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Parlay Betting: How to Bet Parlays on Your Favorite Sports. By Kurt Boyer. Sports betting odds are designed to match payoff to the chances of an outcome. If you choose to wager on Cal to beat Stanford in football, great, but it won't result in a 5-to-1 or 10-to-1 windfall unless the Bears are having a bad year, in which case Cal's chances to win won’t be promising.

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