Unlocking the Best Parlay Betting Odds: Moneyline Total Parlay Meaning

15 min read
Aug 28, 2024, 8:16 AM
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Sol Fayerman-Hansen
Sol Fayerman-Hansen
Editor-in-Chief
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Nick Ashbourne
Senior Writer
Last Updated: Sep 19, 2024, 3:00 PM

Understanding MoneyLine Parlays

Parlay betting is one of the most thrilling and potentially lucrative forms of sports betting, allowing bettors to combine multiple bets into one wager for a chance at a higher payout. This guide will explore everything you need to know about parlay bets, including how they work, various strategies, and how to unlock the best parlay betting odds.

What is a Parlay Bet?

Definition of a Parlay Bet

A parlay bet, also known as an accumulator or combo bet, is a type of wager that combines multiple individual bets into a single bet. For the parlay to win, each of the individual wagers, or "legs," within the parlay must be successful. If even one leg fails, the entire parlay bet loses. This higher risk is offset by the higher potential payout, as parlay odds multiply with each additional leg.

A parlay bet offers the thrill of high payouts but comes with increased risk—one losing leg means the entire bet loses.

How Parlay Bets Work

Parlay bets work by multiplying the odds of each individual bet within the parlay. For example, if you place a three-team parlay with odds of +150, +200, and +300, the potential payout would be significantly higher than if you placed each bet separately. The risk, however, is also higher because all three teams must win their respective games outright for you to win the parlay bet.

Suppose you bet on a parlay with the Kansas City Chiefs, Buffalo Bills, and New York Giants all to win their games outright. If all three teams win, your parlay wins. However, if the Kansas City Chiefs lose, the entire parlay bet loses, regardless of the outcomes of the other games.

Parlay Betting Strategies

Math Behind Spread Parlays

Spread parlays involve betting on the point spread in multiple games. The math behind these bets is crucial, as the point spread often influences the odds. 

For instance, betting on a parlay with multiple point spreads increases the complexity and risk but also boosts the potential payout. Understanding implied probability can help you make better decisions when placing spread parlays.

Spread parlays require careful consideration of the point spread and implied probability to maximize potential winnings.

Moneyline Parlays

Moneyline parlays are simpler than spread parlays because you are betting on teams to win outright. The odds for moneyline parlays are often lower than for spread parlays, but the risk is also reduced. For example, a moneyline parlay on three heavy favorites will have lower odds but a higher chance of winning than a parlay involving point spread bets.

Example
Betting on a moneyline parlay with the Kansas City Chiefs, Buffalo Bills, and New York Giants as heavy favorites could yield a moderate payout with lower risk.

Hedging Parlay Betting Strategy

Hedging involves placing a bet on the opposite outcome of your original parlay to secure a profit or minimize losses. For example, if your four-team parlay is down to the final leg, and the potential payout is significant, you might place a single bet on the opposite outcome of the final leg to guarantee some profit regardless of the outcome.

Hedging a parlay can be a smart move to lock in a profit or reduce potential losses.

Correlated Parlays and Same Game Parlay Betting

Correlated parlays involve betting on outcomes that are likely to be related. For example, if you bet on the Kansas City Chiefs to win and also on the game total to go over, these bets are correlated because a high-scoring game increases the chances of the Chiefs winning.

Same game parlays allow bettors to combine multiple bets from a single game, such as betting on the winner, the point spread, and the total points scored. These parlays can be risky but offer the potential for higher payouts.

Example
A same game parlay might involve betting on the Kansas City Chiefs to win, Patrick Mahomes to throw over 300 yards, and the total points to exceed 50 in a single game.

Parlay Bet Examples and Types

Standard Parlay

A standard parlay involves combining multiple individual bets into one wager. The most common types of bets in a standard parlay are moneyline bets, point spread bets, and totals (over/under). The more legs you include, the higher the potential payout, but also the higher the risk.

Example
A three-team parlay with the Kansas City Chiefs, Buffalo Bills, and New York Giants to win their games outright.

Teasers and Pleasers

A teaser bet allows you to adjust the point spread in your favor, reducing the risk but also the potential payout. In contrast, a pleaser bet is the opposite—you adjust the point spread against you for a higher payout. Both are variations of the standard parlay bet.

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Teasers offer lower risk by adjusting point spreads, while pleasers increase potential payouts with higher risk.

Same Game Parlay

A same game parlay involves combining multiple bets within the same game. This type of parlay is particularly popular in the NFL and NBA, where bettors might combine bets on the game winner, point spread, and individual player performances.

Example
A same game parlay on the Kansas City Chiefs might include bets on the team to win, the total points to exceed 50, and Travis Kelce to score a touchdown.

Progressive Parlay

In a progressive parlay, you can still win a reduced payout if one of the legs loses. This type of parlay is less risky but also offers lower potential winnings compared to a standard parlay.

Example
A four-team progressive parlay where one leg loses, but the bettor still wins a portion of the payout.

Round Robin

A round robin involves placing multiple parlays from a set of chosen teams. For example, if you choose three teams, a round robin bet would create three two-team parlays. This strategy increases your chances of winning at least one parlay but requires a higher initial wager.

Example
A round robin with the Kansas City Chiefs, Buffalo Bills, and New York Giants would create three two-team parlays, such as Chiefs-Bills, Bills-Giants, and Giants-Chiefs.

How to Bet a Parlay

Understanding Parlay Odds

Parlay odds are calculated by multiplying the odds of each individual bet. The more bets included, the higher the parlay's odds and the potential payout. However, understanding the implied probability and how it affects your potential payout is crucial for making informed decisions.

The odds for a parlay multiply with each additional leg, increasing both the potential payout and the risk.

Placing a Parlay Bet

Placing a parlay bet involves selecting multiple bets, typically from different games, and combining them into one wager. Most online sportsbooks allow you to build parlays easily by adding bets to your bet slip and selecting the parlay option.

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Example: If you want to place a four-team parlay, you would select the Kansas City Chiefs, Buffalo Bills, New York Giants, and another team, add them to your bet slip, and choose the parlay option to place your bet.

Managing Parlay Risk

Managing risk in parlay betting is essential because the more bets you add, the higher the risk. Strategies such as limiting the number of legs, hedging, and only betting on games where you have strong confidence can help manage this risk.

Tip
To manage risk, consider limiting the number of legs in your parlay and only betting on outcomes you strongly believe in.

Sports Betting Parlays by League

NFL Parlay Bets

NFL parlays are incredibly popular due to the league's wide range of betting options and high-profile games. Many bettors combine moneyline bets, point spreads, and totals into NFL parlays for a chance at high payouts.

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A three-team NFL parlay might include the Kansas City Chiefs to win outright, the Buffalo Bills to cover the spread, and the New York Giants game to go over the total points.

NBA Parlay Bets

NBA parlays often involve betting on the spread or total points in addition to moneyline bets. The fast pace of basketball and frequent high scores make NBA parlays an exciting option for bettors.

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A two-team NBA parlay could involve the Los Angeles Lakers to win outright and the Golden State Warriors to cover the spread.

MLB Parlay Bets

MLB parlays typically involve moneyline bets and totals. Baseball's long season and numerous games provide ample opportunities for bettors to create parlays with potentially high payouts.

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A four-team MLB parlay might include the New York Yankees, Los Angeles Dodgers, Chicago Cubs, and Boston Red Sox all to win their games outright.

NHL Parlay Bets

NHL parlays can be made using moneyline bets, puck lines (the hockey equivalent of point spreads), and totals. The low-scoring nature of hockey games often makes NHL parlays challenging but rewarding.

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A three-team NHL parlay could include the Toronto Maple Leafs, Montreal Canadiens, and Vancouver Canucks to win their games.

Tennis Parlay Bets

Tennis parlays are popular among bettors who like to combine multiple moneyline bets from different matches. Tennis tournaments provide a steady stream of betting opportunities, making it easy to create parlays.

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A tennis parlay might involve betting on Rafael Nadal, Novak Djokovic, and Serena Williams to win their respective matches.

Golf Parlay Bets

Golf parlays often involve betting on the outright winners of different tournaments or combining bets on top-10 finishes. Due to the high variance in golf, parlays can be particularly challenging but offer substantial payouts.

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A golf parlay might include bets on Rory McIlroy, Dustin Johnson, and Brooks Koepka to finish in the top 10 of their tournaments.

Soccer Parlay Bets

Soccer parlays are popular worldwide, especially in major leagues like the English Premier League and La Liga. Bettors often combine moneyline bets, totals, and even prop bets into soccer parlays.

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A soccer parlay could involve betting on Manchester United, Barcelona, and Paris Saint-Germain to win their matches.

Auto Racing Parlay Bets

Auto racing parlays involve betting on the outcomes of different races or combining bets within the same race, such as predicting the winner and the number of lead changes.

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Example: If you want to place a four-team parlay, you would select the Kansas City Chiefs, Buffalo Bills, New York Giants, and another team, add them to your bet slip, and choose the parlay option to place your bet.
0

MMA/Boxing Parlay Bets

MMA and boxing parlays typically involve combining bets on multiple fights. Given the unpredictable nature of these sports, parlays can offer high payouts but come with significant risk.

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Example: If you want to place a four-team parlay, you would select the Kansas City Chiefs, Buffalo Bills, New York Giants, and another team, add them to your bet slip, and choose the parlay option to place your bet.
1

Parlay Betting Tips for Beginners

Managing Bankroll for Parlays

Managing your bankroll is crucial when betting on parlays, as the increased risk can quickly deplete your funds. Only wager a small percentage of your bankroll on parlays, and avoid the temptation to chase losses by placing larger bets.

Effective bankroll management is key to long-term success in parlay betting, especially for beginners.

Avoiding Common Parlay Mistakes

Common mistakes in parlay betting include adding too many legs, betting on teams you don’t know well, and failing to understand the odds. Beginners should start with simple parlays and gradually increase complexity as they gain experience.

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Avoid the common mistake of adding too many legs to your parlay—keep it simple to increase your chances of winning.

Parlay Odds Boost Promos

Many sportsbooks offer parlay odds boost promos, which increase the potential payout of your parlay. These promotions can be enticing, but they also come with increased risk.

Parlay odds boost promos offer higher payouts but be aware of the increased risk involved.

How to Use Parlay Odds Boost Promos

To use a parlay odds boost promo, simply opt in to the promotion on your sportsbook’s website or app. Then, build your parlay as usual. The odds will be automatically boosted, increasing your potential payout if the parlay wins.

Example
A sportsbook might offer a 10% odds boost on a three-team parlay, increasing your potential winnings by 10% if all three bets win.

Benefits of Parlay Odds Boost Promos

The primary benefit of parlay odds boost promos is the higher potential payout. These promotions can turn a standard parlay into a high-payout bet with the same initial wager.

Example
If your original parlay had a potential payout of $300, an odds boost might increase it to $330, offering more money without additional risk.

Risks of Parlay Odds Boost Promos

The main risk of parlay odds boost promos is that they can encourage riskier betting behavior. Bettors might be tempted to add more legs to their parlay to take advantage of the boost, increasing the likelihood of the wager losing.

Advanced Parlay Betting Topics

How to Figure Out a Moneyline

Figuring out a moneyline is essential for successful parlay betting. Moneyline odds represent the implied probability of a team winning a game outright. Understanding how to calculate moneyline odds and incorporate them into your parlay strategy is key to maximizing potential winnings.

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Understanding moneyline odds and implied probability is crucial for building successful parlays.

Using Correlated Parlays in Sports Betting

Correlated parlays involve betting on outcomes that are likely related, such as betting on a team to win and the total points to go over. While some sportsbooks restrict correlated parlays, they can be a valuable strategy when allowed.

Example
A correlated parlay might involve betting on the Kansas City Chiefs to win and the game total to go over 50 points. If the Chiefs win a high-scoring game, both bets are likely to succeed.

Parlay Betting Glossary

Key Terms in Parlay Betting:

Parlay TermDescription
Moneyline BetA bet on a team to win outright.
Point Spread BetA bet on the margin of victory in a game.
Teaser BetA parlay that allows you to adjust point spreads in your favor.
Round RobinA series of parlays created from a set of chosen teams.
Parlay CardA card used in sportsbooks to list parlay bets and their potential payouts.

Understanding Parlay Betting Terminology

Understanding the terminology used in parlay betting is crucial for success. Terms like "moneyline," "point spread," and "teaser" are commonly used in sportsbooks and knowing what they mean can help you make informed decisions.

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Knowing that a "teaser bet" allows you to adjust point spreads can help you decide whether to include it in your parlay strategy.

Parlay Betting Pros and Cons

Pros of Parlay Sports BettingCons of Parlay Sports Betting
High Payouts: Parlays offer the potential for high payouts with relatively small bets.High Risk: The risk of losing increases with each additional leg in a parlay.
Variety: Parlays allow bettors to combine different types of bets, such as moneyline bets and point spreads, into one wager.Complexity: Parlays can be more complicated than single bets, requiring more knowledge and strategy.
Excitement: The thrill of watching multiple games with the potential for a big payout adds excitement to sports betting.Lower Probability of Winning: The more legs in a parlay, the lower the probability of winning the entire bet.
Sol Fayerman-Hansen
Sol Fayerman-Hansen
Editor-in-Chief

Sol has over 20 years of experience in writing for diverse industries including sports, gambling, regulation, technology, and startups. As the Editor-in-Chief at RG.org, Sol brings a wealth of knowledge and expertise to the role, focusing on delivering transparent, evidence-based content grounded in thorough research. Sol's mission is to empower readers to enjoy gambling responsibly and make informed decisions, enhancing their overall experience through insightful and engaging content. Under Sol's leadership, RG.org prioritizes the highest standards of integrity and reliability, ensuring that all information provided is accurate and trustworthy. Sol's dedication to transparency and research-based writing helps create a responsible gambling environment where readers can truly benefit from the content. This commitment to excellence has positioned RG.org as a leading source of information in the gambling industry.

Experience:

  • Over 20 years in writing and editing across multiple industries
  • Former head of regional innovation at BMO Finanacial Group
  • Senior Writer, Online Casino Reports
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Sol Fayerman-Hansen
Sol Fayerman-Hansen
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Sol has over 20 years of experience in writing for diverse industries including sports, gambling, regulation, technology, and startups. As the Editor-in-Chief at RG.org, Sol brings a wealth of knowledge and expertise to the role, focusing on delivering transparent, evidence-based content grounded in thorough research. Sol's mission is to empower readers to enjoy gambling responsibly and make informed decisions, enhancing their overall experience through insightful and engaging content. Under Sol's leadership, RG.org prioritizes the highest standards of integrity and reliability, ensuring that all information provided is accurate and trustworthy. Sol's dedication to transparency and research-based writing helps create a responsible gambling environment where readers can truly benefit from the content. This commitment to excellence has positioned RG.org as a leading source of information in the gambling industry.

Experience:

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  • Senior Writer, Online Casino Reports
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