What is a Parlay Bet? Types, How To, and Odds

What is a Parlay Bet?

Parlay betting is a favored form of sports betting where multiple individual wagers are grouped into a single bet. With each added wager, the potential payout grows, along with the risk of losing the entire bet. This type of betting can be appealing to those looking to boost their potential earnings, as a modest initial investment could result in a significant payout if all individual wagers are successful.

Although parlay betting can be exciting, it also comes with challenges, as the likelihood of winning decreases with each added wager. It is crucial for bettors to carefully analyze their choices and evaluate the risks of each individual bet before including them in a parlay. While parlay betting can be risky, it can also offer high rewards and be an exhilarating way to participate in your favorite sports while potentially earning substantial payouts.

Types of Parlay Bets

Two-Leg Parlay

A two-leg parlay is a sports betting wager where the bettor must predict the outcomes of two separate events, often from the same sport, to win. If any of the predictions are wrong, the entire bet is lost.

For instance, if a bettor decides to place a two-leg parlay on two football games, they might choose the Dallas Cowboys to beat the New York Giants and the Green Bay Packers to defeat the Minnesota Vikings. In order to win the bet, both of these selections must be correct. If either the Cowboys or the Packers lose, the entire bet is considered a loss.

When placing a two-leg parlay, the potential payout can exceed that of individual bets on each event due to the lower odds of winning a parlay leading to a higher potential payout.

Three-leg (or more) Parlay

A parlay with three legs or more requires betting on the results of three or more separate events, while a two-leg parlay involves only two events. In both types of parlays, the bettor must accurately predict the outcome of each event to win the bet. However, the odds of winning a three-leg parlay are lower than a two-leg parlay due to the additional event that must be predicted correctly.

Three-leg parlays have lower odds of winning compared to two-leg parlays, leading to a higher potential payout for a successful three-leg parlay. However, the risk of losing the entire bet is also higher with a three-leg parlay, as just one incorrect prediction will result in a loss. This makes three-leg parlays riskier than two-leg parlays, but they also offer a greater payout if successful.

The level of risk increases when you start combining four, five, or six games in a parlay. The more games you choose, the greater the potential payout, but also the harder it is to win.

Same-Game Parlays

A same game parlay is a sports betting option where bettors can combine various bets on one game into a single parlay. This means that bettors can place multiple bets on different aspects of a single game, like the point spread, over/under, and specific player or team prop bets, all in one wager.

In the case of the Cowboys and Giants example mentioned earlier, the bettor has the option to place bets on various outcomes such as the Cowboys winning the game, the point spread, the over/under, and specific player props like the passing yards of the Cowboys’ quarterback. By consolidating these bets into a single parlay, the bettor has the chance to enhance the potential payout of the bet.

Many sports bettors favor same game parlays for their customizable and flexible nature when placing bets on a single game. Yet, these types of parlays can present a greater challenge to win compared to traditional individual bets, as each component must be correct for the overall bet to be successful.

Combo Bets

A combo bet is a sports betting wager that combines multiple bets into one. Unlike a parlay, it doesn’t require all bets to be correct to win, but offers a lower payout if some are. They can be placed on various sports like soccer, basketball, and tennis.

For instance, if a bettor wishes to place a combination bet on a soccer game featuring Real Madrid and Barcelona, they could select Real Madrid to win the match and also bet on a Barcelona player to score a goal. If Real Madrid emerges victorious and the Barcelona player scores a goal, the bettor wins the combination bet. In the event that Real Madrid wins but the Barcelona player fails to score, the bettor still wins, but with a reduced payout.

Combo bets are a popular choice for sports bettors looking to improve their chances of winning a bet and potentially increase their payout. However, it’s important to note that while combo bets offer a lower potential payout compared to traditional parlays, where all individual bets must be correct, they still provide an appealing opportunity for bettors.

Risks of Parlays

It is advisable for individuals to refrain from overspending on parlay bets due to the increased likelihood of losing the entire wager. As previously noted, parlay bets necessitate bettors accurately predicting the outcomes of multiple events, and if even one of these individual bets is incorrect, the entire bet is forfeited. Consequently, the more individual bets incorporated into a parlay, the higher the risk of losing the entire wager.

Furthermore, parlay bets typically have lower odds compared to individual bets, resulting in a potentially lower payout for a successful parlay compared to placing individual bets on each event. For instance, a winning parlay bet with three selections might only yield a 6-1 payout, whereas three separate successful bets on each event could result in a higher total payout.

In general, parlay bets have the potential for big payouts but also come with higher risks compared to single bets. It is advisable for bettors to be cautious with their spending on parlay bets and fully comprehend the risks before placing any wagers. Responsible betting within one’s financial limits is always essential.

How to Place a Parlay Bet

Follow these steps to place a parlay bet:

1. Choose the individual bets you want to include in your parlay. You can select two or more bets from different sports or events, but they must all be available at the same sportsbook.
2. Add your selections to your betting slip. Once you have chosen your selections, add them to your betting slip by clicking on them or dragging them to the slip.
3. Enter your stake. Enter the amount of money you want to bet on the parlay. The betting slip should automatically calculate the potential payout based on the odds of each individual selection.
4. Confirm your bet. Double-check the details of your parlay bet, including the selections and the stake, and click the “Place Bet” or “Confirm” button to finalize your wager.
5. Track the progress of your parlay. As each individual event in your parlay unfolds, keep track of the results to see if your parlay is still alive. If even one selection in your parlay is incorrect, the entire bet is lost.
6. Collect your winnings! If all of your selections are correct, you will receive a payout based on the odds of each individual selection, multiplied together. This payout will be greater than if you had placed individual bets on each event separately, but it’s important to remember that parlay bets carry a higher level of risk.

Understanding Parlay Bet Odds

In order to grasp the odds of a parlay bet, it is essential to have a grasp on how odds function for single bets. Odds serve as a numerical indicator of the likelihood of a specific outcome occurring in a particular event, and they are commonly presented in American, fractional, or decimal formats.

In parlay bets, the odds are determined by multiplying the odds of each individual selection included in the parlay. This calculation results in the overall odds for the parlay bet.

For instance, if you are making a parlay bet on three football games and the odds for each individual selection are:

Game 1: Bet $110 to win $100Game 2: Bet $100 to win $120Game 3: Bet $140 to win $100

In order to calculate the total odds for the parlay, the first step is to convert the American odds into decimal odds.

Game 1: $1.91Game 2: $2.20Game 3: $1.71

Next, calculate the product of the decimal odds.

1.91 multiplied by 2.20 multiplied by 1.71 equals 7.46.

The parlay bet has overall odds of 7.46, which is roughly equivalent to 6.46-1.

Please be aware that a successful parlay bet has a higher potential payout than betting on individual events separately. However, parlay bets come with a greater risk, as getting just one selection wrong will result in losing the entire bet. It is crucial to thoroughly evaluate the odds and risks before deciding to place a parlay bet.

-110 Bets and Potential Payouts

The potential payouts for parlays at -110 odds may differ based on the number of games in the parlay. Below are the potential payouts for parlays at -110 odds ranging from two to seven games.

• Two-leg parlay: 2.6-1
• Three-leg parlay: 6-1
• Four-leg parlay: 11-1
• Five-leg parlay: 22-1
• Six-leg parlay: 40-1
• Seven-leg parlay: 75-1

These projected payouts are based on the assumption that every bet in the parlay is a winner. It is crucial to note that parlays come with a greater risk compared to single bets, as a single incorrect choice can lead to the loss of the entire parlay wager. Hence, it is essential to thoroughly evaluate the odds and potential hazards before deciding to place a parlay bet.

Calculating Potential Payout for a Parlay Bet

Using a Parlay Calculator to Determine Payout Amounts

To calculate potential payouts for parlay bets, utilize a parlay calculator by following these steps:

1. Enter the odds for each individual bet in the parlay. For example, if you are parlaying two -110 bets, enter -110 for each bet.
2. Enter the amount of your wager. This is the total amount of money you are placing on the parlay.
3. Click “calculate” or “calculate parlay” to see the potential payout amount.

The calculator will show the potential payout for the parlay if all bets win.

Take a look at our highly sought-after Parlay Calculator!

Strategies for Parlay Betting

Here are some strategies for parlay betting using bullet points:

• Limit the number of selections: Parlay bets become riskier as the number of selections increases, so limiting the number of selections can help reduce the risk. Consider focusing on two or three strong selections instead of trying to include several in a single parlay bet.
• Look for value: When placing parlay bets, it’s important to find value in each selection. Look for bets that have odds that are favorable relative to the probability of the bet winning.
• Consider correlated outcomes: Correlated outcomes occur when the outcome of one bet affects the outcome of another bet. For example, a bet on the under in a football game may be correlated with a bet on the underdog to win, since a low-scoring game may favor the underdog. Consider using correlated outcomes in parlay bets to increase the chances of success.
• Use different bet types: Parlay bets can be placed on different bet types, including point spreads, moneylines, and totals. Consider using a mix of different bet types in a parlay bet to increase the chances of success.
• Set realistic expectations: Parlay bets can offer high payouts, but they also carry a higher level of risk. Set realistic expectations for parlay bets and understand that it’s unlikely that every selection will be successful. It’s important to understand the risks involved and bet within your means.