Re: Horrible line at BetJam
You can look at this from a "true value" perspective (is it actually worth it percentage wise?) or a "comparative value" perspective (if you like Syracuse, is it better than parlaying them in the next two games).
Someone correct me when I'm inevitably wrong in my math... Using Pinnacle odds to go off of:
From a "comparitive value perspective", the odds on Syracuse to beat Oklahoma are +102. The odds on Syracuse to beat UNC would be around +320 I believe.
So, $100 on +102, then combine that and put it on +320 would net you $646.40, or +646... So +700 would be better value.
But, in the case Gonzaga knocks off UNC, you're holding something much more valuable... Cuse would probably be -130 or so against the Zags? So $100 on +102, then combine that and put it on -130 would net you a measly $155 -- which +700 would be MUCH better than.
I'm not smart enough to somehow combine the two and their percentage chances, but "worst" case you are about 70cents on the value side, "best" case you are probably upwards of 300cents on the value side.
So if you like Syracuse to win, its a smarter move to take 'Cuse +700 then to parlay.
But from an ACTUAL value standpoint:
Gonzaga/UNC is +360/-420... So a 60 cent hold. No hold would be "true value", which would be Gonzaga +390 as "true value". Converting Gonzaga +390 to a percentage chance (1 / 1+3.9) gives them a 20.4% "true" chance of beating UNC.
Syracuse is +102/112.. So a 14 cent hold. No hold would be "true value", which would be Syracuse +107. Converting to percentage chance gives Syracuse a 48.3% "true" chance of beating OU.
So, knowing those two outcomes gives us:
A 38.4% chance of UNC *playing* Syracuse
A 10.5% chance of Gonzaga *playing* Syracuse
I would estimate Syracuse would be +320 actual odds to beat UNC... So converting to true odds would make them +345, which would convert to a 22.4% chance. Gonzaga I'd put them as around a 53.5% "true" chance.
So my calculations show the "true" odds on Syracuse beating both OU and UNC (which is the scenario that would produce the highest payout) is around 8.6%.
Converting 8.6% chance to "true" odds puts it at around +1060. You'd obviously never find that, but it does show that what you are betting into and the actual chance of it happening when you take out the sportsbook's hold are worlds apart.
Now, someone rip apart my math please, I'm trying to learn some things.