Online Sports Bettors Lose More as Parlays Gain Popularity

[question everything]

Online sports betting has soared in popularity in the five years since a 2018 Supreme Court decision cleared the way for its legalization in the U.S. So far, more than two dozen states and the District of Columbia have embraced online sports betting and others are considering it. But there is a key question—familiar to investors in financial markets—that potential online bettors might want to consider: What are the average overall returns?

The answer, according to reports by gambling companies to their investors and state regulators, as well as interviews with industry experts, is that average overall returns for recreational gamblers are negative and getting worse. Simply put, the average Joe is winning less, while gambling companies are winning more.

Chalk it up to a change in the mix of online bets that gaming companies are promoting. At the core of the change are so-called parlay bets in which a gambler bets not just on the result of one game, but on several different games or on several variables within a single contest, and ties them together in a single bet.

This kind of wager, heavily promoted by U.S. online sports-betting market leader FanDuel, a division of British gaming company Flutter This kind of wager, heavily promoted by U.S. online sports-betting market leader FanDuel, a division of British gaming company Flutter Entertainment; green up pointing triangle, is similar to a trifecta in horse racing in which a single bet covers win, place and show in the correct order. Gamblers can win big on parlay bets, but they are long shots, giving betting sites room for a greater edge.; green up pointing triangle, is similar to a trifecta in horse racing in which a single bet covers win, place and show in the correct order. Gamblers can win big on parlay bets, but they are long shots, giving betting sites room for a greater edge.

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https://archive.is/Fg46Z

(I have no idea what it is about, but perhaps some here may find it of interest.)

[Bristlecone]

1. Based on the number of high $ actors in commercials in prime slots,

And the giant partnerships they have with every major and minor sports league, I think they are doing more than fine. In fact, I almost feel like this is a tease to get folks to bet MORE parlays.

[ret5hd]

4. I think you misunderstood the headline:

The betting companies are doing absolutely fine.

The gamblers are losing more.

[Bristlecone]

5. I absolutely did. TY

Parlays are a sucker’s bet.

[Drum]

2. Gosh, I'm shocked!

[Silent Type]

3. Played poker a lot in college, but quit when I lost on three hands

in a row that I honestly would have bet my house on because the odds were over 90% in my favor. Decided gambling was not for me, unless I was willing to end up on the streets.

Occasionally, I’ll buy a lottery ticket. Point is, I have little concern about gamblers who lose, although I support help for gamblers who seek it.