What is a Parlay in Sports Betting?
A parlay is one of the most exciting bets you can place in sports. It’s a high-risk, high-reward type of wager where you combine multiple bets into one. The thrill? If you win, you get a bigger payout than you would from betting on each game individually. The catch? Every single bet you include called a leg has to win. If even one pick is wrong, your entire parlay loses.
People love parlays because they allow you to turn a small bet into a potentially huge payout. It’s a little riskier than other types of bets, but the possibility of a big win keeps bettors coming back for more, Here’s a Complete guide to betting parlays.
How Does Parlay Betting Work?
In a parlay, you’re essentially stacking bets on top of each other. You might bet on point spreads, money lines, or totals (over/under) for several games. But remember, to cash in on a parlay, every bet you make has to hit. If just one leg doesn’t go your way, the whole bet loses.
For example, let’s say you bet on three NFL games:
- Chicago Bears -6
- Green Bay Packers -7.5
- New York Jets +3
If the Bears and Packers cover their point spreads and the Jets stay within 3 points or win, you’re in the money! But if even one team fails to cover, you lose the entire parlay. That’s the thrill and risk of parlay betting in a nutshell.
Parlay Payouts: How Much Can You Win?
The real allure of parlays is the payout. The more teams (or legs) you add to your parlay, the bigger the payout if you win. Here’s a quick breakdown of typical odds for point spread parlays:
- 2-team parlay: 13/5 (Bet $100 to win $260)
- 3-team parlay: 6/1 (Bet $100 to win $600)
- 4-team parlay: 10/1 (Bet $100 to win $1,000)
- 5-team parlay: 25/1 (Bet $100 to win $2,500)
- 6-team parlay: 40/1 (Bet $100 to win $4,000)
As you can see, the potential winnings skyrocket as you add more legs. But keep in mind, the more games you add, the tougher it gets to win them all. That’s why many seasoned bettors stick to smaller parlays with just two or three teams it’s a good balance between risk and reward.
Money Line Parlays: How Do They Differ?
Money line parlays are a bit different from point spreads because the payouts are based on the individual odds for each game. You’re simply betting on which team will win outright, without worrying about point margins.
Let’s break it down with an example:
- Oakland Raiders +120
- New York Jets -100
- St. Louis Rams +150
If you bet $100 on the Raiders and they win, you’ll get back $220. You’d then roll that $220 over to the Jets. If they win, you’d have $440, and that amount would be placed on the Rams. If the Rams win, your final payout would be $660.
The beauty of money line parlays is that you can mix underdogs and favorites to boost your potential payout. It also adds flexibility, letting you avoid point spreads if you find them tricky.
The Risks of Parlay Betting
Now, let’s be real parlays are risky. That’s why the payouts are so tempting. But since you need every single leg to win, even experienced bettors can find them challenging. You might nail three games in a 4-team parlay, only to lose on the last one by a fluke play. And suddenly, that whole bet is down the drain.
Here are some smart tips to help manage the risk:
- Stick to Small Parlays: Start with 2- or 3-team parlays. Sure, the payout isn’t as huge as a 6-team parlay, but your chances of winning are much better.
- Keep Your Bets Small: Don’t go all-in on parlays. They’re high-risk, so bet with amounts you’re comfortable losing.
- Bet on What You Know: Focus on sports and teams you’re familiar with. The more you know, the better you can predict the outcomes and stack your bets smartly.
Parlay Betting in Different Sports
Parlay betting is available in all major sports, but some leagues are more popular for it than others.
- NFL & College Football: Parlays are especially popular during football season. With so many games happening on Sundays, it’s easy to combine multiple matchups into one bet. Football’s unpredictability also adds to the excitement.
- NBA & NHL: Parlays are common in these leagues too, but be cautious. The frequent upsets and close point margins can make NBA and NHL parlays harder to predict.
- MLB: Baseball parlays are fun, especially with underdogs. Since MLB games tend to have lower scores, a well-timed underdog victory can massively increase your payout.
The trick is to pick your spots carefully, no matter the sport. Parlay betting is all about balance enough legs to make it worth your while but not so many that it becomes impossible to win.
Are Parlays Worth It?
So, are parlays worth the risk? The answer depends on what you’re looking for. If you’re in it for the thrill and the chance to turn a small bet into a big payday, then absolutely, parlays can be a blast. But if you’re trying to bet smarter, manage your bankroll, and grind out consistent wins, then single-game bets might be a safer route.
Sportsbooks offer big payouts on parlays because they know the odds of hitting every leg are slim. That’s why it’s important to bet responsibly and not rely on parlays as your main betting strategy. Stick with smaller parlays, and you’ll still have the chance for a solid payout without risking too much.
Tips for Winning Parlay Bets
- Keep It Small: Stick to 2- or 3-team parlays to give yourself a better chance of winning.
- Mix It Up: Combine money line and point spread bets to balance risk and reward.
- Shop Around: Check different sportsbooks for the best odds on your parlay. It can make a big difference in your payout.
- Play Parlays for Fun: Don’t make them your main betting strategy. They’re high-risk, so enjoy them occasionally and focus on single-game bets for more consistent wins.
Conclusion
Parlay betting brings an extra level of excitement to sports, offering huge payouts if you can get all your picks right. But remember, they’re high-risk bets, so bet smart, start small, and never wager more than you’re willing to lose. With the right approach, parlays can add some serious fun and potentially big rewards to your sports betting experience.
FAQs About Parlay Betting
What is a parlay in sports betting?
A parlay combines two or more individual bets into one. To win, every leg in the parlay must hit. If one bet loses, the entire parlay loses.
Are parlays a good bet?
They’re fun but risky. Parlays offer big payouts, but they’re harder to win compared to single-game bets.
How are parlay payouts calculated?
Payouts depend on the odds of each bet in your parlay. The more teams you include, the higher the payout.
Can I mix money line and point spread bets?
Yes! You can mix money lines, point spreads, and totals in the same parlay for greater flexibility.
What happens if a game in my parlay gets canceled?
Most sportsbooks will simply remove the game from the parlay and adjust the bet accordingly.
Can I cash out a parlay early?
Some sportsbooks offer a cash-out option, letting you lock in your winnings before the final game is played.