What are Parlays?
For a chance to win real big money, parlay bets are the way to go. Now, in saying that, be careful with parlay bets, because too many of them and you could find yourself with an empty bank roll.
Parlays are extremely popular among American sports bettors. The reason they are so popular is they give the best chance of you winning a large amount of money by risking just a little. A parlay is a collection of bets put together on more than one team. The twist with a parlay is, they must all win, or you lose. You could play a nine-team parlay for 150k, but if the Utah Jazz lose to the Los Angeles Clippers like you bet they would, you lose. It doesn't matter how awesome your other eight bets in the parlay were.
Bettors can use all sorts of different types of games in a parlay. If a bettor wants to put some early season MLB action with some playoff NBA action, they are more than welcome to. The best time of year is in late September when a bettor can wager on MLB, NFL and NCAA Football all at the same time. For example, if you wanted a three team parlay of the Chicago Cubs, New England Patriots and Nebraska all three to win, you can do that.
The odds for standard spread or over/under parlays typically look something like this:
- 2 teams 13/5
- 3 teams 6-1
- 4 teams 10-1
- 5 teams 25-1
- 6 teams 40-1
- 7 teams 75-1
For example, if a bettor was to place $10 on a seven-team parlay, using point spread bets, if all seven bets won, the bettor would net roughly $750. See what we mean, little wager can equal high reward! Some books allow all the way up to a 12-team parlay. A $10 wager on a 12 teamer can return thousands and thousands of dollars. But what are the true odds of this happening? Slim to none!
Bettors can also use Moneyline bets during parlays. Things get a little trickier with Moneyline bets. Because Moneyline bets have the chance to be an easier win for the bettor, they may not pay as high. For example if the New York Yankees at -250 was in the parlay that would not pay off nearly as much as the Detroit Pistons -2.5(-110) would. The Yankees payout would be -250%, while the Pistons would pay a normal amount (-110). The odds on Moneyline parlay bets will vary greatly on the odds for each of the bets within the parlay. We won’t attempt to make a chart for these but if you go to your favorite Sportsbook, place a Moneyline parlay bet and see what the payouts are.
While a parlay bet may be a juicy idea due to the amount of winnings available, bettors should be careful. Understand that betting on sports is not as easy as it seems, and it takes quite a night to be able to accurately predict winners in numerous games. Always remember, one loss in your parlay and you lose.
