New Jersey, which has taken over as the top state for sports betting, has earned $608 million in sports betting through October this year.
More than half of that profit came from Parley.
The New Jersey Department of Gaming Enforcement released October figures on Wednesday. Aside from the sheer volume of sports betting in the state, the most surprising figure was how much of the house’s profits were made from parleys. By October he was on $335.2 million.
This means parlays account for approximately 55.1% of statewide sports betting profits. Think about that before you play that five-team in hopes of scoring big.
Parlays make the biggest profit
Betting on parlays shows how difficult it is to hit them. You achieve one of his and keep chasing the victory you told all your friends about. That’s the charm.
That is also why sportsbooks are so profitable. Here’s a breakdown of New Jersey’s year-to-date profits by state numbers through October:
House always wins. Just win the parlay with faster speed.
Below are New Jersey win percentages for each category of bets through October. This is based on the total number of handles each sportsbook has.
Parlays make up a lot of sports betting
New Jersey does a lot of business in sports betting. This year’s sports betting handles for completed events are nearly $8.4 billion. His October profits from casinos, racetracks and sports betting partners were his $84.2 million, according to the New Jersey Division of Gaming Enforcement.
Parley is the biggest part of it. A parlay is a combination of games in which the odds increase with each game. A 3-team parlay usually pays him 6 to 1 if he wins, but the bettor has to win all 3 games. For him to be 2-1 in those three games is just a loss for bettors. We’ve heard stories of 12-team parlays hitting odds of over 300-to-1, turning small bets into small fortunes, but it’s hard. But the payoff is tempting. That’s why people play the lottery.
Casual bettors always lean towards parlays. Remember that the sportsbook will gladly accept his bets on these parlays.