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  Sucker bet

Gambling Guide

Sucker bet

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A sucker bet is a bet based on something other than expected return including:
  • parlays: One bet ticket written with at least two wagers (all must win for the ticket to cash).
  • teaser: A sucker wager that allows bettors to add and subtract points from posted odds.
  • exotic: Any wager other than a straight bet or parlay (also referred to as a proposition or prop).

To calculate expected return, use the following formula: EXPECTED RETURN = POTENTIAL WINNING * PROBABILITY OF WINNING - POTENTIAL COST * PROBABILITY OF LOSING.

It is a bet where the odds of winning are significantly and clearly worse than the payout.

For example, the chances of correctly guessing the order of the final 3 cards of Faro is usually 1 in 4, yet the bet only pays 3:1. Taking insurance in Blackjack is also often considered a sucker bet.

Sucker bets are often created to offer higher payouts to offer the player a chance at "fast money" in exchange for a decreased chance of winning.

Sources

Home | Up | Betting exchanges | Bookmakers | Sports betting | Arbitrage betting | Bank job | Bar bet | Betting strategy | Calcutta | Daily double | Dutch book | Exacta | Fixed Odds Betting Terminals | Kelly gambling | Martingale | Nassau | Odds | Over-under | Parlay | Pick 6 | Proposition bet | Risk premium | SP bookmaking | Scientific wager | Simon-Ehrlich wager | Sucker bet | Superfecta

Gambling Guide, by MultiMedia

This guide is licensed under the GNU Free Documentation License. It uses material from the Wikipedia.

  
 


 
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