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п»їWhat Is A Parlay Bet?
Strategy And Parlay Calculator.
A parlay is a single sports wager that involves two or more bets combined into one. This can include point spreads , moneylines , totals , futures , or even prop bets , as long as the bets are on different games.
The allure of these bets has always been a larger payout than choosing a single team to win. But there’s more gamble to these types of wagers because every “leg” of the parlay needs to not lose in order to win. If one leg loses, the whole parlay loses.
The flexibility of a parlay bet also makes it attractive to gamblers. You can combine multiple sports into your parlay bet; for example, you can include the Cowboys from the NFL, the Celtics from the NBA and the Coyotes from the NHL into a single bet. If they all win, you win.
Test out the parlay calculator above and compare odds at different sportsbooks to see how it works!
Placing a parlay bet.
There are two ways to place a parlay bet and both are quite simple. Bettors can either tell the ticket writer directly which teams and totals they’d like to bet on and how much they’d like to risk on the bet. Filling out a parlay card is the other option for placing this kind of bet. Once the card is filled in, the bettor simply needs to visit the sportsbook desk to place the bet.
Some mobile sports wagering apps offer both types of parlay bets.
Get the best parlay deal at online sportsbooks with Parlay Insurance here:
Winning a parlay.
There are two instances when a parlay can be a winning bet. A parlay only wins if none of the sides, totals or moneylines selected is a loser. The parlay can still be a winner if a game is canceled or ends in a tie. The pay schedule will simply more down to the lesser payment. For example, the bettor will win if a baseball parlay for four teams has three winners and one game is canceled because of rain. The bet will only pay based on the schedule for three winners instead of four as originally planned. The bet is a loser if one pick for a parlay is wrong.
Parlay odds.
Not all parlay payouts are the same. Sportsbooks may have different odds for the number of teams bet in a parlay. This can be very confusing when looking at online sports that have different odds and payouts for the same parlay. Further, these odds may change at any time so bettors should check with the ticket writer in sportsbook before placing a parlay.
Parlay payouts.
Payouts for a parlay are fixed by the time the bet is placed. Even if the lines and odds for an individual game move, the parlay lines and odds won’t change from when the parlay bet was placed. The parlay bet won’t be changed whether the lines change for or against the bettor.
If the lines change for a game, or games, in the favor of the bettor another parlay may be bet with the new line. The original bet cannot be changed and the bet will stand. The good news is that the bettor has two live parlay bets.
Types of parlays.
A parlay is a type of sports bet and there are different variations of this kind of wager. The most common types of parlays are Round Robin parlays and Teasers .
Round Robin.
A Round Robin bet is placing multiple parlay wagers at once . It’s just that simple. Round Robin bets are just a way to simplify making multiple parlays. When a bettor “Round Robin’s” teams in sports betting it’s similar to a horse bettor “boxing” horses for an exacta or trifecta bet in a race.
The bettor will select anywhere from 3 to 8 teams or totals to be in the Round Robin. They will then choose how many teams or totals they’d like to tie together for the Round Robin. For example, a bettor may select eight teams and totals for a Round Robin and tie the parlays to as many three-team combinations as possible.
The combination of teams will dictate how many different parlays the bettor has. Continuing the example, if a bettor wants to Round Robin eight teams they will have 28 different parlays if they choose two teams. If the bettor chooses to make three-team parlays they will have 56 different parlay tickets.
The ticket will cost the amount chosen for each parlay. If the bettor only has $300 they might choose to Round Robin the teams by two, so they have 28 different parlays for $10 each. The payout for each winning parlay is the same as it would be if the parlay bets were each made individually.
Teaser.
A teaser is similar to a traditional parlay where the bettor can select multiple teams or totals . However, there are no moneylines allowed with a teaser. Unlike a parlay, the bettor may move each point spread or total plus or minus a certain number of points. The additional points on the spread or total make these bets easier to win and thus they pay less than a traditional parlay.
Teaser bets can change the point spreads or totals anywhere from six to 10 points. However, each leg of the teaser must use the same number of points. Those legs of the teaser may go in different directions.
Much like a traditional parlay, the more teams involved with a teaser the better the payoff. Again, different sportsbooks have different odds and rules so they might have different payouts and teaser options available to bet.
Parlay Cards.
The more popular way to bet parlays in casinos today seems to be with a Parlay Card. These are the long narrow cards where bettors fill in the numbered circle of the side or point spread they want to include in their bet. Once the teams and totals are chosen the bettor simply presents the filled in portion on the card to the ticket writer in the sportsbook along with how much they’d like to wager.
Parlay Cards are especially popular during football season. There are many different types of Parlay Cards including a variety of teasers, ties win and reverse teaser cards known as pleasers. These are more popular every year so the mobile sports wagering apps have started to add Parlay Cards for mobile bettors.
Bet with your head, not over it. Call 1-800-GAMBLER if you have a gambling problem.
Sports Betting: How to Bet Parlays.
Do You Know How to Bet Parlays?
Nick M Do/Getty Images.
Parlays are by far the most popular of the exotic wagers, as they offer the potential for a big payout on a small wager. Simply stated, a parlay is a collection of two or more sides or totals that you bet on and all of them must win in order for you to win your bet. If you place a four-team parlay, going 3-1 is no different than going 0-4. All of your bets must win, or at least tie, in order for you to win.
There are basic types of parlays, those wagered against the point spread and those wagered using the money line. The payoffs a bettor will receive should they win are quite different in the two. In parlays involving point spreads, the payoff is fixed, while money line parlay payoffs are determined by the odds of each team.
Point Spread Parlays.
The odds on a typical parlay involving point spreads, including totals, are generally something like:
2 teams 13-5 3 teams 6-1 4 teams 10-1 5 teams 25-1 6 teams 40-1 7 teams 75-1 8 teams 150-1 9 teams 300-1 10 teams 600-1.
What this means is that a bettor making a wager on a five-team parlay stands to win $25 for every $1 if all of their games win, while a correct eight-parlay will pay out $150 for every $1 wagered. The ability to win a lot of money for a small bet is the primary reason parlays are popular with a number of sports bettors.
Money Line Parlays.
Money line parlays do not use fixed odds because the odds of winning vary greatly from team to team. While a parlay made against the point spread assumes a 50-50 chance for each team of winning, money line parlays do not. The chances of a good baseball team with its ace pitcher on the mound defeating a mediocre opponent are going to be greater than 50 percent and the payout if the parlay hits will reflect this.
To put it in simple terms, money line parlays take the amount of your bet and place all of the money on one team and if that team wins, recalculates your bet amount on the next team, again placing your entire wager on that team.
Are Parlays Good Bets?
The simple answer is no, especially parlays involving point spreads or totals. The odds of the payoff are much less than the true odds. For example, the true odds of winning a three-team parlay when making point spread wagers are 7-1, while the payoff is only 6-1, and it gets worse as you bet more teams. The true odds of hitting a 10-team point parlay are 1,023-1, while the payoff is generally around 600-1, so a parlay bettor is at a big disadvantage.
Money line parlay payoffs are calculated on the odds of the game, so there is no advantage or disadvantage in playing them.
Bettors should stick with straight bets when betting against the point spread or totals as it's difficult enough to pick one winner, let alone two or more games and the odds you are asked to try and beat are nearly impossible to overcome in the long run.
Parlay Strategy.
A parlay bet is a popular form of sports wagering most gamblers are familiar with. In case you’re not, this bet is rather easy to understand. A parlay is simply a combo bet where, rather than betting several teams individually, you group them into a single wager. Using this option, the payout is greater and the risk is less, but you need all teams selected to win.
What happens if there’s a push in a parlay? That bet will be taken out of the parlay and the payout will be reduced as if there were one fewer team in the parlay. So if you had a 4 team parlay and you got three picks cocrrect and the other was a push, you would be paid out the odds of a 3 team parlay.
Parlay bets can be very tempting as they can offer some big payouts. See a recent parlay Kevin made at 5Dimes.eu and cashed in on!
Are Parlays Sucker Bets?
There is a general misconception in sports betting that all parlays are sucker bets. This is simply because most sports bettors are not familiar with how they work, or how to bet them properly. In this article, I’ll address parlay betting strategies, but first let’s look at parlay odds and how they are calculated.
The parlay odds at most Las Vegas sportsbooks are:
2 teams 2.6 to 1 3 teams 6-1 4 teams 10-1 5 teams 20-1 6 teams 40-1 7 teams 80-1 8 teams 150-1.
Let’s say you decide for the next eight weeks you’re going to bet the Monday night football game, starting with a $1.00 bankroll and betting your entire bankroll each week until you go 8-0 or bust. The potential win is as follows:
Week 1: $1.00 to win $0.91: If win total profit = $0.91 (Bankroll =$1.91) Week 2: $1.91 to win $1.74: If win total profit = $2.65 (Bankroll =$3.65) Week 3: $3.65 to win $3.32: If win total profit = $5.97 (Bankroll =$6.97) Week 4: $6.97 to win $6.34: If win total profit = $12.31 (Bankroll =$13.31) Week 5: $13.31 to win $12.10: If win total profit = $24.41 (Bankroll =$25.41) Week 6: $25.41 to win $23.10: If win total profit = $46.51 (Bankroll =$47.51) Week 7: $47.51 to win $43.19: If win total profit = $89.70 (Bankroll =$90.70) Week 8: $90.70 to win $82.45: If win total profit = $172.15 (Bankroll =$173.15)
The reason parlays are often sucker bets shows up in this middle column. Had you bet these in an 8 team parlay, you’d only get paid 150 to one. Essentially, a parlay is no different than betting all in each time, only parlays generally pay much worse. However, you’ll notice the odds are not poor until you get to four teams, where the sportsbook has a whopping 31.25% advantage. Two teams pay a smidgen worse than the manual parlay (all in each time) option, where three team parlays pay a smidgen better. Rarely ever is a 2 or 3 team parlay a true suckers bet.
What Does a Parlay Pay?
As I mentioned earlier, fixed parlay odds vary greatly between online sportsbooks. Here is some info on which sites offer the best fixed parlay odds:
3 team parlays pay 6/1 or $600 for every $100 bet. BetOnline.ag is the leader in the industry in 3 team parlay payouts.
Generally speaking, parlaying 5 teams or more teams is not a good idea; however, for sports gamblers looking for a lotto ticket, 5dimes.eu and Bookmaker.eu each offer up to 15 team parlays and have by far the best odds in the business on these.
True Odds Parlays.
1 Earlier, I mentioned fixed odds are only given when all selections are 50/50 propositions. If one side of a line requires a greater stake than the other to yield the same payout, this is not a 50/50 proposition, and the bookmaker will now use “true odds”. What’s important to note is that true odds doesn’t actually mean the “true odds” of winning. Rather, true odds pays the same as if you bet each team individually and rolled the profit forward each time, which is what I showed in the example of 8 all in bets starting with a $1.00 stake.
Let’s say you’re in the mood to gamble on an 8 team parlay, but the only out available to you is a bookmaker paying 150-1 fixed odds. A trick of the trade here is to include one bet that is priced differently than -110 in order to force the bookmaker to use true odds. So, let’s say you make 7 selections priced at the standard -110 pricing and one at -115. A true parlay calculates by multiplying each modifier together. The math is 1.91 * 1.91 * 1.91 * 1.91 * 1.91 * 1.91 * 1.91 * 1.87, which equals 173.41. This bet returns 173.41 times the stake, which includes the risk amount, so the bet is 1 to win 172.41. Notice this is significantly better than the fixed odds payout of 1 to win 150 on an 8 team parlay. In short, the trick of the trade when dealing with poor fixed odds is to simply add one team to the parlay that is priced differently than the standard -110.
As you can now see, if you know how to bet parlays properly, they are not always sucker bets. There are, however, a few reasons that parlays are generally not a good move. I’ll cover these, and then cover the times it does make sense.
Top Reasons to Avoid Parlays.
1) Progressive betting systems are generally regarded as poor strategy for both bankroll management and bankroll growth. Professional bettors make wagers based on their quantified edge per game. While the math can work out, doing the math for proper bet sizing on a parlay is a lot of added work with little to no upside for most sports bettors.
2) Parlay bets have higher variance than straight bets. Here you’re getting the same odds, but your chance of hitting a dry spell is greatly increased. When the odds are the same it is most often better to go with the lower variance option, which in this case is straight wagers.
3) Line Shopping – Sports bettors maximize their profit by always shopping for the best price. For example, finding -4 when other sites are -4.5, and finding reduced vig options such as -104 instead of -110. When betting parlays, you’ll need to find the most favorable odds for each team at a single betting site. This scenario is rare, so generally you’ll end up with better odds by making straight wagers at multiple betting sites.
Parlays That Make the Most Sense:
Reduced Juice – BetOnline.ag offers 6.5 to one on three team parlays. This comes out better than betting sides at the -105 price standard reduced juice sports books offer. In sports such as NFL football where 50/50 wagering propositions are common, a sports bettor gets far superior odds by betting 3 team parlays at BetOnline.
Correlated Parlays – If a bookmaker was offering betting lines on both “will it be cloudy today?” and “will it rain today?”, if allowed, you’d be much better off betting either both as no, or both as yes, in a parlay bet as opposed to straight wagers. While this is a simplified example, there are plenty of times when outcomes are correlated in sports betting. For example, a handicapper might determine that if one team covers the spread, the game is more likely to go over or under the posted total. Also, during the final week of the NFL season, a certain team winning or losing the day game might result in a previously important night game now having no meaning in the playoff race.
Free Play Bonuses – Several online betting sites, for example BetNow, offer players free bets based on the size of their initial deposit. Free play bonuses are not the same as cash. The difference is that a bet made with cash returns both stake and win, where a bet made with a free play returns only win. Parlays allow you the chance to use the same free play more than once, because a parlay really is only a wager that continues to place stake+win on the next selection. Remember, fixed odd three team parlays pay a little better than true odds. So when using free plays to bet 3 team parlays, you’re getting slightly better odds, and also a chance to apply that free play stake to three different bets. This is common knowledge that 3 team parlays are a great use of free play bonuses.
Gambling 101: What is a Parlay Bet?
Legal sports betting is now available in several states, and bills are pending in many more. Full-service sportsbooks are popping up across the country and offer everything from futures betting to live in-game wagering options. Parlays are part of the package, and this SI Gambling 101 feature focuses on the pitfalls and benefits associated with accumulator bets.
Parlay betting is high risk and high reward. It's not for everyone and is shunned by some in the betting community due to low winning percentages. For those that don't mind a little extra risk to collect a more substantial reward, there are a variety of parlay options available.
Offered on all major pro and college sports, a two-team combo is the most basic parlay. While the risk rises, with each added leg, bettors can include upwards of 15 teams on a single wager. Each team selected must win or tie to cash a winning ticket. For example, if one game ends in a tie, a four-team parlay would be reduced to a three-team ticket.
Point spread, moneyline, and game total options can be used on parlays. Tickets can consist of multiple wagers on a single sport or selections from a variety of sports. For example, on Super Bowl Sunday bettors can build a parlay ticket with the NFL title game and add bets from the NBA and NHL. Original investments are returned on winning parlay wagers.
What are the Payouts on Parlay Tickets?
Calculating parlay payouts is a complicated process that requires figuring out implied odds. To simplify things, let's use two sides that are both priced with (-110) odds. Those lines convert to 1.91 decimal odds that are then multiplied together to reach 3.64 implied odds. Therefore, Pittsburgh (-110) plus Baltimore (-110) would return a $264 profit on a $100 wager.
Calculation: 1.91 X 1.91 = 3.64 implied odds X $100 bet = $264 profit.
During the 2020 NFC and AFC Championships games, bettors were asked to pay heavy juice to bet on the Chiefs and 49ers. Wagering on the favorites paid a $58.82 total return on two $100 bets. Bettors who tied Kansas City and San Francisco together earned a $134.95 profit on a $200 two-team parlay. There was added risk since both teams needed to win, but the reward was an extra $76.13 profit.
Parlay Betting Pros and Cons.
The biggest drawback with parlays is the added risk that comes from needing to select two or more sides. Everyone knows how difficult it can be to pick just one winner. Odds of cashing a single bet are basically 50/50 since one side will win and one side will lose. While the payout goes up, odds of winning get worse with each team added to a parlay ticket. Combos are "all or nothing" bets, as winning three games on a four-team team combo doesn't earn a return.
Beyond the large payouts, earned with a small investment, parlays have positives. When possible, it's wise to have a mix of early and late-night games on parlay tickets. If the early games win, an in-game wager on the late-night contest can set up a guaranteed profit. Also, some sportsbooks offer early cashouts to reduce their risk. The payout is lower, but bettors don't need to sweat the games still in play. Hedges and cashouts are personal decisions worth considering.
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