What Are Parlay Bets and How Do They Work

Sports Betting

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Parlays are considered one of the most popular types of sports betting. A parlay bet makes the promise of higher payouts than individual bets, attracting beginner and experienced gamblers. Individuals can place bets on various items, from OVER/UNDERs, Moneyline bets, or point spreads.

In fact, you aren’t confined to an individual sport; participants can opt to chose specific parlays, or you can opt to combine different games. Essentially, a parlay is any two individual wagers acting together as one bet. Winning is solely dependant on successfully winning every bet on the ticket.

How Do Parlays Work?

For those new to sports betting, a parlay bet simply combines multiple straight bets into one ticket. Occasionally, a parlay may be referred to as an accumulator, multi-wager, or combo bet. The ticket only wins if every bet placed wins.

Any singular loss on the bet items brings a losing ticket and missed winnings. Typically, tickets contain two or more bets, earning a higher payout collectively than selected on a single wager. The straight-up bets pool together with totals and spreads.

Understanding How the Parlay Works

If you’re considering three different games, you’d first have to determine whether you’re betting on the totals, Moneyline, or spread. Once you’ve chosen your bets, the odds are calculated based on the individual number of bets.

These odds are determined by the 50-50 chance of winning each particular bet. When opting for three wagers, the odds would be +600. In this instance, it would be two odds multiplied by three bets.

Assuming these odds, betting $100 on your total parlay bet would result in a payout of $700. The winnings would account for $600, plus your original $100 bet. The payout would depend on the odds calculation and also on the amount bet. A can help you determine the specific payout of each wager made, which can help you choose the risk you’re comfortable spending. 

Teaser Bets and Parlay Bets

Typically, a teaser bet is found within football betting. Teasing can often get confused with parlay betting, although they’re entirely different betting.

Teaser bets are wagers that allow you to move the point spread. You’re able to select the number of teams for betting, between two and 15 teams. Other than the ability to choose multiple teams, betting is entirely different.

What is a PUSH is Parlay Betting?

A PUSH will occur when the totals or spread bet you’ve made hit the exact number outlined by the oddsmakers. If this number is neither UNDER nor OVER, you will get your money back. Simply put, the bet is obsolete and becomes removed as if the bet was never placed.

All PUSH results will be pulled off the ticket, requiring participants to win the other bets on the ticket to win.

What happens if a game gets canceled?

While bettors understand that a single loss voids any chance of winning, the team neither wins nor loses when a game gets rescheduled or canceled. More often than not, a game that gets canceled will simply be removed from the parlay as if the bet was never made.

Most sportsbooks will follow the same concept during tie games unless you’re betting a three-way market.

What is the Appeal of Parlay Betting?

While some people enjoy sweating small bets, the same logic applies to small bets that can win large amounts of money. There’s also a large amount of entertainment value connected to parlays, although statistics show the house wins more often than not.

Can You Bet Different Sides of the Same Game?

Playing parlay cards that feature different sides of the same game will depend on the sportsbook. Often, attempting to bet different sides of the game (whether it’s NCAA, NBA, or MLB) is not typical.

You’ll want to contain a Moneyline, total, or spread instead of multiple types of the same bets. After all, betting different sides of the same game is nothing more than a waste of money – both bets would cancel each other out, resulting in a loss.

Chances of Success with Parlay Bets

All sportsbooks love parlays, but individuals may not enjoy them as much. For a sportsbook, forcing bettors to be perfect in their wager is a considerable appeal. Without having a solid understanding of the game, odds, or payout, a bettor lessens the chance of a payout. It’s essential to make sure you have a solid knowledge that every parlay requires perfect betting, or the ticket is a loser.

This means on a bet containing six singular bets, even one bet wrong will result in nothing. As such, always make sure you research and understand the bet you’re making. Despite the larger payout, the increased risk comes from the need to have perfect results. You’ll want to monitor your bankroll and budget accordingly too. Parlays can be risky betting for inexperienced people.