Parlay betting is one of the most exciting and versatile tools in any sports bettor’s arsenal. Loved by both casual bettors and professionals alike, parlay betting can turn even the most modest wagers into huge paydays. To understand how they work, you must first analyze the building blocks that go into them.
Parlay Betting: Read the Moneyline Prices
Not all types of bets can be used in parlay betting. In general, the most common building blocks of a parlay are the same as those featured in single game betting; moneylines, spreads, and totals.
In order to determine what your parlays will pay out, you must first know how to read odds prices. Odds are always listed with a “-“ or a “+” in front of them, such as the Washington Nationals +140 vs. the Los Angeles Dodgers -160.
A number preceded by a “-“ let’s you know how much you must wager to win $100. In the example above, a $160 bet on the Dodgers would pay $100. Similarly, an $80 bet on the Dodgers would pay $50.
On the other side of the equation, odds preceded by a “+” tell you how much a bet of $100 would pay out on this side. So at +140, a $100 bet would pay $140, and a $200 bet would pay $280.
Moneylines vary widely from game to game and sport to sport. Totals and spreads on the other hand, especially in football and basketball, almost always pay out -110 (bet $110 to win $100) on both sides.
How Parlay Betting Works
A parlay bet is a wager in which you pick more than one side (generally 2-12 sides) and then bunch all of your selections together into one play. Each of these sides is called a “leg” of the parlay, and every leg of the parlay must win in order for you cash. The more legs you add, the more risk you add; but you also vastly increase the payouts.
The reason parlays work out this way is because each win within the parlay is rolled into the next play. This creates a snowball effect that can wind up climaxing in a massive payout should the parlay hit.
Imagine a two-team parlay consisting of two football teams going off at -110 each. Our bettor decides to place a $100 parlay on these two teams, and both win. earning him a nice profit of $260.
How did this wager amount in a profit of $260? Essentially, this parlay was the equivalent of back-to-back all-in wagers. When the first game won, the $100 wagered at -110 earned a profit of $90.91.
The entire $190.91 rolled on to the second game, which also won. The $190.91 at -110 pays $173.55 and that brings the total payout of this wager to roughly $360. The bettor’s original $100 plus an additional $260 in profit.
How do Multi-leg Parlays Work?
Once you understand how these payouts work, you can quickly see why multi-leg parlays pay out so well, and why they are so popular amongst casual bettors. A sports bettor that builds a 10-team parlay with 10 sides that are each going off at -110 will see a payday of 645 to 1 if all 10 of those sides turn out to be winners.
That’s a staggering win of $3,225 on just a $5 wager! The odds of hitting such a parlay are extremely low, but the payouts when they are hit are simply massive with so many wins rolling on top of one another.
Don’t worry, you won’t have to calculate what these parlays pay by yourself. As you are building your bet ticket, the price that a parlay will pay is quickly and automatically calculated for you. This way, you can try different combinations and assess the risk to reward potential before placing your wager.
What are the Rules to Parlay Betting
All parlay bets are final once they have been placed. Whatever moneyline price, point spread or total you received at the time you place the bet is locked in.
One loss negates the entire parlay. If you make a five-leg parlay and your picks go 4-1, the entire bet is graded as a loss. You only get paid on a parlay when it has no losing picks.
If one of the sides that you select ends up being graded as a push, it is essentially removed from your parlay. For example, if you place a three-team parlay with the Warriors -11, Rockets -8 and Jazz +4 and Golden State wins by exactly 11 while the other two sides win, you will be paid as if you placed just a 2-team parlay on Houston and Utah.
What is Correlated Parlay Betting?
Correlated parlays are not allowed. A correlated parlay is a parlay in which two sides directly correlate with one another. For example, trying to parlay Golden State -11 for the full game and Golden State -5.5 for the first half won’t work. These two events are directly tied together.
A bet on a side and total in the same football or basketball game is perfectly legal. You could parlay Golden State and the Over in the same game. When in doubt, try it out. The sportsbook will let you know if your parlay bet can’t or will not be accepted. If you are unclear on whether something is legal or not, try it and see if it registers as a legal parlay.
Pros and Cons to Parlays
Perhaps the clearest advantage to betting on parlays is the massive upside potential. When just betting $55 to win $50 on single games, a 6-0 day would just result in a $300 profit. That same 6-0 day with a $100 parlay would have paid out just under $5000.
Parlays can also be used strategically, as alluded to above in the Golden State and Over example.
Imagine you’re handicapping a football game between a great offensive team and a strong defensive side. Let’s say you like the defensive team to cover. You might consider parlaying that team with the Under.
The disadvantage to parlays is the opposite side of the high risk-high reward coin. While multi-leg parlays can result in incredible profits, all it takes is one single slip-up to blow up the whole card.
Going 2-0 or better for a given day’s picks is a tough task. A parlay bet isn’t cashed unless there are no losers on the ticket. A single-game bettor, on the other hand, can have a few blemishes and still turn a profit.
Developing a Parlay Betting Strategy
Parlays can be quite addictive, especially when you’re on a hot streak. But they can also lead to big downswings with their all-or-nothing nature.
It’s important not to force it when it comes to parlay betting. Using parlays in strategic scenarios or small sizes is a great way to incorporate them into your betting strategy. If you are in love with a handful of plays, parlaying them to take advantage could be worthwhile. But on a day that you find some games that are super close calls, it might be best to opt for single-game wager and just try to grind out a small profit.
What are Teaser Bets and How do They Relate to Parlay Betting?
A compromise between parlay betting and single-game betting is teaser betting. Teasers are available on basketball and football spreads and totals. They give bettors extra points to work with on multiple bets. For example, a four-point teaser in football would turn a parlay of Jacksonville -2 and Oakland +6 to Jacksonville +2 and Oakland +10, adding four points to each selection.
Teasers don’t pay as well as parlays, but they are also a lot easier to hit with the adjusted lines. These plays can offer a good alternative for a series of games that may seem too risky to parlay but also doesn’t seem to be too appealing as single-game bets.
Parlays are a lot of fun. Once you hit your first one, you’ll be hooked on how exciting they can be, especially when you are down to your last leg. Try them out across different sports and bet types until you find a strategy that works within your skillset and budget.