Parlay bets explained
Have you recently typed ‘sports betting near me?’ into a search engine? Are you considering taking your sports betting experience to the next level? Betting on parlays is the way to go. This type of wager involves placing two or more bets together to create one single bet. For this reason, it's also referred to as a combo or accumulator bet in some gambling circles. But here's the deal—you must win each individual wager in the parlay to win the bet. If any of the wagers in the parlay loses, the operator grades the entire parlay bet as a loss. As you can imagine, parlay betting is risky. But, with the correct betting strategy, it's not impossible to enjoy a rewarding gambling experience.
Parlay Betting: Pros & Cons
- They are a more exciting wager than conventional bets like Moneylines or Spread.
- Given the risky nature of the wager, winning a parlay bet significantly boosts your confidence in sports betting
- If you manage to win a parlay wager, the total payouts can be pretty massive.
- Parlays are more challenging to win compared to regular bets.
- Not ideally suited for beginners in sports betting.
Parlay bet types
Betting on parlays has many sides to it. Players can pair different bets together to form a parlay wager. Below, we look at the most common stakes to combine and hopefully enjoy the best wagering experience!
Round robin parlays
Round robins are somewhat safer than conventional parlays and allow you to minimize risk. This bet type will enable players to get a payout, even if one of the legs in the parlay loses. Round robin wagers essentially allow you to create a series of smaller parlays from a more extensive list of teams or players. You must place at least three separate wagers, and there's no maximum. The total number of bets you wager depends on the size of parlays you want to make. Top parlay betting companies in USA create accumulators automatically, so you can create dozens at once.
Teaser parlays
Teasers typically work with Point Spreads and Totals. As a result, you’ll usually find opportunities to place these Accas on basketball and football events. When placing a Teaser bet, you're allowed to move the Point Spread or Totals in a way that's favorable to you. You can decide to assign extra points to each Spread as you see fit. Alternatively, opt to bet the under by moving the Totals up. The only downside with this move is it’ll cost you. Adjusting points drops the betting odds and spreads significantly. But the upside is your potential payout will increase with each wager you add to the Teaser Parlay.
What happens when one bet pushes?
We mentioned how you must correctly predict all legs in the parlay wager to win the bet. But there's an exception. If one of the games you predicted pushes, that particular wager is removed from the parlay. Such a move is referred to as a push or tie in sports betting. For instance, if you wager on three legs and one bet pushes, you end up with a two-bet parlay. If the remaining two teams win, you win the parlay wager. Now, obviously, the payout will be less than had all three bets won. But you'll admit it's better than not winning any money at all.
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Parlay bet payouts
When parlay betting, you have three options to calculate the payouts. The first option is to rely on the parlay betting sites to calculate your potential payouts for you in real time. Secondly, you can use an online calculator. Simply enter your betting lines, and the calculator does the rest. Lastly, you can manually calculate your potential payout. While the last option may be cumbersome, knowing how the numbers work will help you better understand different combinations. Below we give you a few examples to calculate the payouts from a 3-leg and 4-leg parlay payout.
3-leg parlay bet
Remember that for a 3-leg parlay to win, all three teams must win. Let’s say you wager $100 on the following 3-leg parlay bet. We calculate the payout as follows:
- Lakers (-380) at Miami Heats
- Brooklyn Nets (-320) at New York Kicks
- Chicago Bulls (-250) at Indiana Pacers
If the Lakers win, -380 odds converted to decimal = 1.2632
If Brooklyn Nets win, -320 odds converted to decimal = 1.3125
If Chicago Bulls win, -250 odds converted to decimal= 1.4000
Total win is 1.2632 x 1.3125 x 1.4000 = 2.32113
Your payout is 2.32113 x your wager $100 = $232
$232-$100 = $132 net return
4-leg parlay bet
The payout for the following 4-leg parlay example after placing a $100 wager is as follows:
- New York Red Bulls (+115)
- Nashville SC (+140)
- Seattle Sounders FC +3 (-105)
- Columbus Crew-5 (-105)
If the three early games win, the total payout is $914.83. If the New York Red Bulls win, it brings the payout to $1,966.80. In a 4-leg parlay, the potential payout increases significantly.
Parlay bet odds
When calculating parlay bet odds, you must first convert the total return amount by your wager amount. Most of the time, a parlay betting app for sports will present the odds and spreads in American or Moneyline format. So start by converting the Moneyline odds on each wager into decimal odds. You can do this using the odds and spreads converter. Then you multiply all the decimal odds together, then multiply that number by your bet. The amount you get is the payout you'll get from the sportsbook. To determine your net return, subtract your original stake.
Parlay bet winning odds and spreads
Throughout the article, we’ve reiterated how betting on parlays is a risky affair. All legs must win to win the entire parlay. Naturally, your chances of winning a parlay diminish if you add more wagers in the parlay. So, what are the chances of winning a parlay wager with different legs? As a rule of thumb, expect the following winning odds using -100 standard odds on different parlay bets:
- 2-leg – 27.47%
- 3-leg – 14.37%
- 4-leg – 7.52%
- 5-leg – 3.94%
- 6-leg – 2.06%
- 7-leg – 1.08%
- 8-leg – 0.56%
- 9-leg – 0.3%
- 10-leg – 0.15%
Parlay bet potential payouts
When betting on parlays, how much you can potentially win depends on the number of bets you place in the parlay. In addition, the odds of the individual wagers in the parlay determine your payouts. As we mentioned before, the chance of winning a parlay decreases as you add more bets to the parlay. But any time risk increases, the potential payouts rise exponentially. In short, the more legs in a parlay, the more money you can potentially win if all selections come through correctly. Placing a $100 wager on -110 odds give you the following payouts based on these parlays:
- 2-leg – $264.46
- 3-leg – $595.7
- 4-leg – $1,228.33
- 5-leg – $2,435.90
- 6-leg – $4,741-27
- 7-leg – $9,142-43
- 8-leg – $17,544.64
- 9-leg – $33,585.23
- 10-leg – $64,206.16
Parlay betting tips
As much as live betting on parlays is precarious, there's absolutely no reason you shouldn't try it out. After all, gambling is all about taking risks. Like any form of gambling, there are a couple of strategies you can employ to boost your chances of enjoying the parlay betting experience. We've put together the following five betting tips to court lady luck and enjoy a rewarding gambling session.
Take advantage of sports betting bonuses
Sportsbooks offer new and existing players plenty of incentives to join and stay on the sites. These incentives typically come in the form of bonuses and free bet promo codes, aka free cash. Depending on the sportsbook, the reward can be no deposit sportsbook promotions where you can wager without depositing. It can be a deposit match offer where the sportsbook doubles your initial deposit. It can also come as a free bet or risk-free wager. Whatever the case, be sure to take advantage of the additional money or free wagering opportunity to experiment with betting on parlays. Even if you lose, you won't lose out on your own cash. On the other hand, the returns can be exponential if you do win!
Correlated wagers are basically two bets tied together. When one wager wins, your chances of winning the next one are high. That's why most sportsbooks don't allow them. However, there's an exception. Sure, you can't use Moneyline and Point Spreads for the same team in one parlay. However, you're allowed to place bets that complement each other.
Another working strategy is knowing when to place your bets in the parlay wager. When betting on parlays, you don't necessarily have to place all your wagers simultaneously. You're allowed to space your bets. We advise you to stagger the times of the games you wager on. For example, you can wager on one NBA game at 2 pm, the other at 4 pm, and the last one on the next day. What happens is if you win the first games, you have a chance to hedge before the third match locks in a return. And you're free to use this strategy in all sports.
Don’t frown on the underdog
When betting on parlays, don’t always ignore the underdog. We get it; it’s pretty tempting to select favorites to make up your parlay. Such a strategy seems like a safe bet. But we’ll have you know that even some of the best teams lose. So, don’t be afraid to switch things up and balance the scales by including an underdog or two in your parlay.
Conclusion
Betting on parlays is fun, but it can be pretty intimidating. You get to place multiple wagers combined into one bet. It’s a risky move because all wagers must win for you to hit the parlay. If one leg loses, your parlay loses. However, aim to place the bet with an open mind. In addition, you have different types of parlay wagers you can place to mitigate risk. Plus, it's prudent to arm yourself with a few strategies to boost your confidence. Yes, parlay bets are risky. But the spectacular payouts if you do win certainly make it all worth it.
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Betting on parlays FAQ
🔀 What are parlays?
A parlay bet is a type of wager that bettors place when wagering on their favorite sports. It's an exotic wager that isn't like the regular single bets you place when wagering online. Parlays are more complex, as we explain in our guides. We outline what exactly the concept entails and how you can use it to spice up your wagering experience.
👍 How to I make parlay bets worth it?
Parlay bets can be very rewarding if you know how to place them. Granted, they are more complex than traditional wagers. But if you are lucky enough to win, you can potentially walk away with huge wins. To improve your parlay wagering game, feel free to incorporate our expert pointers gladly outlined in our guides.
👎 What are the disadvantages of parlays?
Parlay bets have both pros and cons. They are undoubtedly exciting and make your sports wagering experience even more worthwhile. However, they also have downsides, which we reveal in our sportsbook reviews. Go through our guides to learn the cons of parlay betting deals, so you make an informed decision before placing your wagers.
