A parlay bet is a common way for sports bettors to increase their odds and payoffs. Instead of making multiple, single bets, a parlay bet combines 2 or more bets into one bet. Each bet within the parlay must win in order for the parlay to win. If any bet within the parlay loses, the bet loses. The more teams put into a parlay bet, the higher the odds.
Parlay bets should be used by one type of bettor, casual bettors doing it for occasional fun. Serious and professional sports bettors should only place parlay bets on very limited occasions, if ever. Since it only takes one loss within a parlay to lose the entire bet, the risk is very high. On a 6 team parlay, you could go 5-1 and lose your entire bet. Had these been straight bets, you’d be a happy camper.
DraftKings announced via Twitter that a bettor hit a smooth $24,707.07 on a $2 parlay. If that isn’t wild enough, it was the player’s first-ever bet with the sportsbook too. The most incredible part of the nine-team parlay that jacked up the odds were the bettor’s predictions on the Saints, Lions, Vikings, and Browns all to win by 1-6 points. Winning both bets will get you about $28 in profit, but combining both bets into a $50 two-team NBA parlay will get you more than double that, paying $69.46 plus your $50 bet back. MLB parlays Like the NBA, with multiple games on most days and nights throughout the season, MLB parlays are quite popular as well. A 3-team parlay usually pays 6 to 1. If you made a $100 parlay and all three teams covered the spread, you would win $600. All of them need to cover the spread for you to win. If San Diego lost by exactly 6 (push/tie) and you won the other two games, the 3-team parlay would just be knocked down to a 2-teamer. Here are the general payouts for.
Recommended Sportsbook for Parlay Bets:
Higher than normal parlay payout odds
Parlay Betting Odds
Two types of parlay bets can be made – those that use a point spread, and those that use a money line. Point spread parlay bets have somewhat standard odds, being very close at most sportsbooks. While there can be some slight variation from one sportsbook to another, in order to be competitive they’re generally pretty similar.
Typical Point Spread Parlay Betting Odds
- 2 Teams: 2.6:1
- 3 Teams: 6:1
- 4 Teams: 10:1
- 5 Teams: 20:1
- 6 Teams: 40:1
- 7 Teams: 80:1
- 8 Teams: 100:1
- 9 Teams: 150:1
- 10 Teams: 300:1
- 11 Teams: 450:1
- 12 Teams: 600:1
- 13 Teams: 750:1
- 14 Teams: 900:1
- 15 Teams: 1500:1
Money Line Parlay Betting Odds
Odds for parlay bets when using a money line are relative to the odds of each pick within the parlay. If you’ve chosen a number of underdogs, your odds will go up. If you’ve chosen big favorites, the odds will be lower. Money line parlays are great for an annual trip to Vegas where the idea is to go big or go home. However, for people who take their sports betting seriously, they’re too high risk to be a reasonable betting strategy.
Benefits of Parlay Betting
Parlay bets allow sports bettors to make small bets with the possibility of large wins. They also allow bettors who have a limited bankroll to bet on multiple games, instead of waiting for games to end and time to collect their winnings. If multiple games are going on at the same time and you don’t have enough money to make straight bets on each game, a parlay bet is a way to get action on each game.
To put a parlay win into perspective, lets use a 5 game parlay as an example. If you made 5 straight bets for $22 each ($110 total wagered) and won all of them, you would win $20 per game for a $100 total profit. However that same $110 wagered on a successful 5 team parlay would pay $2200. But wait, before you go place your bet, keep reading.
Negatives of Parlay Betting
The major problem with parlay betting is that they don’t offer true odds. For example, the true odds of hitting an 8 team parlay is 255:1, while the payoff is only 100:1. This is a big disadvantage to the bettor. Similar to Roulette, when you split your chips across 2 numbers, you get slightly worse odds. When you split them across four numbers, the odds get worse again. The same can be said for parlay bets in sports betting.
Think of it this way. If you want to bet $100 on each of 5 games, but can’t afford to risk the full $500, you probably shouldn’t be betting at all. If you can afford the full $500, you will get a better payout with less risk of losing all your money by making straight bets.
Parlay Betting Tips
There are all sorts of little tips for improving your ROI on parlay bets, but there are a couple of tips that everyone needs to know. To improve your chances and win more on your parlay bets, follow these tips.
Bet on Fewer Teams, Raise Your Bets
Parlays are often used the wrong way. Instead of placing a $20, 5 team parlay, it’s better to make a 3 team parlay for more money. While the odds are lower, the win-rate is much higher, relying on only 3 wins instead of 5. By increasing the bet size, you can make up for the lower odds. This gives you a better chance at a win and a nice payday.
If you have more teams you want to bet on, split your parlays into multiple, smaller parlay bets.
Protect Your Bets
If you have a 5 team parlay that is 4-0 going into the fifth game, you stand to win $1000 on a $50 wager. A loss in the fifth game pays you nothing. To guarantee a win, place a straight bet for $525 on the team opposing your parlay pick. This will guarantee you a minimum win of $425 no matter what the result of the fifth game is. While expert bettors don’t bet a lot of parlays, when they do, this is a strategy they often employ.
If your parlay wins, you collect $1000. This is a $950 profit from your $50 bet, minus the $525 side bet, for a guaranteed win of $425.
If your parlay loses, you lose $50 there but make $477 profit (11/10 odds) on the $525 side bet, for $427 guaranteed profit.
Either way, you can grab a beer and enjoy that last game, knowing you’re a winner no matter what.
Parlay Betting Rules in Event of a Tie
Before placing a parlay bet at a live or online sportsbook, find out the rules in the event of a tie. At some sportsbooks a tie will remove one team from the parlay, moving it down one level. For example, if you have a 5 team parlay with one tie, the parlay will automatically become a 4 team parlay, essentially removing one team from the bet.
At other sportsbooks, a tie results in a loss. This is bad for the bettor, so make sure you know the rules before placing your bet. This is especially important for betting on soccer or hockey where ties are common. Expert sports bettors never place a parlay bet without knowing these rules.
NFL & NCAA Football Parlay Betting
Parlay bets are extremely popular with NFL and NCAA football bettors. Parlay bets for football combine multiple straight bets, meaning the point spread is used. A bettors job is to pick teams that will cover the spread. If any team within the parlay does not cover the spread, the entire parlay bet loses.
While we don’t like parlay bets for serious bettors, they’re a great way to add tons of excitement to a weekend of football. Just remember how hard it is to go 3 for 3 in your fantasy league before you place a 10 team parlay.
Parlays (also known as Multiples or Combos)
gtbets.ag is proud to offer the most comprehensive Parlay selection available today. Parlays, also known as Multiples or Combos, are a very exciting way for the sports betting enthusiast to WIN VERY LARGE AMOUNTS OF MONEY WITH VERY LIMITED RISK!.
Simply put, a parlay is a bet of 2 or more teams (selections) or propositions in no particular order. All teams wagered on in a parlay must win. If there is a tie, it reverts down to the next lowest number for payoff. For 2 team parlays, a tie and win becomes a straight bet payout.
At gtbets.ag, you may include up to 12 Selections in your parlays, all sports included. This means that you can make one parlay card with a combination of all your favorite sports! These wagers can be placed very easily online at gtbets.ag.
Please Note: No parlay bets will be accepted where individual 'selections' are connected. For example, one leg of a parlay is for Sampras to beat Henman in the 4th round of Wimbledon and the second or additional part of the parlay is for Sampras to win the overall Wimbledon title. The match forms part of the overall tournament and is therefore 'connected'. In the same way, you cannot parlay the over of the first half of a football game with the over of the total game, because the two are 'connected'.
For NBA and NCAA, first half sides may not be parlayed with the full game side in the same game, and first half totals may not be parlayed with full game total in the same game.
Football and Basketball Parlay Payoffs
Selections | Payout Odds |
2 | 13 to 5 |
3 | 6 to 1 |
4 | 11.5 to 1 |
5 | 22 to 1 |
6 | 40 to 1 |
7 | 80 to 1 |
8 | 150 to 1 |
9 | 300 to 1 |
10 | 500 to 1 |
11 | 1000 to 1 |
12 | 2000 to 1 |
Baseball (moneyline) Parlay Payoffs
Because of the moneyline used in baseball, there are no set payoffs for tying a number of teams together in parlays. Payoffs are determined by a simple formula that changes the moneyline into a decimal number and combines it with the other lines in the parlay. The first step is to change the moneyline into a decimal value. Use the chart below for this purpose.
Values are equivalent to one dollar.
-1.05 | = | .95 | -1.85 | = | .54 |
-1.10 | = | .91 | -1.90 | = | .53 |
-1.15 | = | .87 | -1.95 | = | .51 |
-1.20 | = | .83 | -2.00 | = | .50 |
-1.25 | = | .80 | -2.10 | = | .48 |
-1.30 | = | .77 | -2.20 | = | .45 |
-1.35 | = | .74 | -2.30 | = | .43 |
-1.40 | = | .71 | -2.40 | = | .42 |
-1.45 | = | .69 | -2.50 | = | .40 |
-1.50 | = | .66 | -2.60 | = | .38 |
-1.55 | = | .64 | -2.70 | = | .37 |
-1.60 | = | .62 | -2.80 | = | .36 |
-1.65 | = | .61 | -3.00 | = | .33 |
-1.70 | = | .59 | -3.25 | = | .31 |
-1.75 | = | .57 | -3.50 | = | .29 |
-1.80 | = | .55 | -4.00 | = | .25 |
How to Figure Baseball Parlays
For each price or odds quote on your teams, look at their respective payoffs (to $1) and always add $1 to these payoffs.
Multiply your bet times the products of these payoffs (+$1) for your parlay return.
Example
A Player bet $50 on the Cardinals (-150) parlayed to the Tigers (-130)
2 Team Parlay Push
Bet | Cardinals | Tigers | Return | |||
(-150) | (-130) | |||||
$50 | X | 1.67 | X | 1.77 | = | $147.80 |
2 Team Parlay 10 Bets
The return includes the $50 bet.
Use the same method for any number of teams.2 Team Parlay Rules
Example
Bet $75 on the Cubs (+120) to the Reds (-135) to the Mets (Even) for a 3 team parlay
Bet | Cubs | Reds | Mets | Return | ||||
(+120) | (-135) | (Even) | ||||||
$75 | X | 2.20 | X | 1.74 | X | 2.00 | = | $574.20 |
(1.00 + 1.20) | (1.00 + .74) | (1.00 + 1.00) |
2 Team Parlay 3 Bets
The return includes the $75 bet.
Remember to always add $1 to the payoff price to figure all parlays.
Please Note: All Baseball Side Parlays are 'action.' Run Line & Total selections within your parlay will be voided should there be a pitching change. Round Robin Parlays
gtbets.ag is proud to offer Round Robin parlays. A Round Robin is simply a nickname for parlay wagering on a group of selections (at least three or more) that are to be included in a combination of individual parlays. These wagers can be placed very easily online at gtbets.ag.
For instance, if a player asked for a $100, three-team Round Robin with teams A, B, and C, he/she is simply requesting a two-team parlay with teams A and B, another parlay with teams A and C, and another with teams B and C, for a total of 3 individual parlays, each for $100. The total amount risked would be $300.
Round Robins get more complex as the number of teams increases. A four-team Round Robin 'by twos' for $100 would mean that the bettor wants four teams to be included in a combination of two-team parlays. This would be a total of six individual two-team parlays, for a total risk of $600. If the request is for a Round Robin 'by threes', it would include a total of four possible combinations, for a risk of $400.
Example
A player requests a $100 four team Round Robin 'by twos', with teams A, B, C and D. The possible combinations would be as follows:
Teams AB $100 to win $260
Teams AC $100 to win $260
Teams AD $100 to win $260
Teams BC $100 to win $260
Teams BD $100 to win $260
Teams CD $100 to win $260
If all four teams win, the player wins $1240, while risking only $600! If one game loses, there is still a profit, even though three of the parlays would lose. The three winners get back $780, plus the $100 laid for each parlay, for a total of $1080. After subtracting $300 for the 3 losers, the player profits $480!
Just like in our standard parlays, selections from every league and sport can be included!
Please Note: The maximum parley payoff for any one parlay wager shall be $50,000, whatever the stake, or theoretical payout displayed elsewhere on the gtbets.ag system.