A parlay bet is when you combine multiple individual bets into one single wager. These bets are also called accumulator or combo bets. In order to win a parley bet, each of your individual bets — or legs — within the parlay must be successful. If you lose any of the individual bets, then the entire parlay bet is lost. As you can imagine, a parley bet is very risky but the payout can be significant.
So why would you want to do a parlay bet? Mainly because of the higher payout, making it an attractive option for betters who want a significant return on a small investment. A parlay bet’s payout will almost always be higher than making each of the same bets individually. But of course this comes at a significantly increased risk as well, since you can’t even afford to lose a single one of the individual bets.
Can I combine different types of bets into a parlay bet?
Parlay bets can include a variety of bet types including point spreads, moneylines, and over/under totals. You can also combine bets from different sports into the same parlay. If you are interested in doing a parlay bet, make sure to shop around the different online betting sites to find one appeals to you.
What happens if one of the bets result in a push or a tie?
If a leg of a parlay results in a tie or a push, how it affects the parlay depends on the sportsbook’s rules. Some places will reduce the parlay to a lower number of legs, while others can treat the push as a loss. So that is definitely one thing you’ll want to clarify before placing a parlay bet.
How are the odds and payouts calculated?
The odds and payouts for a parlay bet will depend on the individual odds for each leg and the number of legs in the parlay. And then you’ll have to consider the sportsbook as some will offer fixed odds for parlays with a specific number of legs. Others, will calculate the parlay odds by multiplying the odds for each individual bet.
What is a round robin parlay?
A round robin parlay allows you to play multiple parlays from a set of selected games. This is better explained with an example.
Let’s say you found four bets that you like and you want to parlay them, but you don’t want to do a four-team parlay since losing just one of those four bets means you lose the parlay. So you consider a round robin, which allows you to group smaller parlays from those four individual bets. With two-leg parlays from four individual bets, you’ll have six possibilities total. By doing round robin, as long as two of your bets win, then you’ll get back some of your money. Let’s put some actual teams and odds to this example:
- 1. New England Patriots (-3) vs. Miami Dolphins
- 2. Los Angeles Rams (-7) vs. Arizona Cardinals
- 3. Seattle Seahawks (+2.5) vs. San Francisco 49ers
- 4. Kansas City Chiefs (-5) vs. Denver Broncos
With those four different NFL games, you can create a round robin parlay with two-team combinations. So that would be a total of six different two-team parlays:
- New England Patriots (-3) and Los Angeles Rams (-7)
- New England Patriots (-3) and Seattle Seahawks (+2.5)
- New England Patriots (-3) and Kansas City Chiefs (-5)
- Los Angeles Rams (-7) and Seattle Seahawks (+2.5)
- Los Angeles Rams (-7) and Kansas City Chiefs (-5)
- Seattle Seahawks (+2.5) and Kansas City Chiefs (-5)
You would then place a bet on each of these six parlays and you can still make a profit even if not all of your picks are successful. But if two or more of the games don’t cover the spread, you’d lose all the associated parlays.
What is the difference between a parlay and a teaser?
A teaser is a type of parlay and it involves adjusting the point spreads or totals in the bettor’s favor. This leads to a lower payout obviously, but an increased change of winning. Teasers are typically only available for point spread and totals bets and the odds in a teaser are fixed. They’re considered less risky than traditional parlay bets since they have adjusted point spreads or totals.
How many bets can I include in a parlay?
The number of bets you can include in a parlay will depend on the sportsbook or online betting site you are using. Some places will allow parlays with up to 15 bets, while others will only allow up to 10. Make sure you check the specific restrictions at the sportsbook you are planning to use before setting up a parlay bet. Of course, including 10 bets into a single parlay will make it very difficult to win and may not be worth the gamble at all.