A Complete Guide to Parlay Betting
Parlay bets are wagers where multiple teams are selected to win, linking them onto a single ticket. Instead of making multiple straight bets, parlays offer increased odds, giving handicappers the chance to turn a small bet into a large payday. With each team added to a ticket, the higher the odds.
In order to win a parlay bet, every team on the ticket must win. For example, if you’re 6-0 on a 7-team parlay, the last team needs to win, otherwise the entire ticket is lost.
* The best parlay odds online are offered at Bet365.com
Different sports, point spreads, money lines, and totals can all be combined onto a single parlay ticket. If any game within a parlay results in a push, the parlay reverts down by one game. For example, if you had a six team parlay with one push, the payout would be based on five team parlay odds.
Best Sportsbooks on the Internet for Parlay Betting
For frequent parlay betting, Bet365 offers some of the best daily odds for parlays of 9 teams or less. Here is a quick comparison chart for point spread parlay odds.
|Teams||Bet365.com – Every Day||Most Sportsbooks|
|8||150/1||100/1 – 150/1|
|9||300/1||150/1 – 300/1|
|10||500/1||300/1 – 700/1|
|11||750/1||450/1 – 1200/1|
|12||1000/1||600/1 – 1800/1|
Parlay Bet Calculations
Parlays can be placed on NFL and NBA basketball games using the point spread, or any sport using the money line. When making parlay bets on games using a point spread, most sportsbooks stay within a certain range of odds until they get above 8 team parlays. At 8 team parlays and bigger, there’s a fairly wide range of odds that are offered.
Since the odds on money line bets vary, the odds are calculated differently. When money line bets are added to a parlay ticket, obviously the odds of each individual game have to be factored into the payout calculation.
Useful Tips & Strategy
Instead of placing parlay bets with lots of teams on them, split them into multiple, smaller tickets. We recommend keeping your parlay bets down to 2-5 teams per ticket. This will increase your odds of winning, keeping your bankroll replenished with smaller, more frequent wins. Also, with each team added to a parlay ticket, the house takes a larger edge. When you get into 6+ team parlays, the house edge grows considerably.
With each team added to a parlay, the smaller the bet amount should be. Some professional handicappers suggest a maximum of 2-3% of a bankroll, but we recommend that with increased odds and decreased chances of winning, to respectively lower the % of your bankroll committed to the parlay.
Make sure the final game on every parlay is scheduled to begin after every other game ends. Give yourself a bit of time to place a side bet and protect a potentially large win. For example, if you’re 4-0 going into the 5th and final game of your parlay, you stand to make a nice win if the final team wins. If they lose, your parlay loses too. Instead of risking the entire parlay, place a side bet for a guaranteed win.
For example, if the final game is between the New York Giants and Philadelphia Eagles, and your parlay has the Eagles, place a bet for the amount of money you want to guarantee on the Giants. If you have a 5 team, $50 parlay on the spread at 20/1, you stand to win $1000. Placing a $250 side bet on the Giants will return a $227 profit at -110. Minus out the $50 on the parlay, and you’ve guaranteed yourself a profit of $177 no matter who wins. If your parlay bet wins, you still take home a big win.
How to Win Big
With the parlay odds chart above, you can see that the opportunity to win big by parlay betting is definitely there. If you’re a professional handicapper looking to hit big, try to follow the proper bankroll management strategy. Don’t risk too much on parlays with a lot of teams on them.
For casual punters looking to have some fun, forget everything mentioned above and go have some fun. Keep in mind, if you’re going after a large parlay, don’t risk money you cannot easily afford to lose. Parlay bets are difficult to win, and Mr. Furley expects the rent payment next month.
But, if you’re looking for a big win, register at Bet365.com. Four team parlays pay 12/1 instead of 10/1. A seven team parlay pays 80/1 odds instead of 75/1. Nine team parlays pay 300/1 instead of 150/1.
For our own sense of responsibility, we want to remind anyone reading this that parlay betting for big wins can be a very risky, losing proposition. Please do not bet with money you cannot easily afford to lose.
Since you’re asking for it, here’s our next tip for hitting big parlay wins.
Use the money line instead of the point spread. Pick a 5-6 team underdog parlay with money line odds in the +110 through +160 range. Underdogs will pay much better than favorites, and the odds dramatically increase. Don’t go too crazy, putting 10 underdogs onto one parlay (unless you’ve recently spotted a unicorn). Keep it down to a more reasonable number of dogs that need to win.