BetMGM Parlay Betting: Parlay Types, Rules and Odds Calculation

Below is a summary of some of the rules related to parlays found in BetMGM's house rules:

• Related Outcomes Prohibited: Parlays cannot include two or more outcomes that are explicitly related or could turn out to be correlated unless placed through a same-game parlay or explicitly marked as a special offering.
• Outcome Contingencies: BetMGM may void portions of parlays with related contingencies if placed inadvertently.
• Minimum and Maximum Bets: Parlays must adhere to BetMGM's betting limits, ranging from $0.50 to $10 million.
• Voids on Errors: If errors occur (e.g., obvious odds errors), BetMGM reserves the right to void or adjust affected parlays.
• Push Adjustments: If a leg of a parlay results in a push, it is removed, and the parlay continues with adjusted odds.
• Leg Limits: Parlays are typically capped at a maximum of 15 legs.
• Promotions: Parlay boosts or promotions may follow additional specific terms.

When using online sportsbooks like BetMGM, you will never be required to calculate the odds of a traditional parlay or same-game parlay wager. This will be done automatically by the platform you are using.

At the same time, it's helpful to know what's going on behind the scenes so you can better understand parlay betting markets.

To calculate parlay odds and payouts, you follow the steps below:

1. Convert American odds to decimal. For example, +150 (bet $100 to win $150) and -120 (bet $120 to win $100) become 2.50 and 1.83, respectively.
2. Multiply the decimal odds for all legs. For a moneyline parlay with Green Packers -200: (1.50), Minnesota Vikings -300: (1.33), Cleveland Browns +120: (2.20) the multiplier is 1.50 x 1.33 x 2.20 = 4.39
3. Multiply the multiplier by the bet to find the payout. A $50 bet is $50 x 4.39 = $219.50

Here's another example that shows how a parlay's payout can grow. 

For simplicity's sake, let's say there are three teams listed as -200 favorites on the moneyline. This is how the payout differs when a bettor puts $10 on different outcomes:

Before you start placing your own parlay bets at BetMGM or any other sportsbook, there are a couple of types of promotions you should understand and keep an eye out for.

Parlay Insurance

Parlay insurance is a promotion that refunds a part of your bet if one leg of a parlay loses.

This safety net gives you a chance to get some of your losses back, usually in the form of free bets, as long as your parlay meets the requirements, like a minimum number of legs.

Sometimes, this promotion type is as simple as covering you for any leg of your parlay, but it may be applied to only hyper-specific outcomes like an overtime goal in hockey or a football team losing at the last minute. Be sure to have a good handle on the terms and conditions of any parlay insurance promotion you encounter.

Parlay Boosts

Parlay boosts increase the payout of a parlay by increasing the odds.

The boost is usually for parlays with a certain number of legs or more, increasing the reward on an already-risky bet. These promotions work like any other kind of odds boost, but they arguably are less useful for bettors because parlays already tend to offer excellent payouts, with their greatest weakness being their low probability of winning.

BetMGM makes it straightforward for new bettors to wager on parlays. 

The registration process is designed to take minutes, allowing bettors to access various markets quickly.

Here's a step-by-step guide to help new bettors create an account on BetMGM and start building parlays. 

1. Visit BetMGM:

• Access the BetMGM Sportsbook website or app to view the latest odds.
• Ensure you're located in a state where BetMGM is legally authorized to operate. BetMGM is located in 28 states (retail and online) and Washington, D.C. Bettors must be 21 and above in all regions except D.C., where the gambling age is 18.

2. Sign Up:

• To confirm your account, click on the gold "Sign Up" button and provide personal details, including name, date of birth, and email address.
• BetMGM ensures compliance by requiring bettors to share the last four digits of their Social Security Number (SSN) and activate geolocation services.

3. Make Your First Deposit:

• Choose from payment methods like PayPal or bank transfers to fund your account.
• Set deposit limits to practice responsible gambling as you explore NBA betting odds.

4. Claim The BetMGM First Bet Offer:

• BetMGM gives new bettors a first bet offer based on current odds for many games and betting markets.
• Before using the promotion, read the review and the terms carefully, such as wagering requirements and expiration dates.

5. Explore the Betting Markets:

• Now it's time to navigate to the bets that appeal to you the most and click on the odds. If you click on multiple bets, they will automatically form a parlay. Keep an eye out for packaged parlay options that suit your preferences.

If you're looking to make some parlay bets, you can use a variety of strategies. Here are a couple worth considering.

Target High-Scoring Games for SGPs

In most cases, there are far more props related to offensive performance than defensive performance. For instance, there are often prop markets for MLB players hitting home runs but failing to hit home runs or NFL players scoring touchdowns but failing to reach the end zone.

It's not impossible to build a parlay around low-scoring games, but you have more choices when you find a game that's expected to be action-packed. Looking at over/under totals can give you a sense of which games are expected to have more offence included in them.

An example of a matchup to target might be the AFC North Divisional rivalry between the Baltimore Ravens and Cincinnati Bengals. The last five times the teams have met, the score has been extremely high.

Layer Heavy Favorites

One of the ways to mitigate the risk inherent in parlays is to include exclusively outcomes that are considered highly likely to happen. This is not guaranteed to work by any stretch of the imagination, but it moderates the risk profile of this bet type.

If you combined three markets with -350 odds (which come with an implied probability of 77.78%), you wind up with a parlay at +112, odds that closely resemble a single straight bet you would consider a slight long shot.

Limit Your Selections

This is a responsible gambling note as much as strategy advice, but try to limit the legs in your parlays. It may seem tempting to ratchet up the payout with additional legs, but each makes it even less likely your wager will be successful.

Hedge Your Bets

If you find yourself down to the last game of your sizeable parlay, you can hedge the last leg to lock in a profit.

For example, if you stand to win $1,000 on your five-leg parlay and your last pick is a moneyline bet on the New York Yankees, you can bet $500 on the Toronto Blue Jays to win. The payout ends up looking like this.

In this simplified scenario, whatever the outcome of the Yankee-Blue Jays game is, you will have bet $600 and won $1,000.

It's important to note that you only find yourself in a situation like this by hitting the vast majority of a long-shot parlay.

The most important thing to know about parlays is that sportsbooks want you to make them. They are sometimes jokingly referred to as donations due to the difficulty of having multiple outcomes aligned at the same time.

With that in mind, the best thing to do from a responsible gambling standpoint is probably to avoid them altogether. If you do bet parlays, ensure that you do some with the understanding they are purely a form of entertainment.

Finding long-term profitability in sports betting is always difficult, and it's particularly hard if you favor parlays. Below is a summary of some broader responsible gambling principles that are always worth remembering: