Are parlays sucker bets? It’s a fair question. So many people look down upon parlay bettors, thinking that people who play parlays are suckers. “A 3-teamer at 5/1 or 6/1? Don’t you KNOW the right price is 7/1? Why would you let yourself be ripped off?” We’ve all heard that, right?

AND? The answer is inside that statement: it’s odds-dependent. If you are literally (or figuratively) flipping three coins in the air and betting they all turn up “heads”, sure: you need 7/1 to break even. Getting anything less is getting shortchanged.

But what if they’re not coin flips? Exactly. This is more interesting. Sports betting is not craps with fair dice, nor roulette with a balanced wheel, nor continuous-shuffle blackjack. You might only get 6/1 for your three teamer, but in some cases that’s enough. It might be more than enough. Leverage.

It’s about leverage? Suppose you have three single plays where you’re convinced you have the best of it. Let’s say you’re laying -110 on each, but you think it should be -150 or more. By all means, play them singly, but if your bankroll is big enough, you should also play them as a parlay. If your bankroll isn’t big enough to comfortably squeeze in a parlay, your unit size is what’s too big.

Let’s say those outcomes are really -150 in our favor. How does 6/1 help? Well, a true -150 shot hits 60% of the time. Multiply 0.6 times 0.6 times 0.6 and you get 0.216. Your parlay’s coming in 21.6% of the time. Getting paid at 6/1 means you need to hit one parlay in seven to hit to break even (six times you’ll lose your unit; one time you’ll win six units). That’s about a 14.3% strike rate to get even. You’re hitting at 21.6%; that’s a huge edge.

At 21.6%, most times, we lose, edge or not. Sure. We lose more bets than we win, but over time, I’d rather win money than win bets.

I get it. Are there any other advantages to placing parlays in those rare cases when you are convinced you have the edge? Your bookie might think you’re a square. Your friends might think you’re a square. In our game, looking like a sucker sometimes has its advantages.

Ok, sharp guy. I know you’re going to try to sell me something. Why not, indeed. Take a look at the NFL Teaser play I’m hawking this week. It falls into the same category. A teaser is just a parlay with a point spread adjustment. I think my edge on each teaser leg overcomes laying the -120. I’m in it for the long haul—many teasers over many seasons. But if you buy this teaser and it doesn’t come in, you don’t pay. Sounds good to me.

Best of luck on all your bets this weekend.