How Do You Parlay A Bet
How Do I Make a Parlay Bet? When making a sports bet on a mobile device, you would click on the bet you want to make. Once you clicked on the bet, a screen pops up that asks you how much you want to wager. For parlays bets, ignore this screen that pops up since you need to wager on multiple games. If you bet the same $300 on a parlay, though, you lose the entire $300. The risk is higher for parlays, but the associated reward is also higher. Calculating Parlay Payouts. There are a few ways you can go about figuring what you will win on a parlay. The first and simplest method is to bet online.
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]
One of the most lucrative sports bets you can make is a parlay, but unless you employ some kind of betting strategy it can also be one of the toughest bets to actually cash-in on. In simple terms, a parlay is when you combine two or more picks into one single wager. The plus side is that the top online sportsbooks as featured on SportsBettingStats.com offer some very attractive odds for groupings of two to even 16 teams. Our favorites are Bodog for non Americans and BAS for US players. The down side is that the more teams you add to a parlay play the higher the odds are stacked against you to win.
Sometimes it can be hard to pick even a single winner so the catch to winning a parlay is that you have to win every one of your picks. The only exception is in the case of a PUSH when two teams tie with the closing point spread. In that case, you total parlay is reduced by one team.
Best Parlay Bets Today
For example, if you put together a four-team parlay at 12.28/1 betting odds and one of your plays ends as a PUSH, it would be reduced to a three-team play at 6/1 odds.
The betting odds for parlays using point spreads is fixed and based on the total number of teams you group into one bet. Betting parlays for MLB games is an attractive option since you will be working off money line odds as opposed to a point spread that is commonly used in sports such as football and basketball. When betting money lines you only have to pick the straight-up winners, but keep in mind that your payout odds will be based on the actual money line odds for each of your picks. The top online sportsbooks should have a parlay calculator on their website where you can enter the actual money line for each of your individual picks to provide a projected payout of that particular parlay if you win.
Whether you are betting money line parlays for baseball and hockey or point spread parlays for football and basketball, there are a few betting tips and strategies that you should always employ to give yourself the best chance to win. First and foremost, you need to properly handicap each game as an individual pick before grouping them together in a parlay bet.
For example, if you decide to go with a two-team NFL parlay at 13/5 odds, you should probably take the time to breakdown three or four games to come up with your top two plays. Winning parlays is all about your overall confidence level for each one of the picks you decide to group together. If you are not absolutely in love with each one of your picks individually, then do not risk your money by grouping them together in a parlay.
Parlay Bet Calculator
A second tip is to avoid the temptation of parlay picks of three or more teams. You may get excited over the 91.42/1 return you would get if you hit a seven-team parlay, but this is nothing more than lottery ticket when you start calculating your true odds of actually winning all seven games.
How To Win Parlay Bets
Finally, make sure you have some kind of set money management system in place if you are going to be betting parlays. There is a reason why sportsbooks are willing to give you such a generous return on multiple team parlays. The odds are already stacked in their favor that you are going to lose one of your picks even in a two-team wager. Parlays should always be reasonable unit plays that will not break the bank if you lose.