Betting Parlays
The Parlay or "Multiple" is the most popular non-standard or 'exotic bet'. Basically, it offers the bettor a chance of a big payout
for a relatively small stake. You have to pick two or more teams in your bet, this has the effect of multiplying the odds
but you will lose your whole stake should just one of your selections be unsuccessful.
The basic parlay categories are moneyline parlays or 'straight up' parlays where the odds of each team on the parlay card are likely to differ, and, points-spread parlays which offer a fixed payout because of the similarity in odds between each team (odds on standard point-spreads bets are usually in the
-110 to -105 range.
So what are the fixed odds on a
points spread parlay? Well they do vary to some degree because different sportsbooks make different
offers and compete against each other - but typically they might be as follows:
2 teams 2.65-1
3 teams 6-1
4 teams 12-1
5 teams 24-1
6 teams 47-1
7 teams 91-1
8 teams 175-1
(loosely based on -110 odds)
Using the above table, if you placed a $10 three-team parlay, you would stand to win $60 if all three of your selections won. However, if one
selection lost you would lose your $10 stake.
Money Line Parlays
The payout on these can vary greatly because your individual team odds can vary greatly. You may for instance have three teams in your
money line parlay at odds of: -200, +1200 and +100, in this scenario your $10 bet would yield $380 if all three selections won.
Big parlay bets do come in. Take this scenario: +200, +300, +600, +100, +500, +100, +300, +200 - the payoff for a bet of $10
would be $241,910 a $100 bet would yield $2,419,100.
So should you bet Parlays?
Well, yes and no. There isn't really any value on the points spread / fixed odds parlay because the odds are firmly set in the
sportsbook's favour but if you are on e.g. a three team parlay and the odds move significantly in your favour on your parlayed teams you may find
a bit of value.
The better route, however, is betting money line parlays. You will not win that often but when you do you could win big. When you lose, your
stakes will be relatively small. As long as each of the bets parlayed holds some level of value then it will not be
a bad bet.
If you go with the parlay route, stick with it. You will not win every day or even every week but a win will in all probability occur. If you have
decided to call it a day a few weeks before the end of the season you may miss your parlay payoff.
Lastly, it is also a good idea to check the maximum single payouts in money terms (as opposed to odds) with the bookmaker at which you place your parlay and keep within
this limit. You can always split your parlay stake at different
sportsbooks.
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