Types of parlay bets

Gambling always involves a negative expected return. The house always has the advantage. What Is a Parlay Bet? A parlay bet can be defined quite simply. It is a bet made up of a number of smaller bets. A parlay is a way of linking bets together, so they are treated as one big bet. You must win every smaller bet to win the parlay bet—if you lose just one of the smaller bets, then the entire parlay is lost.

On the other hand, a sportsbook will give you bigger and bigger payouts for adding more games to your parlay, and if you win, you may win big. In , the U. Supreme Court gave U. It is still fully illegal in 17 states, including California, Massachusetts, and Texas. In four other states, there is some form of pending legislation. However, you can also parlay these bets together. In this case, your risk is higher, but your return will also be higher if you win both. How much higher? About 2.

But you might also double your winnings over making two individual bets. This is a simple example. Parlays can be a lot more complicated and can consist of many more individual bets. For instance, you could bet on five teams covering their spread instead of just two. How to Make a Parlay Bet There are many ways of making a parlay bet. Any online or in-person sportsbook will let you place this kind of bet and will calculate the odds for you. In casinos, another popular option is to use a parlay card.

You use this card to choose your teams and totals, then give this to the ticket writer in the sportsbook, along with the money that you will wager. A similar concept has recently started to appear on mobile betting platforms. Warning Casual bettors should be very wary of parlay bets. While these bets can promise huge payouts, they are very risky and are not an investment strategy. Calculating Parlay Payouts Calculating the odds of parlay bets can be tricky, partially because of how odds are expressed in sports betting in the United States.

Any sportsbook will calculate your potential winnings from a parlay, and this is often the easiest way of doing it. Multiply all the decimal odds together. Multiply the result by your bet amount. Subtract your original stake to get the parlay odds. First, convert those odds to decimal, which is 1. Then multiply them together: Tip There is a simple rule to work out the odds for parlays made up of wagers.

Parlay formula bet example To explain parlay formula betting, we use an example of a 3-leg parlay involving three horse races. Parlay formula bets are only available for horse racing bets in Australia. The bettor has selected a formula of two for the parlay bet, this means, that two out of the three legs must be successful for the bet to win. Parlay formula bets can are complicated, we have developed a parlay calculator that can compute the bet cost and potential returns of parlays.

Bookmakers that offer parlay betting Most betting sites in the UK offer parlay formula betting. Parlay bets, where the formula is not applied, are commonly referred to as multi bets in Australia. Multi bets are available with all Australian bookmakers.

About Bet Types is an online educational resource for users wanting to learn more about online betting.

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Online Sportsbooks Parlays in Sports Betting One of the most profitable betting options the sportsbook provides is naturally one of the most popular types of sports bets : the parlay. A parlay is a wager that requires you to make at least two different bets. One misstep kills the whole thing, and that happens time and time again. The only exception to this is if one or more of your predictions results in a push.

For example: you hit the first 3 legs of a 4 leg parlay. Now all you need is the Cowboys to cover Parlays cannot include any prop bets or futures bets. They must be straight bets only. A straight bet is the simplest type of bet. You pick a team to either win outright or to cover a spread could be the first half, second half, or for the game , or a scoring total to go over or under the projected number.

You can mix your parlay with as many different sports as you want, but all the bets have to be straight bets. The following happened during the baseball season. The Astros were the biggest favorite in Major League Baseball history, listed as high as at some places. Of course the Tigers won the game with only two hits both solo home runs , and the sportsbooks reported they pulled in some serious loot from parlays because everybody threw in the Astros.

That sounds great, but the reality is the true odds of you actually hitting that parlay may have only been In other words, even though the sportsbook lost, it still won. An example of this happened a few years ago when we hit a 7 leg parlay in week 17 of the NFL.

In our mind those games would be a cinch, and they were all blowouts by halftime. The only sweat was the road game. The favorite held on, but guess how much we got paid for hitting seven predictions in one shot. Try In our latest gambling tutorial, we will talk about the two most common types of parlay bets. The most common types of parlay bets that we have are the Round Robin, and Teasers.

In almost every game, you will see these parlays in your online bookie software. Here, a bettor will choose from teams or totals to be in a Round Robin bet. Next, they will choose how many teams or totals they would like to combine for the Round Robin.

One could choose eight teams, then tie the parlays to as many three-team combinations they want to. For example, we are to Round Robin eight teams. From there, there will be 28 parlays if you choose two teams. If you are to choose three-team parlays, then you get 56 tickets. Since these parlays combine a lot of teams, its important that you have a trusted and reliable gambling news website to get updates from.

Types of Parlay Bets: Teaser A teaser, meanwhile, is similar to the traditional parlay because you select multiple teams or totals for the wager. However, in a teaser, no moneyline wagers are allowed.