Have you ever wondered what parlay betting is, and if you can make a profit from placing these bets? In this guide, our expert explains exactly what makes up a parlay bet, and how to use it to your advantage. Read on to discover everything you need to know about parlay betting and place yours with confidence.
How Does Parlay Betting Work?
A parlay bet allows you to combine two or more bets on various outcomes, whether they unfold within the same game, on the same day, or extend over the same week, month, or even year, depending on your patience. It can be known by different names such as an accumulator in the UK, or multi. It is an approach that accommodates different types of bets, including money lines, point spreads, totals, as well as props and specials.
We should note that conflicting outcomes cannot be included in the same parlay, as each leg of the bet must win for the entire parlay to succeed. For instance, betting on both Team A and Team B to win in a basketball game would contradict each other. If one team wins, the other loses, leading to an unsuccessful parlay.
Risk and Benefits of Parlay Betting
Parlay bets are enticing for punters looking for substantial returns from a modest investment. This is because the odds for these are accumulated and are therefore much higher than individual bets. In turn, the potential payouts can be high. Furthermore, the more selections in a parlay bet - the greater the odds. While sportsbooks showcase big parlay wins, the truth is that many parlay tickets end in losses.
By consolidating multiple bets into a single parlay wager, you take on increased risk, limiting your chances of winning. This is easy to understand as you need all of the legs of your bet to be successful. On top of that. The true mathematical probability of winning a parlay with four NFL point spreads may be around +1500, but sportsbooks typically offer odds of +1200, this is a big in-built margin that they use to protect their losses, further accentuating the higher risk relative to the potential reward.
There is also the risk of ‘chasing’ wins with this type of bet. At Gambling Zone we take responsible gambling seriously so never chase wins, or bet more than you can afford.
Types of Parlays
There are two types of parlays, Round Robin and Teasers. Each provides distinct approaches and work in slightly different ways.
Round Robin:
A Round Robin bet streamlines the creation of multiple parlays by allowing you to connect three to eight teams or totals in different combinations. For example, selecting eight teams can generate 28 unique parlays when paired or 56 when grouped in three. Each parlay within the Round Robin is priced separately, providing flexibility aligned with your budget.
Teaser:
Here you pick multiple teams or totals, but there are no money lines involved. Unlike regular parlays, teasers let you tweak point spreads or totals by six to 10 points, making it easier to win. Each part of the teaser must use the same number of points, giving you flexibility in choosing different directions for each part. Although teasers increase your chances of winning, the payouts are lower compared to standard parlays. Keep in mind that different sportsbooks have varying odds and rules, impacting teaser bets.
Best Sports for Parlay Bet
Not all sports are ideal for parlay bets, but the good news is that most sports offer excellent opportunities. Here is a list of sports we recommend for optimal parlay betting:
- Football Betting
- Basketball Betting
- Baseball Betting
- Soccer Betting
- Hockey Betting
- Horse Racing Betting
Of course, other sports such as tennis and golf fit in there too. We have not included them in our top lists, however, due to the more limited nature of their markets.
Betting Ticket
How do Parlay Odds Work?
Parlay odds, often presented in American format, signify the likelihood of winning your bet. Negative numbers favour the team, while positive ones mark the underdog.
To take an example. You place a winning £10 on odds of -200. The return is £15. However, at +100 you get £20.
Betting on underdogs can boost your winnings but they naturally come with higher risk as the underdog is not expected to win. Therefore we do not advise a parlay packed with underdogs as the chances of all those defying the odds and winning are extremely unlikely.
In a parlay, odds are combined so we recommend creating a balance between favourites and underdogs. Whether aiming for profit or managing risk, understanding parlay odds is key to smart betting. We suggest you consider exploring other formats like Decimal and Fractional for a comprehensive view as these can often be easier to understand, especially for those new to online betting.
How does Parlay Bet Payout Work?
Parlay odds are calculated by multiplying the odds of each bet in the parlay.
For example, let's consider a 3-leg parlay with the following odds:
- Bet A: Odds of +150
- Bet B: Odds of -110
- Bet C: Odds of +16
Parlay Odds=(+150)×(−110)×(+160) = +200 which is equivalent to 2/1 in UK odds.
This is considerably higher than any of the three selections in isolation which is why these types of bets are so appealing.
Online Sports Betting
Parlay Cards
These cards, typically long and narrow, feature numbered circles where bettors mark their chosen side or point spread which are set by the bookmaker. This is the main difference between an ‘off card’ parlay. The bookie offers odds for markets they have picked out, and you decide which ones you want to bet on. You then fill in the details and submit the card to the sportsbook ticket writer with your stake amount.
Parlay Cards gain significant traction, particularly during football season, offering teasers, ties win and reverse teaser cards known as pleasers. Their popularity has prompted mobile sports wagering apps to introduce Parlay Cards for convenience. So keep an eye out for those online.
Online Parlay Betting
Parlay betting combines multiple wagers into a single bet. Each bet, or “leg,” within the parlay must win for the overall bet to succeed. Online parlay betting is simply doing this online with a bookmaker. We suggest playing at a reputable site as these provide fair odds and a safe platform to make financial transactions.
Final Thoughts
In summary, parlay betting can definitely enhance the excitement when it comes to sports betting. While it carries risks, like added complexity and potential losses, the benefits shine through and it would be difficult to find a single bet that could offer such good returns.
Online platforms make it easy, providing a straightforward way to create personalised bets. The joy of getting multiple predictions right adds a special thrill. Approach them with a strategy in mind, and explore how parlay betting can add a new dimension to your wagering experience. And as always, please gamble responsibly.
