Bet Parlay
- Top Bet Parlay Challenge
- Best Parlay Picks
- 3 Bet Parlay Payouts
- Best Parlay Betting System Ever
- Good Parlay Bets Today
Sep 29, 2020 Parlay betting is a fun way to combine multiple bets. Famously referenced in the Oscar-nominated film Silver Linings Playbook, a parlay bet is a bet on top of another bet. To win the parlay, you have to win both bets. Parlay Betting Pros and Cons. The biggest drawback with parlays is the added risk that comes from needing to select two or more sides. Everyone knows how difficult it can be to pick just one. A parlay is a single sports wager that involves two or more bets combined into one. This can include point spreads, moneylines, totals, futures, or even prop bets, as long as the bets are on different games. The allure of these bets has always been a. A parlay is simply a combo bet where, rather than betting several teams individually, you group them into a single wager. Using this option, the payout is greater and the risk is less, but you.
A parlay, accumulator (or acca), combo bet or multi is a single bet that links together two or more individual wagers and is dependent on all of those wagers winning together. The benefit of the parlay is that there are much higher payoffs than placing each individual bet separately, since the difficulty of hitting all of them is much higher. If any of the bets in the parlay lose, the entire parlay loses. If any of the plays in the parlay ties, or 'pushes', the parlay reverts to a lower number of teams with the odds reducing accordingly.
Odds and payout[edit]
Parlay bets are paid out at odds higher than the typical single game bet, but still below the 'true' odds. For instance, a common 2-team NFL parlay based entirely on the spread generally has a payout of 2.6:1.[citation needed] In reality however, if one assumes that each single game bet is 50/50, the true payout should instead be 3:1 (10% expected value for the house). A house may average 20-30% profit on spread parlays compared to perhaps 4.5% profit on individual sports mix parlay bets.
Aside from 'spread' parlays, another way to parlay is to bet on two or more teams simply winning straight up. In order to calculate the payout of this parlay, one must multiply out the payout for all games. For example, if 3 teams are -385 favorites, a successful parlay on all 3 teams winning would pay out at a ratio of approximately 1/1. This is because (385/485)^3 is approximately 50%.
Examples[edit]
Typical payouts for up to 10 team parlay bet[edit]
The following is an example of a traditional Las Vegas Parlay Card at William Hill Sports Book, which shows the typical payouts for an up to 10 team parlay bet based on -1.10 prices (amount won is assuming $100 is bet)[citation needed]:
| Number | Odds | Amount won | Payout |
|---|---|---|---|
| 2 Team Parlay | 2.6 to 1 | $260 | $360 |
| 3 Team Parlay | 6 to 1 | $600 | $700 |
| 4 Team Parlay | 11 to 1 | $1,100 | $1,200 |
| 5 Team Parlay | 22 to 1 | $2,200 | $2,300 |
| 6 Team Parlay | 45 to 1 | $4,500 | $4,600 |
| 7 Team Parlay | 90 to 1 | $9,000 | $9,100 |
| 8 Team Parlay | 180 to 1 | $18,000 | $18,100 |
| 9 Team Parlay | 360 to 1 | $36,000 | $36,100 |
| 10 Team Parlay | 720 to 1 | $72,000 | $72,100 |
Profitability of parlays in sports betting[edit]
Many gamblers have mixed feelings as to whether or not parlays are a wise play. The best way to analyze if they are profitable in the long term is by calculating the expected value. The formula for expected value is: E[X] = x1p1 + x2p2 + x3p3…xkpk . Since the probability of all possible events will add up to 1 this can also be looked at as the weighted average of the event. The table below represents odds.[citation needed]
Column 1 = number of individual bets in the parlay
Column 2 = correct odds of winning with 50% chance of winning each individual bet
Column 3 = odds payout of parlay at the sportsbook
Column 4 = correct odds of winning parlay with 55% chance of winning each individual bet
| Number of individual bets | Correct odds at 50% | Odds payout at sportsbook | Correct odds of winning parlay at 55% |
|---|---|---|---|
| 2 | 3 to 1 | 2.6 to 1 | 2.3 to 1 |
| 3 | 7 to 1 | 6 to 1 | 5.0 to 1 |
| 4 | 15 to 1 | 12 to 1 | 9.9 to 1 |
| 5 | 31 to 1 | 24 to 1 | 18.9 to 1 |
| 6 | 63 to 1 | 48 to 1 | 35.1 to 1 |
| 7 | 127 to 1 | 92 to 1 | 64.7 to 1 |
| 8 | 255 to 1 | 176 to 1 | 118.4 to 1 |
| 9 | 511 to 1 | 337 to 1 | 216.1 to 1 |
| 10 | 1,023 to 1 | 645 to 1 | 393.8 to 1 |
| 11 | 2,047 to 1 | 1,233 to 1 | 716.8 to 1 |
The table illustrates that if a 55% chance of winning each individual bet were achievable, parlays would be profitable in the long term. Compare the expected value you receive on an individual bet at a typical price of -110 with a 55% chance of winning: ((100/110+1)*.55)-1 = .05 (exactly 5 cents won for every dollar bet on average), multiplied by 11 = .55, to the expected return on the 11 game parlay ((1234/717.8)-1) = .719 (72 cents won for every dollar bet on average). In this case a parlay has a much higher expected value than individual bets with greatly increased variance in outcomes.
See also[edit]
Parlays are the ultimate big-win chaser’s dream. The combined bets provide massive potential payouts on nominal wagers, and nearly every online sportsbook offers them. Though the odds are low for a given parlay to hit, the possible winnings are huge, and a handful of lucky bettors have cashed in some gargantuan parlay jackpots at legal sportsbooks worldwide.
But before jumping into some of the craziest parlay wins on record, it helps to better understand the betting method, its upsides, and the inherent risk.
How Parlays Work
In simple terms, parlays are “all or nothing” bets. Parlays combine two or more individual bets into a single wager. This ramps up the odds so that a parlay pays much higher than any of the individual bets.
For example, I combined four bets with odds of -110, -110, +150, and +115 today on PointsBet, and the parlay payout came in at +1859. A $20 bet would pay more than $390.
Of course, there’s a catch. For a parlay to win, each individual bet must win. If you combine four bets into a parlay and one of them loses, you lose your bet even if the other three bets won. For that reason, parlays are risky bets, and most experts encourage you to steer clear.
On the other hand, casual bettors might enjoy making a weekly parlay every NFL Sunday or while any other league is in the thick of its season. There’s nothing wrong with making the occasional parlay bet as long as you acknowledge that your odds to win are low, similar to playing a slot machine.
Five Crazy Parlay Wins
Some bettors have beat the odds and been lucky enough to nab astronomical parlay wins in the past. Here’s a round-up of five amazing parlay wins.
The Three Sport Combo
Last year brought a huge windfall to one FanDuel sportsbook bettor who won on a $200 parlay combining 15 NBA, NFL, and NHL bets. The bet hit in November 2019 when all of the bettor’s moneyline wagers won for a payout of $229,276.
The moneyline bets boosted this wager over the edge for a massive win, because moneylines tend to offer longer odds if you pick the underdog. Whether it was sheer luck or educated guessing, this bettor came out on top.
The Charcuterie Parlay
In March 2019, sportsbooks were starting to take off in Mississippi on the heels of an August 2018 launch. March brought one noteworthy parlay win that featured a little bit of everything.
Rather than sticking to one type of bet, this bettor wagered $25 on a 20-leg parlay. The parlay was a veritable smorgasbord of bets and sports, including point spreads, moneylines, and totals. The wager covered a slate of Friday-night games across the NBA and NCAA basketball.
According to ESPN, the customer at BetAmerica sportsbook in Vicksburg, Mississippi’s Riverwalk Casino wagered on 14 favorites, three underdogs, and three “over” totals bets.
After a few close calls, the 20-leg bet won, netting the bettor a $104,412 win.
The Homecoming Special
In September 2020, a BetMGM customer raked in a $152,341 win on a $10 parlay.
The 11-leg bet featured five moneyline bets, five totals, and a single point spread wager (Duke +20.5). The majority of the bets predicted college football match-ups, but a few additional professional games sent the bet over the edge. The Rockets-Lakers under and the Yankees moneyline contributed to the win, resulting in a huge payday for the lucky bettor.
The 15-Leg NFL Slate
Amateur sports bettor Tayla Polia’s parlay success story is featured on countless lists just like this one, and for good reason. In 2015, Polia placed a $5, 15-leg parlay that included 14 point spread bets and one totals wager for the Steelers-Broncos matchup.
To her surprise, Polia’s bet won and paid out 20,000-1 for a cool $105,000. She actually thought the bet had failed initially because the Giants lost their match-up. But Polia had bet on the team to cover, which they did, completing her parlay and netting her a huge win.
Root, Root, Root For The Home Team
In 2015, MLB fans worldwide witnessed history. For the first time since the league’s inception, all 15 home teams won their games on a single day.
One lucky bettor cemented his place in the story by predicting the event with a 15-leg parlay bet. The Ireland bettor had plenty of reason to celebrate proverbial Irish luck when his ~$78 bet, placed at William Hill’s sportsbook, won him $100,810.
Top Bet Parlay Challenge
Should I Place Parlay Bets?
You may see these wins and instantly open your sportsbook app to start placing a few parlays for yourself. Before you do, it’s important to note that these wins are the exception, not the rule. The sage advice from sports betting experts is to stay away from parlays.
However, it’s okay to place a parlay bet once in a while, especially if you feel confident about a select few match-ups. Parlays can be a fun way to get in on the action and invest yourself in the match-ups of the day. Just play responsibly and keep in mind that your chances of winning any parlay are slim.
Parlay Tips
If you’re planning to place parlay bets, there are a few tips to keep in mind.
Less Is More
Sure, a 15-leg parlay is enticing, especially if the payout has four, five, or even six digits. But the more bets you include, the less likely you are to win. IF you’re interested in placing parlays, keep them simple at first. Combine two or three bets and see how they perform. If you’re lucky, you might win a few hundred dollars.
Favoritism Can Be A Benefit
Best Parlay Picks
Underdogs offer better payouts, but that’s only because they are viewed as less likely to win their match-up. If you’re building a parlay of moneyline bets, pay close attention to the odds. If one team is heavily favored to win, that might be the wiser pick.
Carefully Consider Home Team Bets
3 Bet Parlay Payouts
Unless it’s the mid-90s and you’re placing Chicago Bulls bets every week, try to steer clear of home-team bets when you’re building a parlay. I’ve fallen victim to the trap many times–I place a 5-leg parlay bet that includes my Chicago Bears to win only to find a disappointing 4-1 parlay that loses me my initial bet thanks to a crushing Chicago loss.
Best Parlay Betting System Ever
If you want to bet on your home team, keep that wager out of your parlays or risk disappointment.
Good Parlay Bets Today
Point Spreads Even Out The Odds
Betting on point spreads gives you smaller individual payouts, but combining them into parlays can produce big potential wins. Point spreads even out the odds of a given match-up, giving the predicted underdog a chance to cover the spread even if they lose the match.