For example, you might bet at the start of the season that the Detroit Red Wings will win the Stanley Cup. Exotic bets To keep life interesting, sportsbooks often post odds and accept wagers on a variety of other sports-related activities. For example, you may be able to place a bet on who will win the Presidential race or the Best Actor award at the Oscars. The oddsmaker sets the conditions and odds for these bets. Many exotic bets are offered at 110 to 100 odds, but some will be offered at better or worse odds, depending on the bet.
Parlay bets are another story.
The actual odds of picking two winners is 3 to 1. But a typical payout is 2.6 to 1. The odds usually get even worse the more games you add to your parlay. In a nutshell, parlay bets are best avoided. Your first wager must win in order for you to have action on the remaining wagers.