Understanding Parlay Bets
Parlay bets are a popular form of sports betting that allows bettors to combine multiple wagers into a single bet. In a parlay, all the individual bets, often referred to as "legs," must win to succeed.
This type of betting market offers the potential for higher payouts than placing each bet individually, but it also comes with far greater risk.
Parlay betting can involve different wagers, including point spreads, moneylines, and totals (over/under). Bettors can combine bets from multiple games or different sports into a single parlay. The appeal of this bet type lies in its ability to turn a small wager into a significant win if all legs are successful.
However, it's important to note that parlays favor the sportsbook due to their challenging nature.
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How Parlays Work
Parlay bets function by linking multiple individual bets together.
The odds for a parlay are calculated by multiplying the odds of each individual leg. This multiplication of odds leads to the potentially high payouts associated with successful parlays.
Parlay Type | Risk Level | Potential Reward |
---|---|---|
2-leg parlay | Medium | Medium |
3-4 leg parlay | High | High |
5+ leg parlay | Very High | Very High |
Calculating Parlay Odds
To give a sense of how this bet is calculated, consider the following example:
In a three-leg parlay, you could include a spread bet on the Dallas Cowboys at -7.5 (-110), and the remaining bets could be moneylines for the Tampa Bay Buccaneers (-120), and the Philadelphia Eagles (+150). The odds of the parlay would be the product of these individual odds (+775).
It's crucial to understand that if any single leg of the parlay loses, the entire parlay is lost.
This all-or-nothing nature is what makes parlays both exciting and risky. Some sportsbooks offer parlay insurance to mitigate this risk but come with specific terms and conditions.