What is a Parlay Bet? How Do You Make a Parlay Bet?
In the realm of sports betting, few wagers carry the allure and potential for massive payouts like the parlay bet. This type of bet allows bettors to combine multiple individual bets into a single wager, offering exponentially higher payouts compared to individual bets if all selected outcomes prove correct. However, the catch is that if any single bet within the parlay loses, the entire wager is lost. This high-risk, high-reward nature makes parlays both exciting and challenging for bettors.
Understanding Parlays
A parlay bet combines two or more individual bets, known as “legs,” into a single bet slip. Each leg of the parlay must win for the bet to be successful. Typically, parlays involve various types of bets such as point spreads, moneylines, totals (over/under), and occasionally, prop bets. The appeal of parlays lies in their potential for significant payouts from a relatively small initial stake. For instance, turning a $50 bet into hundreds or even thousands of dollars is feasible with a successful parlay, but the odds of winning decrease with each additional leg added to the bet.
How Do You Make A Parlay Bet?
Making a parlay bet begins with selecting two or more outcomes from different games or matches. Most online sportsbooks offer a parlay builder tool where bettors can select their desired legs and see the potential payout calculated automatically based on the odds of each selection. Alternatively, some sportsbooks allow bettors to manually select parlay legs directly from the single bet screen.
Example of a Parlay Bet
Consider a hypothetical parlay with the following legs:
- New York Yankees to win (-150)
- Los Angeles Lakers to cover the spread (-5.5)
- Green Bay Packers vs. Chicago Bears total points over 45 (-110)
If all three selections win, the bettor would receive a payout based on the combined odds of the individual legs. For instance, if each leg has odds of -110, -150, and -110 respectively, the parlay would pay out at approximately +595 (or 5.95-to-1), meaning a $100 bet would return $595 in profit plus the initial stake if successful.
Types of Parlays
- Traditional Parlays: Combine different types of bets across multiple games or matches.
- Same-Game Parlays: Allow bettors to combine different outcomes within the same game, such as player props, team props, and game props. While these offer lower payouts than traditional parlays, they provide more flexibility within a single contest.
- Teasers: Teasers adjust point spreads or totals in favor of the bettor but only involve point spreads and totals, not moneylines or other bet types. They offer lower payouts than traditional parlays due to the adjusted odds.
- Round Robins: Similar to parlays but involve creating multiple smaller combinations of parlays from a larger selection of bets. This approach offers a higher chance of winning some portion of the bet even if not all legs are successful.
How Do Parlays Work?
- Select Your Bets: Log into your betting account or visit a retail sportsbook. Choose the individual bets you want to include in your parlay and add them to your bet slip.
- Wager Amount: Decide how much you want to bet on the parlay. The system will calculate your potential payout based on the combined odds of all the bets.
- Risk and Reward: Parlays are riskier than single-game bets because all the bets must win. However, the increased risk is reflected in the higher potential payout.
- Submit Your Wager: Review your bet slip for accuracy, then submit your parlay wager.
Odds of Hitting a Parlay
Parlay betting is high-risk, high-reward. The more bets in your parlay, the slimmer the odds of winning. Here are the approximate odds of hitting a parlay based on the number of bets involved:
- Two-team parlay: 27.47%
- Three-team parlay: 14.37%
- Four-team parlay: 7.52%
- Five-team parlay: 3.94%
- Six-team parlay: 2.06%
- Seven-team parlay: 1.08%
- Eight-team parlay: 0.56%
- Nine-team parlay: 0.30%
- Ten-team parlay: 0.15%
Pros and Cons of Parlay Betting
Pros:
- High Payouts: Potential for significant returns from a small stake.
- Entertainment Value: Exciting and engaging way to bet on multiple games simultaneously.
- Flexibility: Options to mix different types of bets and games.
Cons:
- High Risk: Increased likelihood of losing due to the requirement for all legs to win.
- Lower Probability: Compared to straight bets, parlays have a lower chance of success.
- Bankroll Management: Requires disciplined bankroll management to avoid significant losses.
Should You Try Parlay Bet?
The decision to make parlays depends on individual risk tolerance and betting strategy. While they offer the allure of substantial payouts, they should be approached cautiously. It’s crucial for bettors to understand the odds, manage their bankroll effectively, and avoid the temptation of “chasing” losses or unrealistic expectations based on potential payouts.
In conclusion, parlays are a thrilling aspect of sports betting that can amplify excitement and potential winnings for bettors. By understanding their mechanics, types, and associated risks, bettors can make informed decisions to enhance their betting experience while minimizing potential losses. Balancing the excitement of high rewards with prudent betting practices is key to enjoying the occasional big win responsibly in the world of parlay betting.
