A parlay is a type of bet that combines multiple wagers into one larger bet. The reason it’s so popular is because it offers a potentially much higher payout than individual bets would. To win a parlay, you must correctly predict the outcomes of all the bets included in it.
How Do Parlays Work?
When you make a parlay bet, you are essentially making multiple bets at the same time. You can combine bets of any type—moneyline, point spread, and over/under—into one parlay. You can also combine bets from different games or different sports.
For example, say you wanted to make a parlay bet. You could choose to combine bets on the following three games:
- New York Giants vs. Dallas Cowboys (Moneyline Bet)
- Philadelphia Eagles vs. Washington Redskins (Point Spread Bet)
- New England Patriots vs. Miami Dolphins (Over/Under Bet)
You must predict the outcome of each of these events correctly in order to win your parlay bet. If you get any of them wrong, you’ll lose the entire bet.
Advantages of Parlay Bets
One of the biggest advantages of parlay bets is that they offer the potential for a much higher payout than individual bets. This is because the odds for each individual bet are multiplied together to determine the payout for the parlay.
For example, let’s say you put together a three-team parlay with the following odds:
- New York Giants vs. Dallas Cowboys (Moneyline Bet): +110
- Philadelphia Eagles vs. Washington Redskins (Point Spread Bet): -110
- New England Patriots vs. Miami Dolphins (Over/Under Bet): -110
If you correctly predict the outcomes of all three of these bets, you would win your parlay with a payout of +5,400 (110 x 110 x 110 = 1,331 x 4 = 5,324).
Disadvantages of Parlay Bets
The main disadvantage of parlay bets is that you must correctly predict the outcome of all the bets in the parlay for you to win. This makes it much harder to win than individual bets, since all it takes is one wrong prediction to lose the entire bet.
Another disadvantage is that the potential payout of a parlay is limited by the odds of the individual bets. For example, if you put together a four-team parlay with odds of +200, +110, -110, and -110, the maximum payout would be +2,640 (200 x 110 x 110 x 110 = 2,640).
How to Calculate Parlay Payouts
Calculating parlay payouts is relatively simple. All you have to do is multiply the odds of each bet together to get the total payout.
For example, let’s say you want to calculate the payout for a three-team parlay with the following odds:
- New York Giants vs. Dallas Cowboys (Moneyline Bet): +110
- Philadelphia Eagles vs. Washington Redskins (Point Spread Bet): -110
- New England Patriots vs. Miami Dolphins (Over/Under Bet): -110
To calculate the payout, you would simply multiply the odds together: 110 x 110 x 110 = 1,331 x 4 = 5,324. This means that if you correctly predict the outcomes of all three bets, you would win your parlay with a payout of +5,324.
Tips for Making Parlay Bets
When it comes to making parlay bets, there are a few tips that can help you increase your chances of winning.
1. Stick to Two or Three Bets
The more bets you include in a parlay, the harder it is to win. That’s why it’s usually best to stick to two or three bets when making a parlay. That way, you’ll still have the potential for a high payout, but your chances of winning will be much higher.
2. Choose Wisely
When making a parlay bet, it’s important to choose your bets wisely. Try to pick bets that you’re confident in and that you have a good chance of winning. Don’t just pick bets at random; do your research first.
3. Don’t Chase Losses
It’s important to remember that parlays can be risky. If you’re on a losing streak, it’s best to take a break and come back when you’re feeling more confident. Don’t chase your losses by making bigger and bigger parlay bets; you’re likely to just end up losing more money.
Conclusion
Parlay bets can be a great way to potentially win a large amount of money. However, they can also be risky, so it’s important to choose your bets wisely and stick to two or three bets per parlay. By following these tips and using the formula for calculating parlay payouts, you’ll be well on your way to making successful parlay bets.