There is no single driving force behind Betting.us – we are a team of betting experts who all contribute their experience and knowledge. From data analysts and legal professionals to veteran gamblers and creative writers, we all contribute with a unique perspective and skill set. This collective wisdom ensures that our content is both comprehensive and trustworthy.
Parlay Betting Explained
A sports betting parlay is one of the most popular betting options. While successful parlay payouts can be hugely rewarding, they can be incredibly risky and difficult to get right. This guide defines parlays, provides helpful examples, and explores the advantages and disadvantages so you can determine if they’re worth utilizing.
Parlay Bet Meaning
This type of bet can be defined as a single bet that combines multiple market selections. These can include a mix of moneylines, spreads, totals, and props from the same game or several events.
The odds of all selected markets, or “legs”, are calculated together to create lower winning odds but larger payouts. However, all legs must be successful for a parlay to pay out. If even one market does not come through, the stake is lost. This makes parlay sports betting a risky yet potentially rewarding prospect.
Different Types of Parlay Betting
Now that you know the basic definition, we can dive into the different types of parlays. Each option has its own distinct characteristics and benefits, and can be easily built in major US sportsbooks’ bet slips. Be sure to familiarize yourself with the available markets before you start your parlay construction.
Teaser
Teasers are one the most popular parlay sports bets because they allow bettors to adjust the point spreads or totals of a market to improve the favorability of the odds. This will see the potential payouts reduced. Typically, points can be adjusted between six or seven points for football or four points for basketball.
In most instances, a teaser will include the adjusted point spread market and another market, though some sportsbooks allow up to 10 markets in one teaser parlay. These are favored by bettors who wish to provide extra security to their wagers in exchange for a small payout sacrifice.
Robin
A robin, commonly referred to as a round robin, is a single bet that contains multiple parlays. The wagers can contain teams and players, with each selection creating a new parlay. One robin parlay bet example is that if three teams are backed, A, B, and C, for a moneyline win, the parlays would be calculated as A+B, A+C, and B+C.
If all three teams win, then the three parlays win. With every new team added, the number of parlays multiplies to take into account every possible parlay combination. Like all parlays, each parlay leg must be successful to payout. This is quite a difficult bet type to win and is not recommended for inexperienced players.
Same Game Parlay Explained
As its name indicates, a same game parlay contains multiple market selections from a single sporting event. For example, this could include a moneyline on the winner, an Over/Under on the totals, and a prop on the first team to score. This is a great way to display confidence in a competitor you predict will be a winner.
The benefit of a same-game parlay is that your bet will be settled after a single event as multi-game parlays may take weeks to pay out depending on the selections. There are also frequent online sportsbook promotions for same-game parlays that see odds or payouts boosted.
2 Team Parlay Meaning
A two-team parlay is the most simple and least risky parlay option. Your bet could include two teams that are competing in the same league or in different sports altogether. If your predictions for both teams’ success is correct, you will receive a payout that combines the odds for both.
3 Team Parlay
A three-team parlay is at times the minimum number of markets for a parlay that sportsbooks accept. Not only is the risk somewhat manageable, but the payouts for the win can be sizable when compared to the initial real money stake. It also makes backing three favorites a more profitable endeavor.
4 Team + Parlay
A four-team parlay or more will offer huge payouts, though the chances to win are heavily reduced. Most major US online sportsbooks will cap the parlay market limit at 10. However, we would advise against taking such a risk, as the odds to win can be astronomically low.
Parlays With a Push
A push is declared if two teams tie, resulting in neither the bettor nor the sportsbook winning. In a single bet, this results in a refund of the stake, but if one leg of a multi-market parlay results in a push, the odds will be readjusted to only factor in the remaining markets.
How to Build a Parlay
The process to build a sports bet parlay is nearly identical at all online sportsbooks. To get started, head to the pre-match or live betting lobbies to find the available sports, leagues, and events. Click the odds of the markets that interest you to add them to your bet slip.
You may need to selectat least three markets to make a sports parlay depending on the sport or betting site. You will see a tab at the top of your bet slip that says Parlay, Robin, or Teaser. Click any of these options, optimize the bet according to the chosen option, and then enter your stake.
How to Calculate a Parlay
There is a simple formula available to help act as your sports parlay calculator. Start by finding the total for each selection by adding the risk and the win, then divide it by the risk amount. Then, multiply these figures together to find the true parlay odds. Multiply this by the stake to find the parlay payout.
For example, a $100 stake on a two-leg parlay could include:
- Market 1: Odds of +115 requires $100 to win $115, so the total payout is $225
- Market 2: Odds of -140 requires $140 to win $100, so the total payout is $240
Calculation:
- ( 225 / 100 ) x ( 240 / 140 ) = 2.25 x 1.71 = 3.85 x $100 = $385
If this seems too time-consuming for you, don’t worry. Each bet slip contains a built-in sports betting parlay calculator that will automatically calculate your selections’ odds together so you can simply build the wager and set your stake.
Sports Betting Parlay Bonuses
While it’s uncommon to find parlay bonuses provided as welcome bonuses, many sportsbooks will offer returning customers promotions that can boost the viability of parlay bets. These can include same-game parlay odds boosts, whereby the odds are rendered more favorable for specific events, and in turn, payouts are improved.
Another common promo is parlay insurance, which can insure your stake if one parlay leg loses. If it does, you can receive your stake back as bonus bet credits or otherwise as stated by the terms and conditions. These are offered for both pre-match and live betting parlays.
Pros & Cons of Parlays
There are considerable advantages and disadvantages of parlay betting that must be taken into account. The clearest advantage is that high payouts can be generated from meager financial risks, with successful parlays meaning big rewards. They can also be more intellectually stimulating as they require more strategy and keep bettors engaged over several events.
The most clear disadvantage is that they can be difficult to win, with the odds being a true reflection of this. Wins are particularly hard when more than three legs are added, and statistical win-loss ratios for parlays indicate that success is rare. Options such as teasers and robins can also be confusing and inaccessible to newcomers who may need first to familiarize themselves with sports betting basics.
Parlay Bet Strategies to Boost Your Chances
You can adopt a sports betting parlay strategy that will give you a better shot at making a successful bet. First and foremost, it’s essential that you undertake thorough research of the players, teams, and events before picking your markets. Check the latest statistics and injury reports, recent performances, and historical pair-ups.
Once you find the markets that interest you, compare the odds at major sportsbooks to gauge which are offering the most favorable prices. While these differences may appear to be small per market, this can have a significant impact on the final payout once the markets are calculated together.
To lower the risk, minimize your selections to include between three and five legs. While a 10-leg parlay may offer huge potential payouts, the chances of winning are incredibly small. Focus on safe, valuable picks that are based on winning potential rather than pure luck.
If you have placed a parlay and it looks to be unsuccessful, you may find opportunities to hedge your bet and minimize your losses. Keep a close eye on your wager and act accordingly with pre-match or live bets. And finally, only ever bet within your means and stick to a strict budget.
Should I Invest in Parlays?
By now, we hope that the parlay betting meaning is clear to you. If not, then you are definitely not ready to take a risk on these betting options. While there are clear advantages to parlay betting, there are also significant risks that are exacerbated if you’re a newcomer to sports betting.
A recent study by the University of Nevada found that parlay bets generated over 32 cents on the dollar for sportsbooks. Conversely, sportsbooks generate around 5 cents on the dollar for single football bets. These figures indicate that the odds are stacked highly in favor of the house with parlays.
Parlay Bets in Different Sports
Many players’ sports picks and parlays will be based around single leagues or sporting events, so it’s helpful to know the intricacies of how each work for different sports. In the upcoming section, we’ve provided an overview of parlay betting on basketball, football, and soccer and have even shared some tips.
Basketball
Sports parlays today are dominated by markets from the NBA, WNBA, and NCAA Division games due to the versatility that basketball provides to bettors. Your market selections can include moneylines, totals, spreads, and props from the first quarter, first half, or second half among many others. If you make a same-game basketball parlay, this can result in a nail-biting experience.
Alternatively, you could make a three-leg parlay with moneylines backing teams from three different games. Basketball is also a great option for teaser parlays, allowing you to adjust the spreads by around four points.
Football
Football is undoubtedly the most popular option to make a parlay in sports betting. Like basketball, the sport is especially suited to making teasers, whereby players can adjust the point spread by six points to improve the favorability of the odds. Round robins are also great for three-team selections.
These can be especially profitable, with a three-leg bet with -110 odds calculated together producing +600 odds, so a winning 3-leg parlay means $600 could be generated from a $100 bet. Moneylines are the most popular selection for football parlays, though spreads and totals are also worthy additions.
Soccer
As the most popular sport in the world, US sportsbooks tend to offer markets for dozens of international leagues all year round. Therefore, it is worth familiarizing yourself with the sport so you can maximize your parlay play. One benefit is that this is a three-line sport, which means a three-way moneyline parlay won’t push in the event of a tie.
We suggest that you start by adding a near-certain win to your parlay along with a market that is less predictable so you add greater security to the wager while boosting the odds. This could include a totals bet or prop.
FAQ
How do parlay bets work exactly?
A parlay bet is a single bet that contains multiple market selections. The benefit of this is that the odds for the markets are calculated to create a more favorable payout that can be exploited for lower financial risk. However, all legs must be successful for a parlay to pay out.
How are parlay odds calculated?
Once all of the markets have been added to the bet slip and the parlay tab has been clicked, the odds for all markets are multiplied together. There is a formula that has been featured on this page on how these are calculated, with the total odds rate calculated by the stake to produce the payout figure.
How does a canceled sports game or match impact a parlay?
There are varying rules for canceled games and parlays at different sportsbooks. In most cases, if a sporting event for one of your legs is canceled, the odds will be recalculated to factor only the remaining legs and your bet will continue to be processed.
What happens when a parlay bet is canceled?
If you have made a same-game parlay and the event is canceled, your bet will be void. This does not mean that you will lose your stake, but rather, your stake will be refunded. If your parlay goes against the house rules of the sportsbook, this can also void the bet and may incur penalties against your account.
Conclusion
Parlay betting is an exciting way to diversify your betting experience, with many bettors enjoying this option due to the boosted payout potentials and the thrill of the risk. You can make parlays at all legal and licensed US sportsbooks, with several offering return player promotions that can boost the payouts or reduce the risk of parlays.
Meet the creators behind our content: a collaborative of seasoned professionals, each with their area of expertise. From analytical minds dissecting odds and legal counselors demystifying regulations to strategic players sharing their secrets, our team's diverse backgrounds enrich every piece of advice and insight we offer.
Throughout this guide, we have shared several helpful tips and strategies on how to increase your chances of success and have explained how parlays can vary from sport to sport. Remember that this is an activity that benefits from research, patience, and good bankroll management.