bet, there are two options (ignoring pushes): win or lose. One way to win, one way to lose. In a two-leg parlay, there is still one way to win: both bets win. There are two ways to lose, though, as either leg losing tanks the entire bet.
With every leg, more ways to lose are introduced to lose the bet. There is always only one way to win, but every leg gives you one more chance to lose. The drop in odds is fastest in the first few legs:
| Legs in Bet | Odds of Winning |
| 1 | 50% |
| 2 | 25% |
| 3 | 12.5% |
| 4 | 6.25% |
| 5 | 3.125% |
By the third leg, you’re already nearly 90% likely to lose. You would need to make nine times your money to make that bet worth it (+900), but a three-leg parlay with average returns (-110 across virtually all platforms) only pays +595, about six times your money.
It’s a losing proposition for the bettor every time. The best way to gamble is to make individual bets independent of each other.
When You Bet a Teaser
So, that was the boring math stuff (I was a math teacher for six years; it just happens when I write), but parlays and (particularly) teasers are fun, and you’re probably going to do one now and then, even knowing you shouldn’t. I still throw a few bucks on a teaser occasionally, as I lecture others.
When it comes to football, forget parlays altogether and only succumb to teasers. When moving the line, you want to focus on important numbers in football: 3, 6, 7, 10, and 14 are margins of victory in many games, and getting on the right side of those numbers is important.
If you want to put Team A (-3.5) and Team B (+4) in a seven-point teaser, the new lines are Team A (+3.5) and Team B (+11).
This makes sense with Team A because you have more than a field goal in your favor, meaning Team A losing by three (a very common margin) is still a win. It makes sense for Team B because we passed a “magic number” of 10; getting 11 extra points with Team B means they can lose by 10 (another common margin of victory) and still be a winner in your bet.
When making teaser bets, keep these key numbers in mind. It won’t matter quite as much if you ever get to margins in the 20s or higher, but 17, 21, 24, etc. are also numbers to pay attention to.
The ESPN BET Controversy
How many times have you read every line of an agreement online before clicking “Agree” to continue? Everyone reading this combined probably leaves us with less than 10.
With most sportsbooks, a three-leg parlay with all legs at -110 (the odds on many straight bets) wins at +595, meaning for every $100 dollars you bet, you win $595. If one leg pushes, it drops to a two-leg bet, and the winnings fall accordingly, to +264.
The win for the bettor in that case isn’t as high, but it’s still a win. In the ESPN BET event, the fine print stated that any leg pushing would cancel the entire bet. Also, if one of the other legs lost, the bet would be counted as a loss, and the push would mean nothing.
This is an example of the sportsbook taking a large liberty with their customers, and it’s the type of thing that goes unnoticed for years until a story like this appears online. It pays to read the rules of your bets and know if you are getting less benefit than with other books.
What Does it Mean?
Nothing. In the end, this will be forgotten in a few weeks, and plenty of people will continue using ESPN BET. Every sportsbook, casino, and bookie have their percentage factored in, and the house will always win over time (are you tired of hearing that yet?).
Parlays account for large portions of the profits sportsbooks make. This article from Covers contains a lot of great information about how much sportsbooks are making from parlays; to sum it up quickly, major books are making over 20% of their revenue from parlays, and the sportsbooks are trying to entice people to engage in them more.
Parlays are a losing proposition. The books want you to bet them, which means it is the opposite of what you should actually do. Stay away from parlays.
If you are going to get sucked into a teaser, pay attention to the lines. Don’t just add a random number of points to your teaser, as you may give away odds with useless extra points or not move the line far enough to get passed a key number.
Remember that you are betting to add enjoyment to your sports viewing experience. The odds are against you; only the best of the best make real money betting. Have fun with it, and if you ever feel like you may have a problem, reach out to one of the gambling addiction resources available online or in a town near you (1-800-GAMBLER).
