What Is A Parlay In Sports Betting?

In the world of betting, there are countless combinations you can make that will boost your odds and secure you a bigger win. Especially with the rise of technology, nowadays you can make live bets, and even come up with your own wagers by telling the sportsbook what you want to bet on.

The goal here is to manage the risk and the odds of the wager. Yes, we all want to place a $10 bet and hope to win $10,000, but it is not easy. The odds are calculated based on probability, which means that the less probable outcome the higher the return, but also the bigger the risk.

The only way to win a lot of money without expanding your risk is by playing slots.

One way to increase your odds and the amount you can win is by using a parlay bet. A parlay bet is the foundation of the betting industry, and most bettors love parlay bets just because they give them the opportunity to boost their payouts.

But what exactly is a parley bet and how it works?

Let’s find out.

What is a Parley Bet?

Sports bettors of all skill levels utilize parlay bets to combine two or more bets on the same ticket to make a bigger stake. If you are successful, the reward will rise, but it will need several outcomes to make it work.

A parlay wins only when all of its legs hit; each game or event in the parlay is referred to as a “leg.” You can find this kind of wager in many of the most popular sportsbooks. According to any DraftKings or FanDuel online casino review, both gaming platforms offer parlay bets.

Although parlay bets are typically difficult to win, the payouts are frequently tempting and may provide some gamblers with victories that change their lives. Certain parlay wagers resemble purchasing a lottery ticket.

But let’s not forget that all the selections must win to have a winning ticket.

Because the likelihood of winning decreases as you add more teams to your parlay, sportsbooks will reward you with ever-larger payouts. But remember, it is all about balancing risk and reward.

Parlay options include player props, moneylines, over/under, and point spreads. You name it: underdogs, favorites, etc. When placing bets, most bettors attempt to combine many games into a payoff that resembles that of the lottery.

How Does it Work?

Parlays increase the possible reward by combining many bets into a single wager. This works because in order for the wager to be paid out, each of the parlay’s legs needs to win. The chances increase with the number of legs added to a parlay.

However, hitting every leg on a single ticket becomes more difficult as games are added to a parlay.

For example, a gambler may utilize $10 to wager $5 on each of the Kansas City Chiefs (+4) and New York Giants (-6) if they believe these teams will cover their spreads. The win, if both are successful, is around $19. The bettor may, however, combine multiple wagers for a win that is around 2.65 times the original wager.

Types of Parley Bets

Teasers

Teasers are a kind of parlay bet that lets you change the totals or spreads to increase your chances of winning. Teasers are simpler to win than standard parlays since this type of wager allows you to change the spread or total. Just to calm you down, there is a drawback. Teasers’ odds are worth less because there are more opportunities to win.

Round Robins

Players can put several parlay bets over many games with round-robin parlays. Gamers can place a variety of wagers, such as parlays with varying stakes including a predetermined selection of games. In this instance, each parlay calls for a different wager.

Same-Game Parlay

A bet that uses connected wagers for the same event to gain bigger rewards is known as a same-game or single-game parlay. Correlated wagers operate on the premise that the result of one bet can either raise or lower the probability that another leg will cash.

How to Place a Parlay Bet?

It is quite easy actually.

The majority of online sportsbooks make parlaying quite simple. A parlay option will often appear on your betslip, which is located on the right side of the screen in most bookies if you want to place several bets. Additionally, you could find possibilities for round robins, teasers, or other types of wagers.

You may make live parlays in-game with some bookies as well. Multi-sport parlays are another option, as well as pretty much anything else you desire.

How to Calculate Payout from a Parley Bet?

First, the American odds need to be translated to decimal odds if you’re using them. The formula is (Odds/100) +1 if the odds are positive. The formula is 1-(100/Odds) if they are negative.

Multiply the chances together when you have them all expressed in decimals. Multiply that figure by the amount you staked. To obtain the odds for your parlay, finally deduct your starting wager.

What if One of the Games is Cancelled?

One of the most popular questions that bettors ask about parley wagers, is what happens if the game is canceled or postponed. Fortunately, there is an easy fix that doesn’t penalize the player for canceling a game.

Suppose you wagered on five NFL games, and the first four of them turned out to be wins. The fifth and final game is about to begin, but the weather cancels it before kickoff. How does your parlay fare?

You may be confident that the wager is deemed a push rather than a loss. In other words, if a game is canceled, your parlay will not be forfeited. In most cases, that leg is completely cut out of the parley, which means that the odds are also decreased. This also applies to tie-breaking games.

Now that you know how to place a parley bet, go ahead and test your skills. But make sure to do plenty of research and think strategically.