Originally Posted by
mickeycrimm
But since you know what the exact edge was, quit fucking around and tell us what you think it was.
I think this is the most relevant chart from his writeup:
https://wizardofodds.com/games/sport...ng/nfl-parlay/
Core concept is to pick only the games with a significant edge. Usually this involves the key point spreads of 3 or 7, but can also include other games with big line moves (assuming the book doesn't restrict those games).
The more picks on your card, the more your edge is compounded. On a 12-leg card, the edge reaches 100%. But if I understand correctly, that's almost impossible to be available. Also, the variance is astronomical. Your odds of hitting are almost 1500-to-1 against. (He mentions one book with a small consolation payout for catching 11 of 12.)
Realistically as he suggests in his commentary, you typically only have around 4 viable picks available which translates to a 14% edge on the chart.
If you look through those threads, there were many lackluster weeks without any strong opportunities.
For such a high-variance endeavor, I think caution is required in assessing actual results. Even on the pick-4 at 14% edge, you're still 11-to-1 against. I believe Wizard was reasonably able to estimate his EV. In the later discussions, he assigns each pick a value in "basis points" -- but I'm not clear on the computational procedure.
Ultimately, his overall edge depended on his play criteria. If he only played the best weekends, I can see that he could have been up near 30%. But to get the 30% on a pick-6, you're 38-to-1 against.