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What is a Parlay Bet? Types, How To, and Odds

The vast majority of the time, sports betting is about one outcome: you either pick one side to win or the other. If your team wins, you win your bet. If they lose, you lose. However, there’s a type of bet that’s called a parlay that relies on two or more outcomes. If you’re not familiar with this high-risk, high-reward strategy, let’s walk you through it.

What is a Parlay Bet?

Parlay betting is a popular type of sports betting that involves combining two or more individual wagers into a single bet. In this type of bet, the potential payout increases with each added wager, but so does the risk of losing the entire bet. Parlay betting can be an attractive option for sports bettors looking to increase their potential winnings, as even a small initial investment can lead to a substantial payout if all of the individual wagers are successful.

However, parlay betting can also be challenging, as the odds of winning decrease with each additional wager. As a result, it is essential for bettors to carefully consider their choices and assess the risk of each individual wager before combining them into a parlay bet. While parlay betting can be a high-risk, high-reward option, it can also be a thrilling way to engage with your favorite sports and potentially earn significant payouts.

Types of Parlay Bets

Two-Leg Parlay

A two-leg parlay is a type of sports betting wager that involves betting on the outcomes of two different events, typically from the same sport. In a two-leg parlay, a bettor must correctly predict the outcome of both events in order to win the bet. If even one of the selections is incorrect, the bettor loses the entire wager.

For example, let's say a bettor wants to place a two-leg parlay on two football games. The bettor selects the Dallas Cowboys to win their game against the New York Giants and the Green Bay Packers to win their game against the Minnesota Vikings. If both of these selections are correct, the bettor wins the parlay bet. However, if either the Cowboys or the Packers lose, the entire bet is lost.

The potential payout for a two-leg parlay can be higher than for individual bets on each event, as the odds of winning a parlay are lower, and therefore, the potential payout is higher.

Three-leg (or more) Parlay

A three-leg parlay (or more) differs from a two-leg parlay in that it involves betting on the outcomes of three or more different events, while a two-leg parlay involves only two events. In both types of parlays, a bettor must correctly predict the outcome of each event to win the bet, but the odds of winning a three-leg parlay are lower than the odds of winning a two-leg parlay, as there is an additional event that must be predicted correctly.

Because the odds of winning a three-leg parlay are lower than a two-leg parlay, the potential payout for a winning three-leg parlay is higher than for a winning two-leg parlay. However, the risk of losing the entire bet is also higher with a three-leg parlay, as even one incorrect prediction will result in a lost bet. As a result, three-leg parlays are considered to be riskier bets than two-leg parlays, but they can also offer a higher potential payout.

That degree of risk climbs when you get into parlaying four, five or six games. The more selections made, the higher the payout – but the more difficult it is to prevail.

Same-Game Parlays

A same game parlay is a type of sports betting wager that allows bettors to combine multiple bets on the same game into a single parlay bet. In other words, a same game parlay allows bettors to place multiple bets on different aspects of a single game, such as the point spread, the over/under, and the outcome of specific player or team prop bets.

Using the above example of the Cowboys and Giants, the bettor could include bets on the Cowboys to win the game, the point spread, the over/under, and specific player props such as the number of passing yards for the Cowboys' quarterback. By combining these bets into a single parlay, the bettor can increase the potential payout of the wager.

Same game parlays can be a popular option among sports bettors, as they allow for a high degree of customization and flexibility in placing bets on a single game. However, they can also be more challenging to win than traditional individual bets, as (once again) each individual component of the parlay must be correct for the entire bet to be successful.

Combo Bets

A combo bet is a type of sports betting wager that combines two or more bets into a single bet. Unlike a traditional parlay, a combo bet does not require all of the individual bets to be correct in order to win, but rather offers a reduced payout if some of the individual bets are correct. Combo bets can be made on a variety of different sports and events, including soccer, basketball, and tennis.

For example, let's say a bettor wants to place a combo bet on a soccer match between Real Madrid and Barcelona. The bettor selects Real Madrid to win the match, and also bets on a player from Barcelona to score a goal. If Real Madrid wins the match and the Barcelona player scores a goal, the bettor wins the combo bet. However, if Real Madrid wins but the Barcelona player does not score a goal, the bettor still wins, but the payout is reduced.

Combo bets can be an attractive option for sports bettors who want to increase their chances of winning a bet, while also potentially increasing their potential payout. However, the reduced payout for a successful combo bet means that they offer lower potential winnings than traditional parlays, which require all of the individual bets to be correct.

Risks of Parlays

People should avoid spending too much money on parlay bets because of the higher risk of losing the entire bet. As mentioned earlier, parlay bets require bettors to correctly predict the outcome of multiple events, and even if one of those individual bets is incorrect, the entire bet is lost. This means that the more individual bets that are included in a parlay, the greater the risk of losing the entire bet.

Additionally, parlay bets often offer lower odds than individual bets, which means that the potential payout for a successful parlay may not be as high as if the bettor had placed individual bets on each event. For example, a successful parlay bet with three selections may only offer a payout of 6-1, whereas three successful individual bets on each event may offer a higher overall payout.

Overall, while parlay bets can offer the potential for high payouts, they also carry a greater level of risk than individual bets. Bettors should limit their spending on parlay bets and ensure they have a thorough understanding of the risks involved before placing any wagers. It's always important to bet responsibly and within one's financial means.

How to Place a Parlay Bet

To place a parlay bet, follow these steps:

  1. Choose the individual bets you want to include in your parlay. You can select two or more bets from different sports or events, but they must all be available at the same sportsbook.
  2. Add your selections to your betting slip. Once you have chosen your selections, add them to your betting slip by clicking on them or dragging them to the slip.
  3. Enter your stake. Enter the amount of money you want to bet on the parlay. The betting slip should automatically calculate the potential payout based on the odds of each individual selection.
  4. Confirm your bet. Double-check the details of your parlay bet, including the selections and the stake, and click the "Place Bet" or "Confirm" button to finalize your wager.
  5. Track the progress of your parlay. As each individual event in your parlay unfolds, keep track of the results to see if your parlay is still alive. If even one selection in your parlay is incorrect, the entire bet is lost.
  6. Collect your winnings! If all of your selections are correct, you will receive a payout based on the odds of each individual selection, multiplied together. This payout will be greater than if you had placed individual bets on each event separately, but it's important to remember that parlay bets carry a higher level of risk.

Understanding Parlay Bet Odds

To understand parlay bet odds, it's important to first understand how odds work for individual bets. Odds are a numerical representation of the probability of a certain outcome happening in a given event. They are typically displayed in one of three formats: American, fractional, or decimal.

For parlay bets, the odds are calculated based on the odds of each individual selection included in the parlay. The odds for each selection are multiplied together to determine the overall odds for the parlay bet.

For example, if you are placing a parlay bet on three football games and the odds for each individual selection are:

Game 1: -110
Game 2: +120
Game 3: -140

To calculate the overall odds for the parlay, you would first convert the American odds to decimal odds:

Game 1: 1.91
Game 2: 2.20
Game 3: 1.71

Then, multiply the decimal odds together:

1.91 x 2.20 x 1.71 = 7.46

The overall odds for the parlay bet would be 7.46, or approximately 6.46-1.

It's important to note that the potential payout for a successful parlay bet is higher than if you had placed individual bets on each event separately. However, parlay bets carry a higher level of risk, as even one incorrect selection will result in the entire bet being lost. Therefore, it's important to carefully consider the odds and potential risks before placing a parlay bet.

-110 Bets and Potential Payouts

The potential payouts for parlays on -110 odds can vary depending on the number of games included in the parlay. Here are the potential payouts for parlays on -110 odds for two up to seven games:

  • Two-leg parlay: 2.6-1
  • Three-leg parlay: 6-1
  • Four-leg parlay: 11-1
  • Five-leg parlay: 22-1
  • Six-leg parlay: 40-1
  • Seven-leg parlay: 75-1

These potential payouts assume that all bets in the parlay are successful. It's important to remember that parlays carry a higher level of risk than individual bets, as one incorrect selection will result in the entire parlay bet being lost. Therefore, it's important to carefully consider the odds and potential risks before placing a parlay bet.

Calculating Potential Payout for a Parlay Bet

Using a Parlay Calculator to Determine Payout Amounts

A parlay calculator is a useful tool for determining the potential payout amounts for parlay bets. To use a parlay calculator, follow these steps:

  1. Enter the odds for each individual bet in the parlay. For example, if you are parlaying two -110 bets, enter -110 for each bet.
  2. Enter the amount of your wager. This is the total amount of money you are placing on the parlay.
  3. Click "calculate" or "calculate parlay" to see the potential payout amount.

The calculator will then display the potential payout amount for the parlay, assuming all bets are successful.

Check out our popular Parlay Calculator here!

Strategies for Parlay Betting

Here are some strategies for parlay betting using bullet points:

  • Limit the number of selections: Parlay bets become riskier as the number of selections increases, so limiting the number of selections can help reduce the risk. Consider focusing on two or three strong selections instead of trying to include several in a single parlay bet.
  • Look for value: When placing parlay bets, it's important to find value in each selection. Look for bets that have odds that are favorable relative to the probability of the bet winning.
  • Consider correlated outcomes: Correlated outcomes occur when the outcome of one bet affects the outcome of another bet. For example, a bet on the under in a football game may be correlated with a bet on the underdog to win, since a low-scoring game may favor the underdog. Consider using correlated outcomes in parlay bets to increase the chances of success.
  • Use different bet types: Parlay bets can be placed on different bet types, including point spreads, moneylines, and totals. Consider using a mix of different bet types in a parlay bet to increase the chances of success.
  • Set realistic expectations: Parlay bets can offer high payouts, but they also carry a higher level of risk. Set realistic expectations for parlay bets and understand that it's unlikely that every selection will be successful. It's important to understand the risks involved and bet within your means.

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