What is a Parlay?
Sports betting is a lucrative investment when the bettor knows how to bet and what they are betting on. The key to winning is knowledge. A betting parlay can be extremely lucrative, and they often pay out in large dividends, however, if the bettor does not know how a parlay works or what the payouts consist of, then where is the common sense in betting a parlay? Take a look at how parlays work, how they pay and exactly, “what is a parlay”.
*A parlay is a group of teams that are bet on, in one bet slip. In simpler terms, the bettor is betting on more than one game or event and risking a fixed amount, in hopes of winning every game for a much higher return than a straight bet will pay.
Example: Straight bet, Packers Vs. Dolphins (Packers -6.5 -110, Dolphins +6.5 -110).
In this example the Dolphins are favored to win the game by 6.5 points, they must win the game by 7 points or more in order for the bet to be a winner. The Dolphins can lose the game by as many as 6 points in order for the Dolphins to be the winner. Either way this game is bet, the bettor must bet $110 in order to win $100. This is a straight bet.
Check Out How Straight Bets Work
- Packers Vs. Dolphins
- Broncos Vs. Steelers
- Yankees Vs. Mariners
- Pirates Vs. Cardinals
When placing a parlay wager, there are a couple of common ways to bet.
When bettors are betting on basketball and football, they often want to win more money then one team will pay and/or, they want to play less on one team to win more than the bet pays but the problem is the payout. When betting a parlay, the payouts are much higher and there is a much better opportunity to win a substantially greater amount then simply betting a straight wager.
*Parlay Odds for Point Spreads
Football and Basketball:
2 teams 2.6/1
3 teams 6/1
4 teams 10/1
5 teams 20/1
6 teams 35/1
7 teams 40/1
8 teams 150/1
9 teams 300/1
10 teams 600/1
How to Calculate a Money Line Parlay
A money line parlay can be placed on most sports including betting NFL, Betting NCAA (basketball and football), as well as betting NBA. When betting NHL and betting MLB, the payouts work somewhat differently.
Betting a money line parlay is safer than betting a point spread parlay. With the point spread, evert team that you choose to place in the parlay-they must cover the spread, if one team does not cover, the entire bet is lost. When betting a money line parlay; the teams that you have placed in the parlay, must simply win the game. There is no point spread involved.
In order to calculate a money line parlay, you must first convert all of the “favorites” into decimal form.
Start at 100, divide 100 by the line of the favorite, and add 1 to the result. You must do this for each line that is a favorite; make a note of the results.
Next: Divide the underdog lines by 100 and add 1 to that result, again making a note of the results.
Example: Money Line Parlay—
1. Saints- 100/140 = .71. Add 1 to equal 1.71.
2. Packers- 250/100 = 2.5. Add 1 to equal 3.5
3. Now you must multiply the underdog and favorite lines to get your result.
4. 3.5 x 1.71 = 59.85
5. Multiply 59.85 x the amount bet. If you bet $100, then you will multiply 5.99 x $100 = $5.99
Find Out How to Bet Money Lines
*MLB/NHL Money Line Parlays
1. When calculating the favorites, you must use the money line + 100 divided by 100.
2. When calculating underdogs, you must use the money line + 100 divided by 100.
3. You must now multiply the factor of each game and subtract 1 and multiply that result by the amount bet, and there you have your winnings.
Parlays are fun to play because the payouts are much greater then straight bets. The fun thing about parlays is the action and the very idea they can be played in nearly every American sport. Remember this; parlays are limited to straight bets. You cannot include props, or futures. You can however, include totals in your parlay and mix and match from sport to sport. Such as the NBA/NFL/Tennis/Boxing/Golf or any other number of allowable sports. The online sportsbook sets the rules, so be sure to double check.
Many online sportsbooks offer fantastic incentives when it comes to betting on parlays. They want your business and they are willing to reward you. The offshore books may offer special parlay bonuses, or incentives when you have taken a loss, such as a free bet or even a percentage/return on losses, or for that matter, even a return on your wins! Check with the online sportsbooks and know the rules, discover the payouts and any incentives and bonuses they may be offering for participating in parlay wagers.