Parlay sports betting is a popular form of betting in the sports world, attracting many players thanks to its potential for great profits. Unlike simple bets, parlay betting allows players to combine many different betting options into a single ticket. If all the selections win, the player can receive a very high bonus compared to the original bet. However, winning in parlay betting also requires careful analysis and calculation because if just one selection loses, the entire bet will be lost. So what is a parlay in sports betting? How do parlays work in sports betting? Let's find out the details with wintips in the following article to get the most complete answer.
What is parlay in sports betting?
Parlay betting is a type of betting in which players combine many different betting options into a single ticket. To win a parlay bet, all the selections in that ticket must win. This means that if one selection loses, the entire bet loses. However, if all the selections are correct, the payout will be much larger than with a single bet, as the payout for each selection will be multiplied until the final total is created.
One of the reasons why parlay bets are attractive to players is the possibility of making a big profit with a small bet. For example, if you choose four matches and combine them into a parlay, each of which wins, your odds will increase significantly. This is why players can make a lot of money from parlay bets with just a small initial investment. However, the risk is also very high, as just one selection will lose and everything will be lost.
In parlay bets, players can combine different types of bets, such as score bets, spread bets, or over/under bets. This gives players more flexibility in placing bets and can search for the best options to maximize their chances of winning big. However, this flexibility also requires careful analysis and consideration, as combining too many options into one bet increases the risk of losing.
In addition, choosing the number of events to combine into a parlay bet is also important. Some players may be tempted to add more events to a parlay bet to increase the payout ratio. However, this will also significantly increase the risk. Therefore, to minimize the risk and increase the chance of winning, many players recommend choosing 2 to 4 events in each parlay bet instead of too many events.
To be successful with parlay bets, players need to thoroughly research the matches and events they bet on. In addition, tracking the trends of each team or athlete, analyzing statistics, and grasping the latest information on physical condition and injuries will also help players make better decisions. Players should consider using match analysis tools, reading more in-depth articles on parlay betting strategies, and learning from professional players to improve their chances of success in this type of bet.
How do sports betting parlays work
Parlays can come with great odds, and sometimes involve multiple bets being combined together, but for all intents and purposes, they’re actually pretty easy to create. To place a parlay, you simply select two or more bets that you want to combine together and place them on a single bet slip. For example, if we’re targeting Week 1 of the 2024 NFL season and have three bets that we like and want to combine for a chance at a bigger payout, we simply select the bets, select the combination bet tab, and then place a single combination bet to combine all three of our selections. Example of a 2024 Week 1 NFL Three-Team Parlay:
Parlay Selection:
- Kansas City Chiefs -3 (-105)
- Indianapolis Colts +2.5 (-115)
- Buffalo Bills -7 (-105)
Parlay Odds:
- Chiefs -3 (-105) / Colts +2.5 (-115) / Bills -7 (-105) = +596
In the example below, the same odds have been converted to decimal format for easier calculations:
When you select the parlay function, online sportsbooks will automatically multiply the combined odds for you and place them into a single bet. You can also find out the exact odds/payout of any parlay using the Fantasy Life parlay calculator. Once you understand the formula, you can also convert the odds from US format to decimal format (see below) and then multiply the final payout yourself.
The key to parlay betting is to realize that you will not be paid for each individual bet, but only if all of your parlay bets are successful. Therefore, you need to be comfortable with the idea that even if you are right on one or more of your parlay bets, you may still get nothing back.
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How to calculate sports betting parlay payouts
Calculating the value of a parlay involves multiplying the odds of each individual bet together. The easiest way to do this is to use the Fantasy Life parlay calculator, which will convert the US odds for each bet you have placed into the parlay into decimal odds and then give you the total expected payout for your parlay.
If you want to calculate your own parlays, the first step is to convert each of your bets from American odds to decimal odds using the formula below:
Convert positive (+) American odds to decimal format:
- Divide the odds by /100 and + 1.0
For example:
- (+150 American odds): 150/100 = 1.5 + 1.0 = 2.5
- +150 = 2.5 in decimal format.
Convert negative (-) American odds to decimal format:
- Divide 100 by the odds and subtract the total from 1.0
For example:
- (-150 American odds): 100/-150 = -0.67
- 1 - -0.67 = 1.67
- -150 = 1.67 in decimal format
Once you have done this, you simply You need to multiply each decimal odds together, their sum will be the odds for your parlay bet.
Multiplying parlay odds in decimal format
- Leg one: 2.5 (+150)
- Leg two: 1.67 (-150)
- Leg three: 2.0 (+100)
Combination bet calculation: 2.5 x 1.67 x 2.0 = 8.35
Combination odds: 8.35
Combination bet payout ($100.00 bet): $835.00
Understanding how to convert US odds to decimals won't make you a profitable bettor, but it will allow you to calculate parlay payouts faster, which is key to identifying better value opportunities.
Parlay Sports Betting Strategy
While it is impossible to completely eliminate the house edge in parlay betting, there are some strategies you can use to reduce it and increase your chances of winning. Here are some key tips to maximize your parlay betting results:
- Don't add bets randomly: Don't add selections just to increase the number of bets in your parlay. Each selection should be carefully researched, based on an analysis of the situation or its actual value.
- Strong bankroll management: Parlay bets have a low win rate, so it is important to manage your bankroll carefully. You can go long periods without winning, so a solid financial plan is essential.
- Linking Bets: Try to link the selections in your parlay bet together. If one outcome is correct, the winning probability of the remaining bets increases.
- Using “Key Numbers” in NFL Parlays: When parlaying with an alternate point spread, especially in the NFL, make sure you use key numbers - numbers that have a big impact on the outcome.
- Same-Game Parlays: When placing parlays on the same event, link your bets together so that if one bet wins, the chances of the remaining bets also increase. This maximizes the benefits of the parlay.
Summary
Parlay sports betting is an attractive but challenging strategy that requires careful calculation and analysis. Although the risk is high, the potential for high profits also makes this form attractive to many players. To be successful with parlays, you need to understand each element of your bet, apply appropriate strategies, and manage your money wisely. Knowing how to combine these elements will optimize your chances of winning and achieve better results in your betting journey. Good luck!
See more: What is a Handicap sports betting? Guide for betting
