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What is a parlay bet? There are people who love betting. However, they would also like to also combine many of their bets to get more wins. This is where the parlay comes into discussion.

Here is the parlay definition: A parlay is an accumulator bet, putting together many wagers into a single bet. This is done by rolling over all bets into the next wager leg. Each of the bets should win so that the parlay play would grade as a winner.

How Does A Parlay Work?

Parlays place together many bets, and since all bets there are required for the parlay bet to pay out, the risk is bigger than in a one-game bet. But that risk shows in the pay odds.

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3-team Parlay

Here is an example of a 3-team parlay: Brazil -1, Japan +0.75 and England -1.75. In order for the parlay to win, Brazil must win by 2 goals, England have to win by 3 goals and Japan need to at least draw. If two of these bet idea win and one bet does not completely win (only half), the overall parlay bet will lose.

Push on Parlay

If a parlay bet is recognized as a push (tie), the bet is taken out of the parlay and graded on the remaining bets. If a three-team parlay has two correct bets, and one considered a push, the bet push is taken out, and the parlay is considered as 2-leg parlay. Payouts are also adjusted in the parlay odds calculator.

Round Robin Parlay

These consider multiple pick and parlays for many games. Bettors can select multiple bets and make parlays of different sizes with the games. Each parlay variation will need one wager.

For instance in this parlay bet example, a 4-team parlay round robin bet can have parlays of two, three and four team sets .A combination of winning bets in those parlays bet idea pay out, but you have to place individual bets on 11 combinations.

Teaser Parlay

A teaser is just like a normal parlay play, wherein a bettor chooses a lot of teams or totals. But moneylines are not allowed in a teaser. Unlike in the parlay, the bettor could move every point spread. The additional points in the spread make the bets easier to win, paying less than the usual parlay payout.

Teaser parlay bets can move point spreads from 6-10 points. But each leg of the teaser has to use the same number of points. The teaser legs could move anywhere.

Like all parlay gambling, the more teams are with the teaser, the better your payoff will be. Various sportsbooks have differing odds, so they have different teaser options for parlay sports betting.

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What are the Odds of Hitting Parlay

The more bets you have in a parlay, the slimmer your chance will be of getting the parlay. If we use a traditional -110 vig for bets, these are the odds of you winning the parlay:

  • 2-team parlay – 27.47%
  • 3-team parlay – 14.37%
  • 4-team parlay – 7.52%
  • 5-team parlay – 3.94%
  • 6-team parlay – 2.06%
  • 7-team parlay – 1.08%
  • 9-team parlay – 0.30%
  • 10-team parlay odds -0.15%

How are parlay payouts calculated?

The size of the parlay of the day payout bet depends on the bets involved, and the individual odds for the bets. Using the standard -100 vid for point spread and totals, here are the parlay betting payouts if you bet $100:

  • 2-team parlay – $264.46
  • 3-team parlay – $595.79
  • 4-team parlay – $1,228.33
  • 5-team parlay – $2,435.90
  • 6-team parlay – $4,741.27
  • 7-team parlay – $9,142.43
  • 8-team parlay odds – $17,544.64
  • 9-team parlay – $33,585.23
  • 10-team parlay odds payout – $64,208.16

Advantages and Disadvantages of Parlay Betting

Like all types of betting, there are advantages and disadvantages to parlay betting. An advantage is that you can put together small bets win big amounts. But on the downside, all your parlay odds bets should have a positive expected value in order to win.

Correlated Parlay

Correlated parlay bets is when winning a parlay bet increases chances of winning the other odds. One parlay bet example would be parlaying the first half over with the total over of the game. If the first-half total of the parlay gambling comes in, the overall total is favoured to win.

Controversially, sportsbooks have prevented the use of such parlay sports betting. But recently, they have been allowed again. There is such a thing known as same game sport parlay. However, you need to check the parlay payouts before booking and see how they fare with the individual bets together.

What Will Happen to the Parlay Bet if the Game is Cancelled?

While one loss is bad for the parlay sports bet, there are bets that sometimes do not win or lose. Most commonly there is a push. The push will then drop off the parlay bet. In the case of a 4-game parlay, it becomes a 3-team parlay.

In another instance, the betting parlay would be cancelled due to games that are cancelled or rescheduled. When this happens, the bet comes off the parlay, reverting to a smaller sports parlay bet.

You must clarify with your sportsbook on the details of handling situations regarding these parlays.