Sports betting online is a huge industry that is here to stay. It involves placing bets on various sporting events, even video game tournaments. Along with the standard single-match wagers, there are several other betting options. We’re going to concentrate on something like that today. As the name implies, we’re here to talk about parlay betting, a well-liked kind of betting that carries higher risk and much higher potential returns.
What Is Parlay Betting?
Let’s start with the basics and explain parlay betting.
Most sports bettors are familiar with parlays because they are typical sports wagering. It has existed for a long time and is well-liked in the US and the EU despite having two completely different names. Europeans refer to it as “accumulator betting,” whereas Americans refer to it as “parlay betting.”
A parlay bet typically enables you to place wagers simultaneously on many games instead of placing multiple bets. It resembles combining numerous singles into a single large wager. However, parlay bets have far higher odds and much higher danger than you might anticipate. You must win every match in your parlay wager for it to win. The entire parlay is a loser if one wager fails. That’s all there is to it.
What Does a Parlay Pay?
Here are the normal parlay odds and payouts you might anticipate from the majority of bookmakers:
| PARLAY | ODDS | AMOUNT WON | PAYOUT |
| 2 team | 2.6 to 1 | $260 | $360 |
| 3 team | 6 to 1 | $600 | $700 |
| 4 team | 11 to 1 | $1,100 | $1,200 |
| 5 team | 22 to 1 | $2,200 | $2,300 |
| 6 team | 45 to 1 | $4,500 | $4,600 |
| 7 team | 90 to 1 | $9,000 | $9,100 |
| 8 team | 180 to 1 | $18,000 | $18,100 |
Here, we’re referring to parlay wagering with set odds. Your favorite bookmaker may take a completely different approach to parlay bets, mainly if you reside somewhere other than the US.
What Online Sites Allow Parlay Bets?
Users can place parlay bets at the majority of online sportsbooks. The terms for what parlay bets are acceptable will vary slightly between each, but they will all be specified on the sportsbook website.
You may check out some of the top betting sites of 2023 here:
Best US Site for Playing Parlay Betting
- BetUS
- BetOnline
- MyBookie
Best US Site for Playing Parlay Betting
- Betway Sports
- 10bet
- Spin Sports
What Is the Difference Between Conventional and True Odds Parlays?
The example above uses a fixed-odds approach that only functions if both choices are equally likely to be chosen. However, sports betting always has favorites and underdogs, and the odds are never the same. You’ll need to use math in sports betting to compute these parlay scenarios!
The Math Behind Parlay Bets
What Return Do Parlay Bets Offer?
Parlay bets with fixed odds have already been discussed. Let’s begin the calculations for your sports betting activities right away.
Sports, as previously mentioned, produce dynamic odds; thus, no two wagers will ever have exactly the same 50/50 odds. Fortunately, the computations aren’t too difficult. If you’re utilizing decimal odds, multiply the stake by all bets. Multiply all three numbers with your stake if you’re betting on a three-team parlay with the following odds: 1.2, 1.5, and 1.4.
- $100 is multiplied 1.2, 1.5, and 1.4 times to yield a payout of $252.
- $152 is earned after we remove the stake.
The best course of action if you’re used to playing using American odds is to convert them to a decimal using our easy-betting odds calculator. Once you’ve completed the multiplication, you’re done.
NOW FOR THE FUN PART
Your return would be much lower if you took those three matches and bet them as three singles with a $100 total stake ($33.33 risk on each). We’re talking about a total of about $40. The difference between this situation and a parlay is that, in this case, even if one of those matches doesn’t happen, you’ll still receive some money.
To summarize, parlay betting offers far bigger returns than singles but also carries a lot more risk. There is still no agreement among sports betting professionals over the long-term profitability of parlay bets.
What occurs if there is a tie?
The parlay disregards the wager made on a tie (more formally known as a push) and decreases the total number of bets, which lowers the payout. Your bookmaker will change your odds from 22 to 1 to 11 to 1 and pay you out in line with that change if, for instance, you wager on a five-team parlay, secure four victories, and the final game ends in a tie.
But keep in mind that not all bookmakers follow the same guidelines.
European bookmakers also let you wager on ties; their three-way match-winners let you choose between betting on team A, team B, or a draw. You must select a two-way wager if you want the advantage of a push in the event of a tie.
Pros and Cons of Parlay Betting
Pros of Parlay Bets
- Higher returns than single bets
- Excellent for free play bonuses
- High-reward, high-risk
- Possible parlay correlation
- Lots of excitement
Cons of Parlay Bets
- High-reward, high-risk
- Correlated parlay bets are not permitted.
- Fixed odds favor bookmakers.
- Increased possibility of a dry spell
- Ideal Parlay Betting Scenarios
The parlay betting system: How fair is it?
The real probability should increase the odds in a two-team parlay where both odds are set at -110, but instead, you receive +260. The total odds for a three-team parlay should be +700, but bookmakers only offer you +600.
In other words, bookmakers don’t provide fixed-odds parlay bets with a level playing field. Having said that, are there any reasonable circumstances in which parlay betting is a no-brainer?
Free Play Bonuses
Parlays with three teams are excellent for free bets and other bonuses. Why is it the case? They allow you to free-play three separate bets and offer more juice than genuine odds. Today’s bookies provide amazing welcome bonuses (depending on the initial deposit size), and using your bonus money to test out three-team parlays could give you the more boost you need.
Correlated Parlays
The foundation of correlated parlays is a combo that will win or lose. A perfect example of a correlated two-bet parlay is wagering on the Lakers to win and Lebron James to go over the total points.
Linked parlays have the drawback that many sportsbooks view them as illegal and won’t take correlated bets.
It should be a no-brainer if you discover a less well-known bookmaker who is legitimate yet provides associated parlays and a good online sports betting experience!
Reduced Juice
NFL is the ideal illustration of the ‘reduced juice’ phenomenon. In the NFL, 50/50 wagers are common, and some bookmakers give 6.5 to 1 on three-team parlays, which offers better value than betting on the usual -105 option.
The Most Important Reasons to Avoid Parlays
1) Financial Strategy
Progressive betting systems are typically viewed as poor money management and growth strategies. Professional gamblers place bets using their calculated edge for each game. Even while the logic can be justified, most sports bettors find that it is a lot of extra work with little to no benefit.
2) Variety
Compared to straight bets, parlay bets have a larger variance. The probabilities are the same here, but there is a much higher likelihood that you may experience a dry spell. It is usually wiser to choose the lower variance option, in this case, straight bets, when the odds are equal.
3) Line-Shopping
Sports bettors always look for the finest deal to maximize their profit. Finding -4 when other sites are -4.5, for instance, or decreased vig possibilities like -104 rather than -110. When placing a parlay wager, you must obtain the best odds for each team at a single betting site. Since this scenario is uncommon, placing straight bets at several betting sites will typically result in superior odds.
FAQ on Parlay Betting
Are Accumulators and Parlays the Same Thing?
Yes, sir, accumulators, and parlays are the same thing. The term “accumulator” (sometimes known as “acca”) is more frequently used in the UK, and the EU than the word “parlay” is in the US. Both of them stand for the same thing: a collection of two or more wagers, each of which must succeed in order to win.
Are Parlay Bets Worth It?
To be clear, parlay wagering is not a long-term betting strategy that sports betting specialists advise. Having said that, it doesn’t necessarily follow that parlays are not worth the effort. If none of the ideal situations we’ve already provided for parlay bets satisfy you, perhaps the pure pleasure of the chase will. Imagine the prestige of successfully picking a four-team parlay! That must be worth more than money, right?
How much money should be invested into parlays?
Although winning 100% of three-team parlays with enough regularity can seem like a great method to get incredibly rich, the chances are low. It is best to avoid having inflated expectations in the first place in light of this. Make sure not to invest too much money, even if you can’t help but dream big. High-risk, high-reward transactions can be challenging, especially for newcomers, so only stake money you can afford to lose.
Is Parlay Betting Legal?
Parlay betting is not against the law. In reality, it’s common to find a reliable bookmaker who only accepts parlay wagers. Contrarily, related parlays are often prohibited. Utilize it to the fullest extent if you can locate a bookmaker who accepts such combinations.
Are Parlay Bets Bad Bets?
In sports betting, there is a widespread misperception that all parlays are bad bets. The reason for this is simple: Most sports bettors need to be made aware of how they operate or how to place a legal wager.
How Are Parlay Bets Calculated?
You don’t need to perform manual computations while discussing 50/50 proposition parlays. The table at the top of this page has all the information you need about that system. Remember that this scenario only applies to sports like the NFL, which has many 50/50 games. But you’ll have to cope with moving odds if you want to wager on soccer, esports, or other sports. How is the payout determined? Draft the parlay, and the bookmaker should display the numbers. Translate American chances to decimal odds, multiply them by each other, then multiply the stake if you want to do it yourself. There you go. You’ve completed everything.