Introduction to Parlay Betting
A parlay bet represents one of the most thrilling methods to engage with sportsbooks. Characterized by their low-risk, high-reward nature, these bets can yield substantial payouts, making them an appealing option for betting on multiple games simultaneously without significant financial outlay.
Parlay betting is a venerable tradition in the gambling world, offering diverse methods of entry, whether it’s a simple two-bet combination or a larger scale venture. Bettors can incorporate a variety of wager types including moneyline odds, spread bets, and Over/Unders into their parlays. The potential returns on winning parlay bets can be as high as 720-1, varying by the betting platform used.
Bookies.com provides essential tools and insights to help both novices and seasoned gamblers make more informed parlay betting choices. Here, we break down the essentials of parlay bets and offer guidance on enhancing your betting strategies.
What Defines a Parlay Bet?
Parlay bets cluster multiple straight wagers into a single bet to achieve greater payouts. The catch is that every component of the parlay must be won to claim a payout.
While individual sports bets on spreads, moneylines, or Over/Unders are common, combining these bets into a parlay allows a bettor to stake on several outcomes with one wager. This could be as few as two or as many as ten different wagers in one parlay, available at most sports betting sites. However, missing even one bet in the parlay means losing the entire wager.
In cases where one of the bets in the parlay results in a push, it doesn’t spell the end for the entire parlay. Instead, that bet is simply removed, and the potential payout adjusts downwards accordingly. For example, if you have a five-leg parlay and the first four are correct while the fifth is a push, the parlay still wins, but the payout is recalculated as if it were a four-leg parlay.
Parlay Bets in Practical Scenarios
To illustrate, imagine you are into NFL betting and are interested in three Sunday games. Instead of placing individual bets on each, you opt for a three-team parlay with a $100 stake. Here’s how it might look:
- New England Patriots (-6.5) over Miami Dolphins (-110)
- Chicago Bears (+3.5) over Green Bay Packers (-110)
- Kansas City Chiefs (-7) over Tennessee Titans (-110)
Risking: $100
Potential Win: $596
A three-team parlay typically offers odds of about 6-1. Considering the -110 vig on each game, this specific parlay would pay out $596 if successful. This can be quickly verified using tools like the free parlay calculator available on Bookies.com.
Comparatively, had you placed separate wagers on each game, you would have had to risk $330 in total to win $300. This scenario highlights why parlay bets are so popular, particularly in NFL circles—they significantly reduce financial risk while offering the possibility of a larger reward when successful.
Decoding Parlay Betting Odds
Factors Influencing Parlay Payouts
Parlay odds and payouts can vary significantly, primarily influenced by two factors: the number of selections included in the parlay and the vig or juice applied to those picks. An illustrative example using moneyline odds might involve a scenario like this:
- Baltimore Ravens (-210) over Indianapolis Colts
- San Francisco 49ers (-180) over Arizona Cardinals
- Dallas Cowboys (-205) over New York Giants
Risking: $100
Potential Win: $244
This scenario underscores a lower parlay payout due to all three picks being heavy favorites. The risk-reward balance always hinges on the individual odds of the included picks.
Expanding the original scenario with an additional game demonstrates the potential for increased payouts:
- New England Patriots (-6.5) over Miami Dolphins (-110)
- Chicago Bears (+3.5) over Green Bay Packers (-110)
- Kansas City Chiefs (-7) over Tennessee Titans (-110)
- Oakland Raiders (-3) over Denver Broncos (-110)
Risking: $100
Potential Win: $1230
In this example, adding a fourth game changes the potential payout from $596 for a three-team parlay to $1230 for a four-team parlay. Adding yet another game could increase the potential payout to $2,441, showing how parlays can be customized for varying risk/reward preferences and change drastically with each added selection.
Different Types of Parlay Bets
Point Spread Parlays
The most commonly encountered parlay involves point spread bets. The spread is a handicap set by bookmakers to level the playing field between two teams.
For instance, if the Kansas City Chiefs are favored by 7 points over the Tennessee Titans, they must win by eight points or more to cover the spread. A Chiefs victory by a margin of 27-21 means the Titans cover because they lost by less than seven points.
Typically, the vig on spread bets is around -110, meaning a bettor needs to risk $110 to win $100. A winning three-team parlay on games each set at -110 could yield a payout of $596 from a $100 bet.
Moneyline Parlays
Moneyline odds remove the point spread from the equation, focusing solely on which team will win. For example, with the Baltimore Ravens at -210 against the Indianapolis Colts, a standalone bet would require risking $210 to win $100. However, in a parlay, the requirement is simply for the Ravens to win.
Including a moneyline underdog in your parlay can significantly enhance the potential payout since the combination of all selections must win, increasing the overall risk.
Over/Under Parlays
Over/Under bets relate to the total combined score of a game. For example, an NBA game with an Over/Under set at 220 points means bets on the Over win if the combined score exceeds 220, and bets on the Under win if it’s less.
Like point spread bets, Over/Under wagers typically carry -110 odds.
Teaser Parlays
Teasers are a special type of parlay bet where the point spread is adjusted more favorably for the bettor.
Consider a scenario where you’re betting a teaser on the following games:
- Buffalo Bills (+6) over Houston Texans
- Minnesota Vikings (-10.5) over Detroit Lions
- New York Jets (+10.5) over New England Patriots
With a standard six-point teaser, the spreads adjust:
- Buffalo Bills (+12) over Houston Texans
- Minnesota Vikings (-4.5) over Detroit Lions
- New York Jets (+16.5) over New England Patriots
Risking: $100
Potential Win: $160
Here, the likelihood of winning each selection increases due to the six-point adjustment in your favor, but the overall payout is less than a standard parlay, reflecting the reduced risk.
How to Place a Parlay Bet: A Step-by-Step Guide
Step 1: Check the Odds
Start by visiting Bookies.com to review the latest odds for NFL, MLB, NBA, NHL, and college football. It’s important to monitor how point spreads, moneylines, and Over/Under odds evolve throughout the week to identify potential games for your parlay.
Step 2: Conduct Thorough Research
Relying solely on instinct might bring occasional wins, but consistent success in betting, especially in parlays, requires diligent research. This step is crucial as a single incorrect pick can spoil an entire parlay. Utilize resources like NFL expert picks to guide your decisions, particularly if you’re looking for that final addition to a three-team parlay.
Step 3: Manage Your Bankroll
It’s easy to underestimate the impact of regularly placing $50 parlays. To avoid this pitfall, determine an amount you are comfortable risking on parlays and incorporate this into your weekly bankroll management plan.
Step 4: Calculate the Odds
After selecting your picks, use the free parlay calculator available on Bookies.com to instantly find out the total payout of your parlay. This step allows you to assess whether the potential payout justifies the risk or if adjustments are needed to enhance the parlay’s value.
Step 5: Place Your Bet
Once you’re satisfied with the selections, odds, and potential payout, you’re ready to place your bet. Always double-check each game in the parlay to ensure accuracy before finalizing the bet. Mistakes in entry can be costly, potentially leading to missed winnings.
Understanding the Odds of Winning Parlay Bets
The likelihood of winning a parlay bet varies significantly based on the number of games included and the types of bets selected. For example, a two-team moneyline parlay featuring heavy favorites generally presents high odds of success. Conversely, a four-team parlay that includes one or two underdogs is much riskier.
Incorporating a teaser into your parlay can significantly improve your chances of winning. By adjusting the point spread in your favor, you enhance the probability of each pick succeeding, albeit at the cost of potentially lower payouts compared to standard parlays. This strategic adjustment can be particularly beneficial for those looking to balance risk with a reasonable reward potential.
Maximizing Returns from Parlay Bets
Understanding Parlay Payouts
Payouts in parlay betting can significantly increase with each additional game included in the bet. For instance, a standard three-team point spread parlay typically offers about 6/1 odds. Adding another game increases the odds to approximately 11/1, and a five-team parlay might offer odds around 22/1. Some sportsbooks even allow up to 10-team parlays, which can reach odds as high as 720/1.
A common variant in NFL betting is the three-team, 6-point teaser, which usually provides odds of about 8/5, or +160. This means a $100 wager would win $160 if the teaser is successful. Tools like the parlay calculator available on Bookies.com can instantly help you determine the potential payouts and odds for various parlay configurations.
Strategic Parlay Betting Tips
While the allure of high payouts from extensive parlays is strong, it’s crucial not to let the potential winnings cloud your judgment. The primary objective is always to win the bet. If you are confident in three games, it might be wiser to stick with a three-team parlay rather than adding a less certain fourth game just to increase the payout.
Hedging Parlay Bets
Hedging is an essential strategy to consider, especially when a parlay bet is close to winning. For example, if a bettor has a four-team NFL point spread parlay in place and has won the first three legs, they might face a decision for the fourth game, such as the Dallas Cowboys -7 against the New York Giants. If the potential payout is $1,230 from a $100 bet, hedging by placing a counterbet on the Giants +7 can secure some profit regardless of the outcome. Betting $660 to win $600 on the Giants would guarantee a $500 profit if the Giants cover, and if the Cowboys cover, the profit would still be $570.
Alternatively, betting $110 to win $100 on the Giants +7 ensures that the bettor breaks even at the worst, protecting the original $100 parlay stake.
Handicapping Parlay Bets
Handicapping parlays involves the same analytical approach as single bets. Many bettors develop their own systems, using algorithms or basic principles that consider factors like home-field advantage, weather conditions, injuries, and historical performance. By setting personal odds and comparing them with those offered by sportsbooks, bettors can identify value bets to include in their parlays.
Final Considerations
Parlays offer a flexible betting framework, allowing the combination of various bet types such as point spreads, moneylines, and Over/Unders into a single wager. This flexibility can adjust the risk/reward profile based on the number of games and odds selected.
Parlays not only enhance the entertainment value of betting on multiple games but also provide an opportunity for substantial payouts, particularly useful for bettors with limited bankrolls. With the right strategies and tools like those provided by Bookies.com, including odds calculators and expert picks, bettors can enhance their chances of making profitable parlay bets.
