What is a Parlay? Parlay Betting
Parlays are an extremely popular form of betting within the world of sports. The reason parlays are so popular is their ability to pay-off the bettor in a big way, with just one wager. A parlay is a collection of two or more teams, in which you must win all of the games to win the game. The problem with a parlay is just that you must win ALL of the games to get paid. So, even if you win three out of four, it will be the same as losing all four; you lose.
When you put together a parlay on point spreads, the payouts are fixed, and remain the same. For example, if you bet the Bears -6, Packers -7.5 and Jets +3; and they all win – your pay-off would be the same as a parlay with the Lions +6.5, Vikings +8 and Patriots -3. It doesn’t matter who the teams are, as long as they win, your payoff stays the same depending on the amount of teams.
Typical point spread payouts look like this: 2 team parlay – 13/5 odds. 3 team parlay – 6/1 odds. 4 team parlay – 10/1 odds. 5 team parlay – 25/1 odds. 6 team parlay – 40/1 odds. The odds continue to get larger and better for the person making the wager with the more teams you add to it. So, what this is telling us is that if you place a parlay on 5 teams, and they win, with a $100 bet, you would win $250.
If you are betting money line parlays, your odds may change. For example, if you take the Oakland Raiders +120, the New York Jets -100, and the St. Louis Rams +150; in the first bet a $100 bet would win you $120. The second would win you $100 and the third would win you $150. So, in a parlay bet, each game recalculates the bet. For example, you would take the the amount won in game one, which is $120 – and then that bet is placed on the Jets -100; which would be an additional $120. You are now up to $240 on the bet. The last game is +150; which means a win would garner you a $150 payout. All of that totals up to $110 on a $010 wager.
Parlays are not always great bets. The odds are not with you for parlays, but again – you do have a chance of winning some big money. Be wise when you bet on parlay’s, and keep them small. Three team parlay’s are a decent bet, because your odds are better than the larger parlay’s.
Parlays are very popular in the world of college football or the National Football League. One of the major reasons why is the ability to bet on a bunch of games that you like all in one day. For example, with a ton of NFL games on Sunday’s – the bettor has the ability to bet all of them together with a chance to win some big money. Parlay’s are also available in the National Basketball Association, National Hockey League and Major League Baseball, but certainly not as popular.