A parlay is a type of wager that combines multiple bets into one. Generally, you can combine two or more bets into a single parlay, and all of the wagers must win in order for the parlay to pay out. Parlays are popular because they offer higher payouts than individual wagers, but they also come with higher risks.
What Are the Odds of Winning a Parlay?
The odds of winning a parlay depend on the type of bets involved, the number of bets included in the parlay, and the bookmaker’s odds. Generally, the more complex the parlay, the lower the odds of winning it. A two-team parlay, for example, pays out at 13 to 5 odds, while a four-team parlay pays out at 6 to 1 odds. The odds of winning a parlay can also vary depending on the type of bets included. For example, a parlay consisting of two moneyline wagers will have different odds than a parlay consisting of two point spread wagers.
Factors That Affect the Odds of Winning a Parlay
Type of Bets Included – As mentioned above, the type of bets included in a parlay can affect the odds of winning. Moneyline wagers, point spread wagers, and totals wagers all have different odds, so the overall odds of the parlay can vary depending on the type of bets included.
Number of Bets Included – The more bets included in a parlay, the lower the odds of winning. A two-team parlay pays out at 13 to 5 odds, while a four-team parlay pays out at 6 to 1 odds.
Bookmaker’s Odds – Different bookmakers will offer different odds on the same parlay. It’s important to shop around and find the best odds available before placing a parlay wager.
Advantages of Placing a Parlay
- Higher payouts than individual wagers.
- Can combine different types of bets.
- Can be used to hedge other wagers.
- Easy to place.
Disadvantages of Placing a Parlay
- Higher risk than individual wagers.
- If one bet loses, the entire parlay is lost.
- Odds of winning are lower than individual wagers.
- Payouts are usually lower than anticipated.
Tips for Winning Parlays
- Research the teams and players involved.
- Shop around for the best odds available.
- Stick to two or three teams per parlay.
- Avoid parlaying multiple moneyline bets.
- Avoid parlaying teams from the same sport.
- Avoid parlaying teams from the same conference.
How to Calculate Parlay Payouts
Parlay payouts are calculated by multiplying the odds of each bet together. For example, if you have a two-team parlay with odds of +110 and +120, the payout would be calculated as follows:
- (+110 x +120) = 132
- 132 – 100 = 32
- 32 x stake = payout
So in this example, if you placed a $10 wager, your payout would be $320.
Bottom Line
Parlays can be an attractive option for bettors, as they offer higher payouts than individual wagers. However, the odds of winning a parlay are lower than the odds of winning individual wagers, and if one bet loses, the entire parlay is lost. It’s important to do your research and shop around for the best odds available before placing a parlay wager.