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PostPosted: Thu Jul 22, 2021 3:14 am 
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п»їHow to Read Parlay Odds.
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Sports bettors are always trying to get the most from their wagers – and beat the NJ online sportsbooks at their own game. Online Gambling professionals will have their own strategies and ways of making money. However, there are ways for all bettors to make more from less: parlay odds.
Of course, bookmakers like to tip the odds and markets in their favor – but a parlay bet can give you the upper hand. Also, use our betting odds calculator to figure out potential winnings.
In this article, we are going to look at what a parlay bet is – as well as how parlay odds work. We will come up with a few ideas for making the most of you parlay odds – and illustrate with some examples that may inspire you to check out the betting markets for parlays of your own.
What is a Parlay Bet?
Parlay bets are sometimes referred to as multiple or combination bets – and those terms reflect the nature of these wagers in a much better way. Rather than making a single – or straight – bet on an event, you will include a number of bets in your wager.
For example, if you are keen on betting on football you may want to bet on a number of NFL games over the weekend. You could make single bets on the Jets, Dolphins, and Chargers to win. But in a parlay bet you would bet on the chance of all three of those teams to win their individual games.
The attraction of a parlay bet is that parlay odds increase for every event – or leg – that you introduce into your bet. We will look more closely into how parlay odds work in a moment – but the basics of parlay betting is that because you are placing a bet on the likelihood of three events happening (in this example), parlay odds increase compared to the price of just one event. If anyone of the individual legs to the bet fails, the entire bet is lost.
The reason why parlay bets are so popular is that for a relatively small outlay you can win a large amount of money. Parlay odds make it that you can get a lot more for your $10 than betting just on the Raiders to win. The risk is greater – but so is the potential payout.
How do Parlay Odds Work?
These kinds of wagers can include just two legs or increase in size – depending on your bookmaker – to whatever you want to include. The parlay odds will increase substantially the more legs you introduce to the bet.
These huge parlay odds may be very enticing, but you need to realize that they are that big because it is far more difficult to correctly predict three, four or five events than it is to predict one.
Using the NFL example we mentioned before, here is how parlay odds work. Here are the odds for three games.
3 Parlay Odds Example.
To discover what the parlay odds for one bet is we need to convert these American odds into their decimal odds equivalent. If you are betting online then most sports betting sites can do this automatically, but the formula is very simple for favorites or underdogs.
For underdogs (or plus odds) you need this formula:
For favorites (or minus odds) the formula is this:
Here are the three events with their decimal odds:
New York Jets to win 3.00 Miami Dolphins to win 3.50 Los Angeles Chargers to win 1.63.
To get the parlay odds for our three-leg wager we now need to multiply these odds together.
To discover what the American odds for this parlay would be we need to convert it back by multiplying by 100 and then subtracting 100.
So our parlay odds work out to:
If you staked $10 on this three-leg parlay bet you and it won you would receive $161.20 profit.
What are the Advantages of Parlay Bets?
As you can see from our simple example – there is the chance to win larger amounts of money for a relatively lower outlay. Due to the decreased chances of multiple bets winning, the parlay odds are greater.
Let’s look at this example again and compare it to straight bets on the three games.
Those amounts are quite different to the $161.20 you would get with your parlay odds!
Many sports bettors like parlay odds as it means you can win a larger amount of money. The understanding is that there is less chance of the bet being successful. That is why many people use parlay bets as ‘a bit of fun’. If they come off then it’s great – but there is not as much expectation for that to happen.
It only needs one of the Jets, Dolphins, or Chargers to lose and this bet is lost. If you placed a bet on the three games individually you could at least still win something.
Basic Parlay Strategy.
As with any form of betting you should always only ever look for the value wagers. You may find very attractive parlay odds, sure. But, you still need to figure out whether the wager as a whole is worth it.
If you bet on ten events to all finish in the way you predict, you’ll always see very attractive odds. Realize that the reason is that it’s highly unlikely you’ll get every single one correct.
We have two basic pieces of advice when it comes to multiple bets. Keep the number of legs fairly low, and place a small stake.
With the way parlay odds are calculated you can see from our example that the price offered for even just a three-leg bet turns out to be quite attractive. Taking into account the amount of risk incorrectly predicting the outcome of three games, a $10 total stake still gets you a nice profit.
Even if you are doing this every week it is not much of an outlay towards having a little bit of fun on a Sunday during NFL season.
Parlay Betting Choices.
It really depends on the sportsbook or bookmaker you are using as to what sports you can bet on. But American sports and leagues all offer great opportunities to take advantage of parlay odds.
There are enough NFL games on a Sunday during the season to form a parlay bet. MLB and NBA both have multiple games most days of the week. So, there is also a good chance to make some interesting picks there too.
Some online sportsbooks may not allow betting on college sports involving schools from your state. However, both NCAA basketball and football also offer the chance to get some good value parlay odds for your betting.
Parlay Odds Verdict.
As you can see, for the casual or professional sports bettor, parlay betting and parlay odds can make the weekend’s sports schedules very interesting. For little outlay, you can turn a very healthy profit.
As long as you realize that the parlay odds are bigger because there is a much smaller chance of the wager being successful, you can have a lot of fun with parlay bets.
Read our sports betting terms article to find out more about different types of bets, such as moneyline and points betting.


Parlay Strategy.
A parlay bet is a popular form of sports wagering most gamblers are familiar with. In case you’re not, this bet is rather easy to understand. A parlay is simply a combo bet where, rather than betting several teams individually, you group them into a single wager. Using this option, the payout is greater and the risk is less, but you need all teams selected to win.
What happens if there’s a push in a parlay? That bet will be taken out of the parlay and the payout will be reduced as if there were one fewer team in the parlay. So if you had a 4 team parlay and you got three picks cocrrect and the other was a push, you would be paid out the odds of a 3 team parlay.
Parlay bets can be very tempting as they can offer some big payouts. See a recent parlay Kevin made at 5Dimes.eu and cashed in on!
Are Parlays Sucker Bets?
There is a general misconception in sports betting that all parlays are sucker bets. This is simply because most sports bettors are not familiar with how they work, or how to bet them properly. In this article, I’ll address parlay betting strategies, but first let’s look at parlay odds and how they are calculated.
The parlay odds at most Las Vegas sportsbooks are:
2 teams 2.6 to 1 3 teams 6-1 4 teams 10-1 5 teams 20-1 6 teams 40-1 7 teams 80-1 8 teams 150-1.
Let’s say you decide for the next eight weeks you’re going to bet the Monday night football game, starting with a $1.00 bankroll and betting your entire bankroll each week until you go 8-0 or bust. The potential win is as follows:
Week 1: $1.00 to win $0.91: If win total profit = $0.91 (Bankroll =$1.91) Week 2: $1.91 to win $1.74: If win total profit = $2.65 (Bankroll =$3.65) Week 3: $3.65 to win $3.32: If win total profit = $5.97 (Bankroll =$6.97) Week 4: $6.97 to win $6.34: If win total profit = $12.31 (Bankroll =$13.31) Week 5: $13.31 to win $12.10: If win total profit = $24.41 (Bankroll =$25.41) Week 6: $25.41 to win $23.10: If win total profit = $46.51 (Bankroll =$47.51) Week 7: $47.51 to win $43.19: If win total profit = $89.70 (Bankroll =$90.70) Week 8: $90.70 to win $82.45: If win total profit = $172.15 (Bankroll =$173.15)
The reason parlays are often sucker bets shows up in this middle column. Had you bet these in an 8 team parlay, you’d only get paid 150 to one. Essentially, a parlay is no different than betting all in each time, only parlays generally pay much worse. However, you’ll notice the odds are not poor until you get to four teams, where the sportsbook has a whopping 31.25% advantage. Two teams pay a smidgen worse than the manual parlay (all in each time) option, where three team parlays pay a smidgen better. Rarely ever is a 2 or 3 team parlay a true suckers bet.
What Does a Parlay Pay?
As I mentioned earlier, fixed parlay odds vary greatly between online sportsbooks. Here is some info on which sites offer the best fixed parlay odds:
3 team parlays pay 6/1 or $600 for every $100 bet. BetOnline.ag is the leader in the industry in 3 team parlay payouts.
Generally speaking, parlaying 5 teams or more teams is not a good idea; however, for sports gamblers looking for a lotto ticket, 5dimes.eu and Bookmaker.eu each offer up to 15 team parlays and have by far the best odds in the business on these.
True Odds Parlays.
1 Earlier, I mentioned fixed odds are only given when all selections are 50/50 propositions. If one side of a line requires a greater stake than the other to yield the same payout, this is not a 50/50 proposition, and the bookmaker will now use “true odds”. What’s important to note is that true odds doesn’t actually mean the “true odds” of winning. Rather, true odds pays the same as if you bet each team individually and rolled the profit forward each time, which is what I showed in the example of 8 all in bets starting with a $1.00 stake.
Let’s say you’re in the mood to gamble on an 8 team parlay, but the only out available to you is a bookmaker paying 150-1 fixed odds. A trick of the trade here is to include one bet that is priced differently than -110 in order to force the bookmaker to use true odds. So, let’s say you make 7 selections priced at the standard -110 pricing and one at -115. A true parlay calculates by multiplying each modifier together. The math is 1.91 * 1.91 * 1.91 * 1.91 * 1.91 * 1.91 * 1.91 * 1.87, which equals 173.41. This bet returns 173.41 times the stake, which includes the risk amount, so the bet is 1 to win 172.41. Notice this is significantly better than the fixed odds payout of 1 to win 150 on an 8 team parlay. In short, the trick of the trade when dealing with poor fixed odds is to simply add one team to the parlay that is priced differently than the standard -110.
As you can now see, if you know how to bet parlays properly, they are not always sucker bets. There are, however, a few reasons that parlays are generally not a good move. I’ll cover these, and then cover the times it does make sense.
Top Reasons to Avoid Parlays.
1) Progressive betting systems are generally regarded as poor strategy for both bankroll management and bankroll growth. Professional bettors make wagers based on their quantified edge per game. While the math can work out, doing the math for proper bet sizing on a parlay is a lot of added work with little to no upside for most sports bettors.
2) Parlay bets have higher variance than straight bets. Here you’re getting the same odds, but your chance of hitting a dry spell is greatly increased. When the odds are the same it is most often better to go with the lower variance option, which in this case is straight wagers.
3) Line Shopping – Sports bettors maximize their profit by always shopping for the best price. For example, finding -4 when other sites are -4.5, and finding reduced vig options such as -104 instead of -110. When betting parlays, you’ll need to find the most favorable odds for each team at a single betting site. This scenario is rare, so generally you’ll end up with better odds by making straight wagers at multiple betting sites.
Parlays That Make the Most Sense:
Reduced Juice – BetOnline.ag offers 6.5 to one on three team parlays. This comes out better than betting sides at the -105 price standard reduced juice sports books offer. In sports such as NFL football where 50/50 wagering propositions are common, a sports bettor gets far superior odds by betting 3 team parlays at BetOnline.
Correlated Parlays – If a bookmaker was offering betting lines on both “will it be cloudy today?” and “will it rain today?”, if allowed, you’d be much better off betting either both as no, or both as yes, in a parlay bet as opposed to straight wagers. While this is a simplified example, there are plenty of times when outcomes are correlated in sports betting. For example, a handicapper might determine that if one team covers the spread, the game is more likely to go over or under the posted total. Also, during the final week of the NFL season, a certain team winning or losing the day game might result in a previously important night game now having no meaning in the playoff race.
Free Play Bonuses – Several online betting sites, for example BetNow, offer players free bets based on the size of their initial deposit. Free play bonuses are not the same as cash. The difference is that a bet made with cash returns both stake and win, where a bet made with a free play returns only win. Parlays allow you the chance to use the same free play more than once, because a parlay really is only a wager that continues to place stake+win on the next selection. Remember, fixed odd three team parlays pay a little better than true odds. So when using free plays to bet 3 team parlays, you’re getting slightly better odds, and also a chance to apply that free play stake to three different bets. This is common knowledge that 3 team parlays are a great use of free play bonuses.


Gambling 101: What is a Parlay Bet?
Legal sports betting is now available in several states, and bills are pending in many more. Full-service sportsbooks are popping up across the country and offer everything from futures betting to live in-game wagering options. Parlays are part of the package, and this SI Gambling 101 feature focuses on the pitfalls and benefits associated with accumulator bets.
Parlay betting is high risk and high reward. It's not for everyone and is shunned by some in the betting community due to low winning percentages. For those that don't mind a little extra risk to collect a more substantial reward, there are a variety of parlay options available.
Offered on all major pro and college sports, a two-team combo is the most basic parlay. While the risk rises, with each added leg, bettors can include upwards of 15 teams on a single wager. Each team selected must win or tie to cash a winning ticket. For example, if one game ends in a tie, a four-team parlay would be reduced to a three-team ticket.
Point spread, moneyline, and game total options can be used on parlays. Tickets can consist of multiple wagers on a single sport or selections from a variety of sports. For example, on Super Bowl Sunday bettors can build a parlay ticket with the NFL title game and add bets from the NBA and NHL. Original investments are returned on winning parlay wagers.
What are the Payouts on Parlay Tickets?
Calculating parlay payouts is a complicated process that requires figuring out implied odds. To simplify things, let's use two sides that are both priced with (-110) odds. Those lines convert to 1.91 decimal odds that are then multiplied together to reach 3.64 implied odds. Therefore, Pittsburgh (-110) plus Baltimore (-110) would return a $264 profit on a $100 wager.
Calculation: 1.91 X 1.91 = 3.64 implied odds X $100 bet = $264 profit.
During the 2020 NFC and AFC Championships games, bettors were asked to pay heavy juice to bet on the Chiefs and 49ers. Wagering on the favorites paid a $58.82 total return on two $100 bets. Bettors who tied Kansas City and San Francisco together earned a $134.95 profit on a $200 two-team parlay. There was added risk since both teams needed to win, but the reward was an extra $76.13 profit.
Parlay Betting Pros and Cons.
The biggest drawback with parlays is the added risk that comes from needing to select two or more sides. Everyone knows how difficult it can be to pick just one winner. Odds of cashing a single bet are basically 50/50 since one side will win and one side will lose. While the payout goes up, odds of winning get worse with each team added to a parlay ticket. Combos are "all or nothing" bets, as winning three games on a four-team team combo doesn't earn a return.
Beyond the large payouts, earned with a small investment, parlays have positives. When possible, it's wise to have a mix of early and late-night games on parlay tickets. If the early games win, an in-game wager on the late-night contest can set up a guaranteed profit. Also, some sportsbooks offer early cashouts to reduce their risk. The payout is lower, but bettors don't need to sweat the games still in play. Hedges and cashouts are personal decisions worth considering.


Multiply Your Betting Odds: How to Use a Parlay Calculator?
A parlay is a type of bet that puts together two or more individual bets for a higher payout. Since it is treated as one bet, none of the picks on your parlay can let you down. Even if one of your parlay picks loses, the entire parlay is gone.
Parlays are highly popular among the bettors just because of the higher payouts. You can win hundreds of dollars with a couple of bucks stake when you land a 5-game parlay for example. However, the bigger payout brings along the greater risk. You will have a much higher chance of nailing a single straight bet than several picks at once in a parlay.
What is a parlay calculator and how to use it?
Just by reading the introduction part of this article, you may have an idea of what a parlay calculator is. It is a tool used to calculate the payout of your parlay. It is by no means a game-changing business software as all sports betting operators have been using it for ages. If you have ever placed a sports wager, you have practically used a parlay calculator in your bet slip. Usually, the sportsbooks automatically multiply the odds for your picks and you can see the possible payout in the bet slip. You can, of course, type in “parlay calculator” in your web browser and test the tool on various sites. You will just be asked to enter the stake and the odds, and you will instantly see the potential winnings amount.
How can I calculate a parlay payout?
You can do the parlay calculator’s job on your own as well. We will show you the math through an easy example, but let’s first go through the theoretical part. This is what you should do:
Convert your American odds to decimal odds through one of numerous online odds converters Then multiply these decimal odds Then multiply the number you got (the multiplier) by your bet amount Finally, subtract your original stake and you have got the odds for your parlay.
We know the theory is boring, so let’s get straight to the example. Let’s say that we want to back spreads for four different teams across four distinct professional sports in the United States. The spreads are paid at the -110 odds with most sportsbooks, in most cases. So, this is our parlay:
Dallas Mavericks (-5.5) to beat Atlanta Hawks @ -110 Buffalo Bills (-6.0) to beat New York Giants @ -110 Tampa Bay Lightning (-1) to beat New York Rangers @ -110 New York Yankees (-1) to beat Los Angeles Dodgers @ -110.
By applying the aforementioned theory, we should do the following:
-110 American odds are equal to 1.91 decimal odds 1.91 x 1.91 x 1.91 x 1.91 = 13.30 13.30 – 1 = 12.30.
Now that you’ve got the parlay calculator basics, you are ready to jump into today’s betting offer and find the best several picks for your parlay. Good luck!




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