No matter if you are new to sports betting or a seasoned veteran, there are terms that you need to know in order to be successful. This especially goes for the different types of bets available to you for any given game or event.
One of the betting markets in particular you should be familiar with before trying to bet is parlays. If you are interested in learning more, you have come to the right place, as we have put together a comprehensive guide for what parlays are and how they work in regards to sports betting.
Parlays Definition?
By definition, a parlay is a type of bet that strings together multiple bets.
What is a Parlay in Betting?
When it comes to betting, parlays are a bet that combines several other bets into one to give you increased odds compared to making single bets.
How is a Parlay Different From Single Bets?
The biggest difference between a standard single bet and a parlay is that every bet in a parlay must win.
For instance, if you made five single bets on a variety of markets and four of the five bets you made won, you would likely profit, depending on the stake for each bet.
However, if you created a parlay with the same five bets you used to make the single bets, and four of the five bets won, you would lose the parlay and therefore, the stake you made.
Another difference, and probably the one that draws bettors to create parlays in the first place, is the fact that with a parlay, you get much better odds.
Depending on which market you are betting on, single bets have odds that can be pricey, to say the least.
With parlays, you are much more likely to get plus “+” money odds. This, in turn, would give you the chance for higher profits.
What Types of Bets Can I Include in a Parlay?
One of the best things about creating a parlay is that you can combine many different types of betting markets. Of course, this includes common betting markets, such as money lines, point spreads, and totals.
This also includes player props (many different types of player performances), game props, team props, and even many types of future bets.
How Many Legs Can I Include in a Parlay?
The number of legs you can put in your parlay depends on which sportsbook you are using. One thing that is for sure is that your parlay must have two legs at a minimum. As for the maximum, some sportsbooks allow you to put as many as 15 legs in your parlay, while other sportsbooks have a maximum of 10 legs, or even 12.
As enticing as creating a 15-leg parlay is, a parlay with this amount of legs is usually not advised, as it can be seen as simply donating your money to the sportsbook you are using.
What Happens If One Leg Pushes in a Parlay?
One thing to watch out for when creating a parlay is having one of your bets push. When making straight bets, a push would essentially mean that the bet you made tied. Normally, a push also means the amount you bet will be returned to you.
However, with a parlay, a push makes things slightly more complicated.
Let’s say you create the following parlay:
- Leg 1: Baseball: Team A ML (-125)
- Leg 2: Football: Team B -5.5 (-110)
- Leg 3: Basketball: Team C/Team D Over 210 Points (-110)
Parlay Odds: +556
In this scenario, two of the three legs are guaranteed to either win or lose. This is because you bet Team A to win in a baseball game in which there are no ties, while you bet Team B in a football game at -5.5, which is a spread with a hook.
However, in the basketball game between Team C/Team D, there is a chance at a push because the total you bet does not have a hook (or the added 0.5 to the total).
Now, after the results of all three games, your parlay then looks like this:
- Leg 1: Baseball: Team A ML (-125) – Win
- Leg 2: Football: Team B -5.5 (-110) – Win
- Leg 3: Basketball: Team C/Team D Over 210 Points (-110) – Push
Parlay Odds: +556
Because Leg 3 is graded as a push, this would essentially eliminate that bet from your parlay, and it would then look like the following:
- Leg 1: Baseball: Team A ML (-125) – Win
- Leg 2: Football: Team B -5.5 (-110) – Win
Leg 3: Basketball: Team C/Team D Over 210 Points (-110) – Push
Parlay Odds: +243
With the updated parlay as shown above, your three-leg parlay would then be converted to a two-leg parlay. The odds would be recalculated as such, and you would receive a payout slightly lower than what the original parlay showed.
What Happens if a Parlay Leg is Canceled or Postponed?
Much like if a game pushes in a parlay and is removed, the same thing will apply for a parlay with a leg that gets canceled. This would ultimately reduce the number of legs in your active parlay, and as such, update the odds as to the amount of your potential winnings.
One small exception to how this works is if a game you had in your parlay is postponed. This is different from being canceled, as postponed games are rescheduled. However, the caveat is that the rescheduled game must fall within the period set by the sportsbook you are using.
Most of the time, this period is one to two days. If the game that was postponed is played within this time, this bet will remain active as part of your parlay. However, if it is rescheduled for outside of this period, that leg of your parlay will be voided, and the parlay will be adjusted accordingly.
Is it Better to Bet on Favorites or Underdogs in a Parlay?
With parlays, many times using favorites is more advised compared to underdogs. While parlaying underdogs is sure to give you huge odds, the chances of winning are much lower.
However, using favorites in a parlay would allow you to include bets that you may otherwise stay away from. For example, if Team A was a -250 favorite and you parlayed them with a favorite of -200, your parlay odds would be +110.
While these odds would not give a huge profit, your chances of winning the bet are much higher considering the odds associated with both teams.
How Are Parlay Odds Calculated? Money Line and Point Spread
Calculating a parlay is dependent on the odds associated with each leg. Let’s say you had the following two-leg parlay:
- Team A ML (-120)
- Team B -2.5 (-110)
The first step is to convert the odds to a decimal format. In this example, these odds would be -120 and -110. The formula to convert negative American Odds to Decimal Odds is the following:
(100/American Odds) + 1 = Decimal Odds (For Negative American Odds)
(American Odds/100) + 1 = Decimal Odds (For Positive American Odds)
In this example, converting the odds would look like the following:
(100/120) + 1 = 1.83
(100/110) + 1 = 1.91
Once you convert the odds to decimals, the next step is to multiply them together:
1.83 x 1.91 = 3.50
Next, multiply by 10:
3.50 x 10 = 35.0
Finally, subtract the amount you bet. In this example, let’s say we bet $10:
35.0 – 10 = 25.0
Using the number 25.0, it tells us that you would win $25 for every $10 bet, which means the American odds for this parlay would be +250.
What Does Covering a Parlay Mean?
The term “Covering a Parlay” is a quicker way to say whether or not your parlay won. If all your bets in a three-leg parlay win, this means the parlay was covered. However, if one or more bets in the same parlay lose, it means the parlay you bet on was not covered.
What are Same-Game Parlays?
The term “Same-Game Parlay” refers to a type of betting market available at most sportsbooks. These bets work the same as parlays; they are simply created using one game instead of multiple.
Same-Game Parlays typically allow you to create your parlay using any betting market available for that game. However, generally, you are not allowed to combine Money Line and Point Spread bets.
How Do Parlays Work in Different Sports
The main difference when it comes to comparing parlays across the different sports is which types of bets are available for each sport. For example, with team sports such as baseball, basketball, football, hockey, and soccer, you can make bets on halves, periods, innings, and quarters. However, with individual sports, such as golf, tennis, and MMA, these bets would not be available since they do not exist.
In terms of actually creating a parlay, they will work the same across every sport in the sense that every leg must win in order for you to win the parlay you place.
Final Word: Are Parlays a Good Long-Term Betting Strategy?
Generally speaking, parlays are not the greatest strategy for the long term. This is because you must win all the legs in any given parlay, which requires multiple bets to go your way, whereas a single bet only needs one bet to go your way.
That being said, parlays are one of the most fun bets to make because of their higher payouts, so using them every so often can result in some big profits. The biggest advice would be to not bet on parlays of five legs or more and stick with parlays of two to four legs to give yourself the best chance at winning.
Quick Glossary
Predicted Total
The expected number of points that will be scored in a game.
Money Line
The bet that requires the team you bet on to simply win the game by any margin.
Point Spread
The margin that a favorite must win by or an underdog must not lose by.
Push
The betting outcome where the bet you made ends on exactly the number posted, that being the point spread or total. In this case, all bets will be refunded to you.
Underdogs
The team that is not favored to win for any particular game or event.