Parlay Sports Betting Explained

What is Parlay?

Parlays, also known as accumulators, combination bets, or multi-wagers at your preferred sportsbook, are types of sports single bet that connects two or more separate wagers and is contingent on all of those wagers winning together.
The parlay bet is one of the most popular sports betting. Regardless of the name, the premise is simple, straight-up bets with spreads and totals are always combined.

If any of the parlay’s bets lose, the entire parlay loses as well. If any of the parlay’s games tie, or “push,” the parlay’s number of teams is reduced, and the odds are reduced proportionally.

How do Parlay Betting Work?

Parlay sports betting is basically a game that combines many bets into one bet. This is achieved by transferring the winnings from individual bets to the next leg. All legs or single bets of a combination are must-win for the combination to be considered a winner.

Your entire sports parlay bet loses if even one of your bets loses. That’s how parlay bets operate. You can build National Football League parlays or mix and match multiple sports bets. A straight-up wager on a Major League Baseball game, for example, maybe combined with a basketball point spread bet.

The added risk is reflected in Parlay’s odds, as Parley combines a large number of bets and all bets must win for Parley to pay. Your stakes will be much higher than if you bet on one sports game. As long as the bets are on distinct games, you can have many versions of the same bet.

3-team parlay

This is a three-team National Football League parlay, for example. Three spread bets are involved in the parlay: New England Patriots -2.5, Tampa Bay Buccaneers +4, and Miami Dolphins -10.

The Dolphins must win by at least eleven (11) points, the New England Patriots by at least three points, and the Tampa Bay must win outright or lose by less than four points for this three-team parlay to win. The total parlay loses even both of these are multiple bets win and one loses.

How to Make a Parlay Bet

At a sportsbook like OKBET.com, placing a parlay bet is simple.

  • Navigate to the sport of your choice.
  • Choose two or more games to play.
  • Choose “Parlay” from the Bet Slip on the right; some bookies won’t even ask you to do this, placing the parlay right below or above single bets.
  • Submit the amount you want to bet.

Kinds of Parlay

Round Robin and Teaser parlays are the most prevalent types of parlays.

1. Round Robin

Placing multiple parlay wagers at once is known as a Round Robin bet. That’s all there is to it. Round Robin bets are simply a means to make numerous parlays easier. When a sports bettor “Round Robins” teams, it’s analogous to a horse bettor “boxing” horses in a race for an exacta or trifecta wager.

The Round Robin will consist of 3 to 8 teams or totals chosen by the bettor. They’ll then decide how many teams or totals they want to join for the Round Robin. For example, in a Round Robin, a bettor might choose eight teams and totals and tie the parlays to as many three-team combinations as feasible.

The number of distinct parlays a bettor can have is determined by the combination of teams. Continuing the example, if a bettor chooses two teams to Round Robin eight teams, they will have 28 different parlays. The bettor will have 56 different parlay tickets if they want to create three-team parlays.

2. Teaser

Teasers are similar to traditional parlays in that bettors can choose from different teams or totals. However, money lines at the teaser are not allowed. In contrast to combinations, bettors have the option to shift the spread or total of each point by a specified number of points. These bets are less than the standard combination because they are easier to win with spreads or additional points in total.

Payout Odds

The following is a general reference to how most sportsbooks handle parlays payouts. This assumes that the games have a typical -110 payoff and that the wager is $100.

Parlay

Popular Sports with Parlay Odds

Many gamblers are undecided about whether or not parlays are a good bet of what sports they are going to bet on. Calculating the anticipated value is the best way to see if they are lucrative in the long run. It would be good to be able to take odds on both sides of a single bet; nevertheless, this is not a common betting practice. One of the best online sports betting listed below

  • Major League Baseball
  • National Football League
  • National Basketball Association
  • Hockey League
  • or National Collegiate Athletic Association

Most online sportsbooks won’t let you build the game cards with various sides of the same game. Instead of two of the same sort of bets, any two-team game would have to include a spread and a money line or total. Even if the sportsbook permits it, you will be wasting your money because your wagers will cancel each other out.

Calculation of Payouts

When it involves Parlay having a bet, there are some matters to preserve in mind. You`ll want to make use of the Decimal odds layout to compute the game odds. You should both alternate the numbers manually or adjust the settings on the web sports activities having a bet you operate in case you opt for the American having a bet odds form.

Read and follow this simple formula to perform the conversion on your own.

  • Favorites (in negative sign listed) are divided by 100 and then added by 1.2.
  • Underdogs (positive sign listed) are divided by 100 and then added by 1.2.
  • Let’s say we wish to combine a favorite -155 with a +360 underdog. The formula for the numbers looks like this.

100/155 + 1.2 = 1.845

360/100 + 1.2 = 4.8

Now that we’ve transcribed American odds to decimal odds, all we have to do is multiply the decimal odds by the wager amount to get the potential payout:

2.125 x 5.1 x $100 = $885.6

Parlay Betting Tips

Sportsbooks love Parley because it forces bettors to be perfect. This can be difficult. But that doesn’t mean you should avoid Parley altogether. Before you make a bet, you need to handicap each game you want to include in the Parley Pick. Without due diligence, you may be less likely to win the combination. One useful tip for online gamblers is to take advantage of free play incentives provided by various sportsbooks. Keep in mind that with most free bets, you just get to keep the winnings, whereas, with a real cash bet, you get to keep both the winnings and the original stake.

Another option is to look for connected outcomes that are bet table. While it’s true that a casino won’t provide the obvious ones (such as Over/Under), there are plenty of other sporting events with possibly linked outcomes that make a game bet quite appealing. The advantage of the game is that the pay-offs are substantially bigger than if you placed each bet singly because hitting all of them is much more difficult.

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