How a parlay gets its price.
- Someone asks for a parlay.
Say a bettor wants three teams to win this weekend, all on one ticket. There is no ready-made price for that exact combination, so the exchange asks traders like devig to quote one.
- devig works out the fair odds.
The most accurate bookmakers publish odds with their own cut, the “vig”, built in. devig strips that cut out (hence the name) to get the real chance of each result, then combines them into one price for the whole ticket. It also checks that the picks do not secretly depend on each other in a way it cannot price.
- The best price wins.
If devig’s offer is the best one and the bettor accepts, devig takes the other side of the bet. If someone else’s price is better, nothing happens. Every price carries a small margin: over thousands of tickets, that margin is what devig aims to earn.