Sports Betting Parlays

Parlay Betting for Various Sports

Parlay bets are likely the most common bets that people make when choosing proposition of exotic bets. This is because most parlays can offer rather large odds for very small wagers. While this is tempting, the odds are large for a reason. The biggest parlay bets are difficult to win. In the typical parlay bet, you choose at least 2 teams or players that you think will win their respective events. If your bets are correct, you win the parlay. If either of the teams/players lose, you lose the parlay bet. In this way, a parlay total of 9-1 is the same as 0-10.

The two major types of parlays are the money line and point spread bets. The major difference between these types is the way in which pay outs are handled. If you make a point spread parlay bet, the odds remain the same. Money line parlays, on the other hand, are always based on the odds of each selection in your parlay.

Point Spread Parlays

While the odds of point spread parlays can differ from parlay to parlay, the general concept remains the same. If you bet on 5 selections, the odds will be better than if you bet on 2 selections. For example:

2 selections: 4-1
3 selections: 8-1
4 selections: 12-1
5 selections: 24-1
6 selections: 42-1
7 selections: 75-1
8 selections: 145-1
9 selections: 310-1
10 selections: 800-1

Referring to the above chart, if you were to make 8 selections of teams/players to win their respective events and were correct, you would win $145.00 for every $1.00 you bet. So, a $100.00 bet would net you a total win of $14,600.00. Indeed, a small wager can equate to very large gains. However, if you were to select 8 teams/players and just one did not win their event, you would lose the bet.

Money Line Parlays

Money Line Parlays can be very difficult to calculate as they change based on your picks. However, parlay bets must be made on a selection of teams/players to get the better odds offered. Money Line Parlay bets are made by first picking your selections and then waiting for the odds to change from event to event. For example:

You begin a 5 team parlay by betting $100.00.
Your fist selection, Team A, carries +150 odds.
Your first selection wins the game and you are awarded $250.00 into your parlay pool.
The second selection that you made carries +125 odds.
Your entire parlay pool is bet on this team.
Should your second selection win, you stand to win $563.00

Is it Smart to Make Parlay Bets?

It is usually not smart to make parlay bets by simply examining the odds. If you bet on three selections winning their respective events, the true odds of a point spread bet equal out to 7-1. However, the pay off is typically 6-1 for this type of bet. Even more daunting is the 10 selection parlay bet. The actual odds of a 10 selection win are 1023-1. However the pay out is almost never this high.

Unless you have the money to play with, stick to single event bets. It is often very difficult to pick a single win while picking up to 10 different wins can be a much more daunting task with pay outs that almost never justify it.