How Parlay Bets Work

The majority of people betting on sports go with the straight bet, but the parlay betting could offer many benefits and should not be shun. Before we get to the meat of it, let's briefly look at what is 'parlay betting' and explain how it works. Most of the bettors are quite familiar with the straight bet, that is a single bet on the outcome of a sporting even. An example of straight bet is the point spread on a football game. You only win if the team you bet on covers the spread and you win according to the odds.

• More About How Parlays Work In Sports Betting. As the parlays increase, so too does the margin of profit and payouts. But the more games linked together on the parlay, the more difficult the bet becomes to win. Parlays usually can go up to as many as 15 games. It's also important to know that parlays are not made for you as a bettor on the.
• 1 day ago  The most common type of parlay bet for many years was one that combined different fixtures together into a single multiple-selection bet, such as predicting the outcome of several NFL or NBA games from a particular day. However, with BetMGM Sportsbook, you can now engage in a different type of parlay bet.These are One Game Parlay bets and they are somewhat different to the multiple.

A Parlay bet is where you combine multiple selections into a single wager. The main difference between a parlay bet and a straight bet is that all of your selections must win on your parlay bet to cash your ticket — a single losing selection means the entire parlay bet results in a loss. By definition, a parlay is a group of multiple individual bets (two or more) that are connected together and treated as one big wager. In order to win the entire bet, you have to win each of the individual bets on your parlay. If you lose one individual bet, then you lose the entire parlay bet.

What the parlay bet offers you is to drastically increase your payout odds, while increasing the risk you take, as well. In its essence a parlay bet is a wager on two or more different events and the bettor wins only when all wagers are winners. There are different forms of parlay bets that would allow you to win even if one or more of the bets in the parlay are losers, but we will focus solely on the regular parlay in this article.

The major benefit of going with a parlay bet instead of straight bet is the chance to increase your winnings significantly. This is because the payout of the parlay bet is calculated by multiplying the odds of each individual bet in the parlay and the final result is multiplied by your wager. Let's look at an example and you'd be able to instantly see how much more money one could win by placing a parlay instead of straight bet. For this example we will use decimal odds, instead of American odds, as the decimal odds are much easier to calculate in a parlay. Don't worry, every sportsbook has the option to display the odds in decimal form and if you are going to place a parlay bet we advise you to switch the odds display to decimal to make it easier to calculate your possible payout.

Back to the example of parlay betting. Let's say we have decided to place a parlay bet on three basketball games. All the bets are on the over/under outcome of the three NBA games and we have decided that they all will be 'over' the total. Let's say that the odds on the first game to go over the total are 1.91 (or -110), the second game 1.87 (-115) and the third game 1.95 (-105). As we mentioned earlier, the payout of a parlay bet is calculated by multiplying the odds of each game and then multiplying the total by the amount wagered. So in this case, if we bet $100 on the above parlay wager, the payout would be calculated as follows: 1.91x1.87x1.95x100=$696.4, so the payout on this parlay bet would be roughly around $696 while risking $100, thus the actual winnings are $596 (since we risked $100 out of our pocket). On the other side, if you were to risk $100 on every single game as a single bet instead, your payout would be calculated as follows: 191+187+195=573, but we would have wagered $300, which after we subtract from the total payout of $573 leaves us with just $273 in actual winnings.

It's obvious that if we went with the single bet on the three basketball games we not only wagered 3 times the amount, as compared to the parlay, but we won barely half the winnings we would've gotten with a parlay of only $100.

So where is the parlay betting catch? Simple - you must win all the bets in the parlay in order to collect. In other words, if we use the previous basketball parlay as an example, you must guess all three games correctly to win. If one of the games finished as 'under', you would've lost your bet. Naturally the risk is higher with the parlay but the winnings are much, much bigger.

Parlays are the ultimate big-win chaser’s dream. The combined bets provide massive potential payouts on nominal wagers, and nearly every online sportsbook offers them. Though the odds are low for a given parlay to hit, the possible winnings are huge, and a handful of lucky bettors have cashed in some gargantuan parlay jackpots at legal sportsbooks worldwide.

But before jumping into some of the craziest parlay wins on record, it helps to better understand the betting method, its upsides, and the inherent risk.

How Parlays Work

In simple terms, parlays are “all or nothing” bets. Parlays combine two or more individual bets into a single wager. This ramps up the odds so that a parlay pays much higher than any of the individual bets.

For example, I combined four bets with odds of -110, -110, +150, and +115 today on PointsBet, and the parlay payout came in at +1859. A $20 bet would pay more than $390.

Of course, there’s a catch. For a parlay to win, each individual bet must win. If you combine four bets into a parlay and one of them loses, you lose your bet even if the other three bets won. For that reason, parlays are risky bets, and most experts encourage you to steer clear.

On the other hand, casual bettors might enjoy making a weekly parlay every NFL Sunday or while any other league is in the thick of its season. There’s nothing wrong with making the occasional parlay bet as long as you acknowledge that your odds to win are low, similar to playing a slot machine.

Five Crazy Parlay Wins

Some bettors have beat the odds and been lucky enough to nab astronomical parlay wins in the past. Here’s a round-up of five amazing parlay wins.

The Three Sport Combo

Last year brought a huge windfall to one FanDuel sportsbook bettor who won on a $200 parlay combining 15 NBA, NFL, and NHL bets. The bet hit in November 2019 when all of the bettor’s moneyline wagers won for a payout of $229,276.

The moneyline bets boosted this wager over the edge for a massive win, because moneylines tend to offer longer odds if you pick the underdog. Whether it was sheer luck or educated guessing, this bettor came out on top.

The Charcuterie Parlay

In March 2019, sportsbooks were starting to take off in Mississippi on the heels of an August 2018 launch. March brought one noteworthy parlay win that featured a little bit of everything.

Rather than sticking to one type of bet, this bettor wagered $25 on a 20-leg parlay. The parlay was a veritable smorgasbord of bets and sports, including point spreads, moneylines, and totals. The wager covered a slate of Friday-night games across the NBA and NCAA basketball.

According to ESPN, the customer at BetAmerica sportsbook in Vicksburg, Mississippi’s Riverwalk Casino wagered on 14 favorites, three underdogs, and three “over” totals bets.

After a few close calls, the 20-leg bet won, netting the bettor a $104,412 win.

The Homecoming Special

In September 2020, a BetMGM customer raked in a $152,341 win on a $10 parlay.

The 11-leg bet featured five moneyline bets, five totals, and a single point spread wager (Duke +20.5). The majority of the bets predicted college football match-ups, but a few additional professional games sent the bet over the edge. The Rockets-Lakers under and the Yankees moneyline contributed to the win, resulting in a huge payday for the lucky bettor.

The 15-Leg NFL Slate

Amateur sports bettor Tayla Polia’s parlay success story is featured on countless lists just like this one, and for good reason. In 2015, Polia placed a $5, 15-leg parlay that included 14 point spread bets and one totals wager for the Steelers-Broncos matchup.

To her surprise, Polia’s bet won and paid out 20,000-1 for a cool $105,000. She actually thought the bet had failed initially because the Giants lost their match-up. But Polia had bet on the team to cover, which they did, completing her parlay and netting her a huge win.

Root, Root, Root For The Home Team

In 2015, MLB fans worldwide witnessed history. For the first time since the league’s inception, all 15 home teams won their games on a single day.

One lucky bettor cemented his place in the story by predicting the event with a 15-leg parlay bet. The Ireland bettor had plenty of reason to celebrate proverbial Irish luck when his ~$78 bet, placed at William Hill’s sportsbook, won him $100,810.

Best Parlay Bets

Should I Place Parlay Bets?

How Does A Parlay Bet Work On Tab

You may see these wins and instantly open your sportsbook app to start placing a few parlays for yourself. Before you do, it’s important to note that these wins are the exception, not the rule. The sage advice from sports betting experts is to stay away from parlays.

However, it’s okay to place a parlay bet once in a while, especially if you feel confident about a select few match-ups. Parlays can be a fun way to get in on the action and invest yourself in the match-ups of the day. Just play responsibly and keep in mind that your chances of winning any parlay are slim.

Parlay Tips

If you’re planning to place parlay bets, there are a few tips to keep in mind.

Less Is More

Sure, a 15-leg parlay is enticing, especially if the payout has four, five, or even six digits. But the more bets you include, the less likely you are to win. IF you’re interested in placing parlays, keep them simple at first. Combine two or three bets and see how they perform. If you’re lucky, you might win a few hundred dollars.

Favoritism Can Be A Benefit

Underdogs offer better payouts, but that’s only because they are viewed as less likely to win their match-up. If you’re building a parlay of moneyline bets, pay close attention to the odds. If one team is heavily favored to win, that might be the wiser pick.

Carefully Consider Home Team Bets

How Do Parlay Bets Work

Unless it’s the mid-90s and you’re placing Chicago Bulls bets every week, try to steer clear of home-team bets when you’re building a parlay. I’ve fallen victim to the trap many times–I place a 5-leg parlay bet that includes my Chicago Bears to win only to find a disappointing 4-1 parlay that loses me my initial bet thanks to a crushing Chicago loss.

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If you want to bet on your home team, keep that wager out of your parlays or risk disappointment.

Point Spreads Even Out The Odds

Betting on point spreads gives you smaller individual payouts, but combining them into parlays can produce big potential wins. Point spreads even out the odds of a given match-up, giving the predicted underdog a chance to cover the spread even if they lose the match.