What is Parlay Betting?
Parlay betting involves combining multiple bets, often referred to as "legs," into a single bet. The appeal of a parlay bet lies in its potential for a high payout. However, with that potential comes significant risk: every leg of the parlay must win for the bet to succeed. If even one leg fails, the entire parlay bet loses.
Parlays can be built from different bet types, including straight bets, point spreads, and prop bets. By combining these bets, you can significantly increase the potential payout, but the difficulty of winning also increases. The more legs in a parlay, the higher the potential payout, but also the higher the risk.
How to Place a Parlay Bet
Placing a parlay bet is a straightforward process, but it requires careful selection of bets and understanding of the associated risks.
Step-by-Step Guide:
- Select Your Bets: Begin by choosing the individual bets you want to combine into a parlay. These could include point spreads, moneylines, and prop bets. For example, you might choose to bet on the Kansas City Chiefs to win, another team to cover the spread, and a player to score a touchdown in the same game.
- Add to Bet Slip: As you make your selections, they will be added to your bet slip. Most online sportsbooks automatically calculate the potential payout based on the parlay odds.
- Review Parlay Odds: Before placing your bet, review the parlay odds displayed on your bet slip. These odds are calculated by multiplying the odds of each individual bet.
- Place the Bet: Once you're satisfied with your selections and the potential payout, confirm your bet. Remember, once placed, a parlay bet cannot be changed.
Tips:
- Bet Early: Betting early can help you secure better odds before they shift closer to game time.
- Consider the Number of Legs: While a two-leg parlay is less risky than a three-leg parlay or more, it also offers a lower payout. Balance risk and reward according to your betting strategy.
- Check for Odds Boosts: Some sportsbooks offer parlay odds boosts, which can increase your potential payout without additional risk.
Understanding Parlay Odds
Parlay odds are a critical aspect of parlay betting. Understanding how they work is essential for making informed bets.
How Parlay Odds are Calculated
Parlay odds are calculated by multiplying the odds of each individual bet within the parlay. The resulting odds represent the potential payout if all the bets win. For example, if you place a two-team parlay with each leg having odds of +200 and +150, the combined parlay odds would yield a higher payout than if you placed each bet individually.
Factors Affecting Parlay Odds
- Number of Legs: The more legs in your parlay, the higher the potential payout. However, this also increases the likelihood that one leg will lose, causing the entire parlay to fail.
- Odds Boosts: Some sportsbooks offer promotions like odds boosts, which can enhance the potential payout without additional risk.
Example
Imagine you’re placing a three-team parlay with the following odds:
- Team A: -110
- Team B: +130
- Team C: +200
The combined parlay odds would offer a substantial potential payout, but the risk is that all three teams must win for you to collect.
Parlay Betting Strategies
Successful parlay betting requires more than just luck. Understanding and implementing effective parlay betting strategies can significantly increase your chances of success.
Popular Strategies
- Progressive Parlay: A progressive parlay allows for a certain number of losses while still offering a payout. This strategy reduces the risk but also lowers the potential payout.
- Round Robin Betting: Round robin betting involves placing multiple smaller parlays from a larger set of bets. This strategy helps spread risk across different combinations.
Managing Risks
- Correlated Parlays: Be cautious of placing correlated parlays where the outcome of one bet directly influences another. Some sportsbooks may restrict these types of bets or offer lower odds.
- Bankroll Management: Effective bankroll management is crucial in parlay betting. Never bet more than you can afford to lose, especially with the higher risks associated with parlays.
Strategic Tips
- Combine Wagers Wisely: Focus on combining bets where you have strong confidence in the outcomes. Avoid including bets that are simply chasing high payouts without solid reasoning.
- Implied Probability: Use implied probability to assess the true likelihood of each leg winning. This can help you make more informed decisions when constructing your parlay.
Types of Parlay Bets
Parlay betting is not a one-size-fits-all approach. Different types of parlays offer varying levels of risk and reward.
Types of Parlays
Type of Parlay | Description |
Traditional Parlay | Combines two or more individual bets into one wager; all selections must win for a payout. |
Same-Game Parlay | Combines multiple outcomes from the same event into one bet. |
Round Robin Parlay | Involves multiple smaller parlays with different combinations of outcomes. |
Teaser Parlay | Allows adjusting point spreads or totals in favor of the bettor; lower payout but higher chance of winning. |
Progressive Parlay | Provides partial payouts even if one or more selections lose; lower payout compared to traditional parlays. |
Moneyline Parlay | Combines multiple moneyline wagers where each selection must win. |
Point Spread Parlay | Combines wagers based on point spreads; each team must cover the spread. |
Over/Under Parlay | Combines multiple totals bets where the bettor predicts if the total score will be over or under the set line. |
Multi-Sport Parlay | Includes bets from different sports combined into one wager. |
Open-Spot Parlay | Allows bettors to build parlays with one or more open spots that are filled at a later time. |
Parlay Betting Across Major Sports
Parlay betting is popular across various sports, each offering unique opportunities and challenges. Here’s how parlay betting works across some of the most followed sports in the US.
Football Parlay Bets
Football, particularly the NFL, is a favorite among parlay bettors due to its wide variety of betting options and the sport’s popularity. Common bets include NFL point spread bets, moneyline bets, and prop bets.
For example, a football parlay bet might include:
- The Kansas City Chiefs to cover the spread against a divisional rival.
- Another team, such as the Green Bay Packers, on the moneyline.
- A prop bet on a player like Patrick Mahomes to throw over 2.5 touchdowns in the same game.
You can also create same game parlays in the NFL, combining bets such as the total points scored, individual player stats, and even specific quarters' outcomes. This allows bettors to leverage their knowledge of a particular game in various ways within a single parlay.
Basketball Parlays
In basketball, particularly the NBA, same game parlays have become increasingly popular. The fast-paced nature of the game and the wide range of betting options make it ideal for parlay betting.
For instance, a bettor might combine:
- A point spread bet on the Los Angeles Lakers to win by more than 5 points.
- A bet on LeBron James to score over 25 points.
- A wager on the total points in the game to exceed 220.
The dynamic nature of basketball games, with constant scoring and momentum shifts, makes it an exciting sport for parlay betting, offering opportunities for high returns if you can predict multiple aspects of a game correctly.
Baseball Parlays
Baseball's long season and frequent games provide numerous opportunities for parlay betting. In MLB parlays, bettors might focus on various aspects, such as:
- Total runs scored in a game.
- A team like the New York Yankees to win a specific game.
- A prop bet on a star player like Aaron Judge to hit a home run.
With baseball, you can also place series parlays, betting on the outcomes of several games within a series.
Hockey Parlays
Hockey, particularly the NHL, offers exciting parlay betting opportunities with its fast pace and unpredictable nature. In NHL parlays, you might combine bets such as:
- The moneyline for the Boston Bruins to win.
- A bet on the total goals in the game to go over 5.5.
- A prop bet on a player like Connor McDavid to score a goal.
Hockey’s lower-scoring nature can make parlays more challenging but also more rewarding if you can accurately predict outcomes across multiple games or events within a game.
Soccer Parlays
Soccer is another sport where parlay betting is popular, especially with leagues like Major League Soccer (MLS) gaining more attention in the US. Soccer parlays can include:
- A moneyline bet on LA Galaxy to win.
- A bet on the total goals in the game to be under 2.5.
- A prop bet on a specific player to score or assist.
Given soccer's global popularity, bettors also often include bets from international matches in their parlays, though focusing on MLS can bring familiarity and expertise to US-based bettors.
MMA Parlays
Mixed Martial Arts (MMA), particularly UFC events, are also popular for parlay betting. In MMA parlays, bettors might combine:
- A moneyline bet on a favorite like Jon Jones to win his fight.
- A prop bet on the method of victory, such as Israel Adesanya winning by knockout.
- A bet on a fight to go the distance or end in a specific round.
MMA parlays can be particularly thrilling because the outcomes can change with a single punch or submission, making accurate predictions potentially very lucrative.
Tennis Parlays
Tennis offers a range of betting options ideal for parlay betting, especially during major tournaments like the US Open. In tennis parlays, bettors might combine:
- A moneyline bet on Novak Djokovic to win his match.
- A bet on the total number of sets in the match to exceed 3.5.
- A prop bet on the number of aces served by a specific player.
Tennis allows for a mix of match outcomes and individual performance bets, creating opportunities for informed bettors to capitalize on player form and match conditions.
Managing Parlay Betting Risks
Parlay betting carries inherent risks due to the need for all legs to win. Managing these risks is crucial for long-term success.
Risk Management Tips:
- Limit the Number of Legs: While more legs increase the potential payout, they also significantly increase the risk. A two-leg parlay or three-leg parlay is less risky than a parlay with four or more legs.
- Use Parlay Insurance: Some online sportsbooks offer parlay insurance, which refunds your bet if one leg of the parlay loses. This can be a useful tool for managing risk.
- Bankroll Responsibly: Always be aware of your bankroll and bet within your limits. Parlay betting should be part of a broader, well-managed betting strategy.
"The thrill of parlay betting is undeniable, but so is the risk. Always prioritize responsible betting, and remember that the higher the reward, the greater the risk."
Parlay Betting Pros and Cons
Understanding the pros and cons of parlay betting can help you decide whether this betting style is right for you.
Pros:
- Higher Payouts: The primary attraction of parlay betting is the potential for substantial payouts. By combining multiple bets into one parlay, you can significantly increase your potential winnings compared to placing each bet individually. This makes parlay betting particularly appealing to those looking to maximize their return on a relatively small wager.
- Increased Excitement: Every leg of the parlay matters, which adds to the excitement of watching the games. Knowing that each outcome is critical to your potential win can make the viewing experience more engaging and thrilling. This heightened sense of involvement can be a major draw for sports fans who enjoy the added stakes of parlay betting.
Cons:
- Higher Risk: The biggest drawback of parlay betting is the risk involved. If even one leg of the parlay loses, the entire bet is lost. This all-or-nothing nature means that while the potential rewards are high, the likelihood of losing is also significantly increased. The more legs you add to your parlay, the higher the risk of one bet failing and causing the entire parlay to lose.
- Complexity: Parlay betting requires careful consideration and research, as each bet influences the overall outcome. It's not just about picking winners; you need to consider how each leg of the parlay interacts with the others, which can make it more complex and challenging than placing straight bets.
- Potential for Problem Gambling: Due to the high-risk, high-reward nature of parlay betting, there is a potential for it to contribute to problem gambling behaviors. The allure of big payouts can lead some individuals to place parlays impulsively, without fully considering the risks. This can result in significant financial losses, particularly if a bettor repeatedly chases losses by placing increasingly risky parlays.
- Encouragement of Risky Behavior: The promise of large payouts can encourage bettors to take on more risk than they might with other types of bets. This can lead to irresponsible gambling behavior, where the excitement of a potential big win overshadows the reality of the risks involved. Bettors may feel compelled to place larger parlays with more legs, despite the decreasing likelihood of winning, which can be a dangerous path, especially for those susceptible to gambling addiction.
- Impact on Mental Health: The stress and disappointment of consistently losing parlay bets can negatively impact mental health, particularly for those who may already be struggling with gambling addiction. The emotional rollercoaster of near-misses and losses can exacerbate feelings of anxiety and depression, leading to a vicious cycle of problem gambling.
Should You Place a Parlay Bet?
Deciding whether to place a parlay bet depends on your betting style, risk tolerance, and understanding of the odds.
Considerations:
- Personal Betting Style: Are you a conservative bettor, or are you willing to take on more risk for a potentially higher reward? Your betting style should guide your approach to parlay betting.
- Understanding the Odds: Make sure you fully understand how parlay odds work and what they mean for your potential payout.
- Potential Payout vs. Risk: Weigh the potential payout against the risk. Parlay bets offer high rewards, but the likelihood of winning decreases with each additional leg.
Parlay Betting Guide FAQs
Parlay Betting FAQs
What is a parlay bet?
A parlay bet is a popular form of sports betting that combines multiple individual bets into one. This could be anything from a single wager on the outcome of a game to a complex four leg parlay where you bet on four different outcomes.
How are parlay odds calculated?
Parlay betting odds are calculated by multiplying the odds of each individual bet. However, this also increases the risk since each bet must win for the parlay to succeed. The total typically carries odds that reflect the combined risk and reward of the multiple bets. To increase your potential parlay winnings, some sportsbooks offer a parlay odds boost, which enhances the payout potential without altering the risk.
What is a same game parlay?
A same game parlay involves placing multiple bets on the same event, such as betting on the point spread, total points, and a player's performance in an NFL game. For example, in an NFL parlay involving the Kansas City Chiefs, you might bet on them to cover the spread, on the total points to go over a certain number, and on a specific player to score a touchdown. Same game parlays are popular in sports betting because they allow bettors to leverage their knowledge of a single game to maximize potential returns.
What happens if one bet in my parlay loses?
If one bet in your parlay loses, the entire parlay bet loses. This is a key risk in parlay betting—one misstep can nullify all the potential parlay winnings. To mitigate this, some sportsbooks offer parlay insurance, which can refund your stake if one leg of your parlay loses. This insurance can be particularly useful in two team parlays or three team parlays, where the risk of one leg failing is significant. Keep in mind that bonus bets expire, so always check the terms if you're using a promotion.
Can I include different types of bets in a parlay?
Yes, you can combine different bet types in a parlay. Common combinations include straight bets, point spreads, and prop bets. For instance, a team parlay might include a bet on one team to win outright, another on a team to cover the spread, and a prop bet on a player to score a certain number of points. This flexibility is one of the reasons parlay betting is so popular. Just remember, all the individual bets must win for the parlay to pay out.
What is a two team parlay?
A two team parlay is a parlay that involves bets on two different teams or outcomes. For example, you might bet on two different teams to win their respective games, or on one team to win and another to cover the spread. The odds are multiplied, offering a higher potential payout than betting on each team separately. However, both bets must win for the parlay to pay out.
What is a three team parlay?
A three team parlay involves betting on three different teams or outcomes. For example, you could bet on three teams to win, or on a combination of spreads, totals, and moneylines. As with a two team parlay, all three bets must win for the parlay to be successful.
What is a correlated parlay?
A correlated parlay involves bets that are related or influenced by each other. Some sportsbooks limit or adjust odds for correlated parlays because the combined bets can increase the likelihood of winning. It’s a parlay betting strategy that can offer an edge, but it's essential to understand how correlation impacts the odds.
How can I improve my parlay betting strategy?
Improving your parlay betting strategy involves careful research, understanding the odds, and managing your bankroll. Here are some sports betting tips:
- Limit the Number of Legs: While a four leg parlay can offer huge payouts, starting with a two team parlay or three team parlay can help reduce risk.
- Use Bonuses Wisely: If you receive bonus bets, remember that these bonus bets expire, so use them strategically. Also, look for opportunities to use a parlay odds boost.
- Focus on Best Odds: Always shop around for the best odds before placing your parlay. Different sportsbooks may offer different odds, impacting your potential payout heading.
- Avoid Over-Correlation: While a correlated parlay can offer an edge, be cautious about overdoing it, as some sportsbooks may adjust the odds or limit your bet.
What should I do if I lose multiple parlays in a row?
If you find yourself on a losing streak, it's essential to reassess your parlay betting strategy. Consider reducing the number of legs in your parlays, or focus on single bets for a while. Remember, all the earlier games you bet on might have won, but if you miss on the remaining game or one final game, the whole bet fails. It’s also important to manage your bankroll responsibly and avoid chasing losses, as this can lead to more significant financial issues.
How do I choose the best parlay picks?
Choosing the best parlay picks involves a combination of research, betting strategy, and understanding the dynamics of the sport. Look for value in parlay betting odds, consider teams win potential, and factor in any relevant sports betting tips. Start with a single wager or a one wager parlay to test your strategy before committing to larger, more complex parlays.
Can I win money with parlays?
Yes, you can win money with parlays, and sometimes the winnings can be substantial. However, the high risk involved means that it's also easy to lose, especially if you are not careful with your parlay betting strategy. Focus on betting tips, consider your final parlay pick carefully, and always bet responsibly.
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Paruyr Shahbazyan
Paruyr Shahbazyan began his business career in 2000 as a private entrepreneur. Over thirteen years, he developed a deep understanding for business and leadership, laying a solid foundation for his professional journey.
In 2013, Paruyr stepped into the sports and betting industry as the founder and president of Bookmaker Rating. This online mass media platform, which he led until 2020, focused on providing in-depth analysis and insights in sports betting, earning a reputation for its quality content.
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Experience | Year |
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Founder and President at Bookmaker Rating, an online platform focused on sports and betting | 2013-2020 |
Co-founder at Azuro, a decentralized betting protocol | 2022 |
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