What is a Parlay Bet and How Does It Relate to Sports Betting?

by Doc's Sports - 1/16/2024

Kansas City Chiefs quarterback Patrick Mahomes

Introduction to a Parlay 2

Different Types of Parlays include 2

How to Bet Parlays 4

Risks of Parlay Betting 6

Special Considerations in Parlay Betting 7

Parlay vs. Single Bet: What’s the Difference 8

In Conclusion 8

I’m sure we’ve all been in a situation before where we stare at the list of games and think to ourselves “if only I could hit a nice 10-team parlay”.

Depending on the odds of the games you selected or the amount of money wagered on the parlay, this bet won’t necessarily make you “rich”. But it could offer up a very nice four or five-digit return.

The problem with hitting a parlay that size is that it’s damn near impossible to do. Most experienced bettors refrain from ever making parlay bets. Thankfully for sportsbooks, parlays will always be a staple of the betting game since there is always the potential of that one big payout every square bettor chases.

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Introduction to a Parlay

What is a Parlay? Parlay Definition

A parlay bet is a type of sports wager that combines multiple individual bets into one. To win a parlay, all the individual bets within it must win.

If any bet in the parlay loses, the entire parlay loses. Depending on the sportsbook, if one segment of the parlay bet ties, or “pushes,” that segment is eliminated from the wager. For example, if a 10-team parlay has pushes and eight wins, it will usually be paid as an 8-team parlay.

Parlays offer higher potential payouts than single bets, but they are riskier because the likelihood of winning decreases with each added bet.

Different types of parlays

Point spread parlays
Moneyline parlays
Over/under parlays
Teaser parlays
Combination parlays

These types of parlays can be applied for sports bets across popular professional sports like football and baseball.

How Do Point Spread Parlays Work? Are They Worth Playing?

In a point spread parlay, the bettor picks multiple games and bets on the spread for each. To win the parlay, all individual point spread bets within it must be won. This increases the difficulty compared to single bets, but also offers higher potential payouts due to the compounded odds.

How Do Moneyline Parlays Work? Are They Worth Playing?

A moneyline parlay is the better of the two parlays since the potential return is dependent on whether or not you bet underdogs or not. To find the return of a moneyline parlay, you simply multiply the individual money line odds together.

A parlay featuring two underdogs and a big favorite would return much more than 6/1 odds like a three-team point spread parlay would. Unfortunately, this way of betting is just as difficult as a point spread parlay.

The more teams you add to the parlay, the more combinations there become, which in turn could take a big chunk out of the bankroll if you are a parlay-only player.

How do Over/Under Parlays Work?

Over/under parlays in sports betting involve combining multiple over/under bets into a single wager. An over/under bet is a bet on whether the total score or points in a game will be over or under a specified number set by bookmakers. In an over/under parlay, each leg of the parlay is an over/under bet on different games or events.

All selections in the parlay must be correct for the bet to win; if even one is incorrect, the entire parlay loses, making it a highly risky type of bet.

How Do Teaser Parlays Work?

A teaser bet is a type of parlay where the bettor adjusts the point spreads or total lines in their favor for multiple games. Essentially, it's a modified parlay that allows the bettor to "tease" or move the lines, typically by 6, 6.5, or 7 points in football, or 4 to 6 points in basketball.

This adjustment makes it easier to win each leg of the parlay. However, as a trade-off, it offers a lower payout than a standard parlay. All legs of a teaser must win for the bet to pay out. Teasers are popular because they provide a perceived edge to the bettor, but they still require careful selection and strategy, as one wrong pick in the adjusted lines can still lead to a loss.

How Do Combination Parlays Work?

You can use a combination of point spread bets, moneyline bets and over/under bets in any single parlay. The same rules of each individual parlay still apply in this instance.

What is a Parlay in Football?

One issue with placing parlay bets in football, where the number of games each week is limited, is that they can quickly transform a promising weekend into a disappointing one.

This is particularly true if, after thorough analysis and handicapping (or outsourcing this task), you identify only a handful of games worth betting on. In such cases, the risk of parlays, where multiple selections must win, becomes more pronounced.

What is a Parlay in Baseball?

Because every leg of the parlay must be correct, parlays in baseball are riskier. Factors like run lines, moneylines, and over/under totals are commonly included in baseball parlays, adding complexity and variety to the betting experience.

Are Parlays Available in Other Sports?

Parlays are available for all of the most popular sports to bet on, including hockey, basketball, hockey and even tennis and golf.

Instead of a parlay, you also have the option to use Doc’s Sports sports betting unit system for better money management.

How to Bet Parlays

Understanding Parlay Cards

A parlay card is a form of sports betting where a bettor makes multiple selections on a single card, combining them into a parlay bet. These cards are often found in sportsbooks or betting shops and allow bettors to easily choose their picks for different games, typically with fixed odds. The bettor must correctly predict all selections on the card to win, making it a higher-risk, higher-reward betting option compared to single-game wagers. Also, be very careful to make sure that if you bet from a parlay card, that you do not play a “ties lose” card, which means that a “push” on any single matchup renders the bet a loser. This is a trick that sportsbooks use on novice bettors.

2-Team Parlay: 13 to 5 Odds

3-Team Parlay: 6 to 1 Odds

4-Team Parlay: 10 to 1 Odds

5-Team Parlay: 20 to 1 Odds

How to Calculate Parlay Odds With Doc’s Parlay Calculator

Doc’s Sports has a handy Parlay Calculator to determine the true odds of a parlay bet compared to the payout offered by the sportsbook. This is a great way to determine in advance if there is value in a parlay bet you are planning to make.

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Parlay odds and payours for fixed odds and Las Vegas parlays

Parlay Odds

Picking a winner against the spread is tough, requiring extensive research to find weaknesses in the line set by skilled oddsmakers, as evidenced by the opulence of casinos. The difficulty increases exponentially with each additional game in a parlay.

While the allure of high returns from small investments is strong, realistically, profitable football betting often means avoiding parlays, which are generally seen as sucker bets. Winning is great, but sometimes breaking even on straight bets, rather than losing on parlays, is essential for long-term success in sports betting.

Not only is it very difficult to pick multiple winners without a loser, but you don't even get true odds on parlays.

Here are your typical odds for parlay bets:

2 Teams - 13/5
3 Teams - 6/1
4 Teams -11/1
5 Teams - 20/1
6 Teams - 40/1
7 Teams - 75/1
8 Teams - 150/1
9 Teams - 300/1
10 Teams - 700/1

Calculating Parlay Odds Into Payouts

Say you bet $110 to win a $100 on an early college game and you win and collect $210. If you put that $210 on a late game and you win, you collect almost $401. But if you play a 2-team parlay for $110, and you win, you collect $396.

The difference gets worse the more teams you play. If you took your $401 and put that on a pro game the next day and win, you would collect about $795. But if you had played a three-team parlay for $110, you would have collected $770. Do the math.

Parlay Guy is snickering right now. He thinks that kind of money is "chump change" (but the casino sees it as pure profit).

When you get into four teams and above, you are getting horrendous odds. Games like Keno provide far better odds if you want to throw darts at 10-teamers.

All of the above is true, but the biggest reason not to bet parlays is that you don't lose the whole enchilada when you pick a loser. Straight bets consistent with your bankroll units ensure good money management. And over the course of a season, that difference is profound and it adds up to a lot of money.

Risks of Parlay Betting

The Appeal: Potential for Higher Payouts

The primary appeal of parlays lies in their potential for significantly higher payouts compared to individual bets. When multiple bets are combined into a parlay, the odds for each leg are multiplied together, leading to exponentially higher returns on a successful wager.

This high-reward aspect makes parlays particularly attractive to bettors looking for a chance at a big payout from a relatively small investment.

The Risks: Increased Difficulty and Lower Probability of Winning

The primary risk of a parlay bet is its high difficulty level and the increased likelihood of losing. Unlike single bets, a parlay requires all individual selections, or "legs," to be correct for the bet to win. This means that even if most of your picks are right, just one wrong choice can result in the loss of the entire bet.

As more legs are added to a parlay, the odds of winning decrease exponentially.

Realistic Expectations and Understanding the House Edge

When engaging in parlay betting, it's crucial to have realistic expectations and understand the concept of the house edge. The allure of high payouts from parlays often obscures the reality that these bets are statistically less likely to win due to the requirement of multiple correct predictions. Each added leg in a parlay exponentially increases the difficulty of winning.

The house edge, which represents the bookmaker's profit margin, is typically higher in parlays compared to single bets. This means that, over time, bettors are more likely to lose money on parlays.

Special Considerations in Parlay Betting

What Happens in the Event of a Canceled Game or a Push?

In the event of a canceled game or a push (a tie) in a parlay bet, the bet is typically adjusted rather than lost. Here's what generally happens:

Canceled Game

If a game within the parlay is canceled or postponed, most sportsbooks will treat that leg of the parlay as a non-event. In other words, it's as if that game was never part of the parlay to begin with.

Push (Tie)

A push occurs when the result of a game lands exactly on the betting line, and there is no winner or loser for that wager. In parlays, a push usually results in that leg being removed from the bet.

In both scenarios, the parlay is recalculated with the remaining legs. For instance, if you place a 5-team parlay and one game is canceled or results in a push, your parlay turns into a 4-team parlay. The odds are then adjusted accordingly.

Parlay vs. Single Bet: What’s the Difference

A single bet is a wager on a single event or outcome; its success or failure is based solely on that one event. This makes single bets relatively straightforward and easier to predict, leading to a lower risk compared to parlays.

In contrast, a parlay combines multiple bets, known as legs, into one larger bet. To win a parlay, all individual legs must be won; if even one leg loses, the entire parlay is lost. This linkage of bets significantly increases the difficulty of winning, as the bettor must correctly predict multiple outcomes.

Responsible Parlay Betting

Parlays are best approached as a form of entertainment rather than as an investment strategy due to their inherent high risk and unpredictability. The key attraction of parlays lies in the thrill of potentially winning big by correctly predicting multiple outcomes, a feat that is statistically challenging.

Unlike investments, which are typically based on calculated risks and the potential for steady, incremental gains, parlays offer a high-reward scenario that is offset by a significantly higher likelihood of loss.

The odds in parlays are stacked against the bettor due to the requirement that all legs of the bet must be won, making them an unreliable method for consistent profit generation, unlike more strategic investment approaches.

In Conclusion

Parlay Guy is always trying to "get out" with a nice three or four-teamer. But it was his nice two- and three-teamers that got him "in" in the first place.

Of course, you already knew all of this. But you do it anyway. This year, don't be Parlay Guy. Be the informed and disciplined straight bettor who sidesteps him before he can chew your ear.

Parlays by Sport:

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