Betting parlays is easy with online and sports betting apps and self-service betting kiosks at Michigan retail sportsbooks. For the most part, you tap the screen on the sport you’re interested in betting on, browse through the betting markets, and tap on the bets you want to make a part of your parlay. Half-Point Parlay Card The Half-Point Parlay Card is the most popular type of card in Las Vegas and will offer payoffs ranging from 6.5 for 1 on a 3-selection parlay to 2,500 for 1 on a 12-selection parlay. All point spreads use half points, eliminating the possibility of a tie. Betting parlays is easy with online and sports betting apps and self-service betting kiosks at Michigan retail sportsbooks. For the most part, you tap the screen on the sport you’re interested in betting on, browse through the betting markets, and tap on the bets you want to make a part of your parlay. A parlay bet is a sports bet that combine multiple straight bet wagers on one ticket. Usually, you would pool straight-up bets with spreads and totals. However, you can have multiple versions of the same bet as long as it’s on different games. How Do Parlays Work? Parlays are the Frankenstein’s monster of sports betting. They are wagers that consist of other bets glued together with one another. They are also a high-risk, high-reward opportunity for the daredevil sports bettor. If you are a Colorado resident who feels like kicking things up a notch, make sure you read this guide to parlay betting first.
A parlay bet is a single bet in which two or more outcomes are dependent on all wagers winning. The reason parlay odds have an allure to sports bettors is because they offer higher payouts than conventional wagers. Of course, the caveat for the bookmakers is that all bets in a parlay must win for bettors to win the bet. If, one or more of the bets loses, the wager is graded as a loss. Parlays are remarkably similar to the European accumulator, as both consist of several straight up bets that must prevail for the bettor to win the wager.
Okay, so we have explained what parlays are, let’s now figure out if they are profitable, and what kind of edge the bookmakers have on their bettors.
The standard payoff from an online bookie for a two team parlay is 2.6 to 1. The true odds of this bet are 3 to 1. Of course, no bookmaker will offer this to players, as they need to make their commission. Three team parlays pay 6 to 1 by the betting sites and have true odds of 7 to 1. The true odds represent the expected outcome if each bet in a parlay is a 50/50 proposition, and does not factor in the oddsmaker’s commission.
Here, is an example of a three team parlay:
Pittsburgh Steelers -3 1.91
New Orleans Saints +4 1.91
Saint Louis Rams +10 1.91
For this example, we used three different NFL teams. All wagers must win for the bet to be graded as a winner, and if any of the three wagers lose, the bet is a loss.
If we risked $100 at +600 (6 to 1), and our bet won we would win exactly 595.79, which we can round up to 596. Though our wager is +600, we still have to pay juice on each of three bets, which accounts for the bookmaker’s commission.
If one our bets should push, the parlay would become a two team parlay, and if two bets push, it would become a straight wager. This is a general rule for parlay betting, as pushing a bet in a parlay lowers the parlay odds by one game.
Parlays, in most cases, can be split between different sports, and spread out over the course of a few days provided the odds are available for wagering. For example, parlaying a tennis wager with a baseball and football wager. Many factors come in to play when calculating parlays, including the number of teams and the juice on each bet.
The best way to calculate a parlay’s profitability is to compare it to the true odds, which can easily be obtained by using a parlay calculator, or doing the math yourself. Resorts nj sportsbook.
If you are an avid parlay bettor, it is essential to find a book with the best parlay odds. In a lot of cases, odds may vary slightly from book to book, and while this difference may seem trivial, it makes an immense difference to your bottom line. Finding the best odds for parlay betting is crucial and will make a significant difference in your bankroll. Be sure to compare parlay odds from leading bookmakers, if parlays are a prominent part of your betting repertoire. Taking advantage of promotions and bonuses is also hugely beneficial.
Parlays are can be solid bets if used effectively, even though the books do have the players beat on the odds, the vast majority of the time. However, there are situations where bettors can possibly have the upper hand.
Many bookmakers offer reduced juice on straight wagers, and allow bettors to import these lines into parlays as well. This can give bettors an edge on the book, or remarkably close to break even odds.
Another factor is that parlays require less bankroll, and bettors have the potential to gain a larger amount while risking much less. Rarely can you wager $100 to win $600, but you can betting three team parlays. We suggest you read up on Parlay betting strategies if you would like to learn more on the area of multiple bets.
Overall, there is no blanket statement regarding parlays. Recreational bettors bet them for amusement, and professional bettors use them to gain an edge. It all dependss on the situation, and the odds offered.
Parlays are the ultimate big-win chaser’s dream. The combined bets provide massive potential payouts on nominal wagers, and nearly every online sportsbook offers them. Though the odds are low for a given parlay to hit, the possible winnings are huge, and a handful of lucky bettors have cashed in some gargantuan parlay jackpots at legal sportsbooks worldwide.
But before jumping into some of the craziest parlay wins on record, it helps to better understand the betting method, its upsides, and the inherent risk.
In simple terms, parlays are “all or nothing” bets. Parlays combine two or more individual bets into a single wager. This ramps up the odds so that a parlay pays much higher than any of the individual bets.
For example, I combined four bets with odds of -110, -110, +150, and +115 today on PointsBet, and the parlay payout came in at +1859. A $20 bet would pay more than $390.
Of course, there’s a catch. For a parlay to win, each individual bet must win. If you combine four bets into a parlay and one of them loses, you lose your bet even if the other three bets won. For that reason, parlays are risky bets, and most experts encourage you to steer clear.
On the other hand, casual bettors might enjoy making a weekly parlay every NFL Sunday or while any other league is in the thick of its season. There’s nothing wrong with making the occasional parlay bet as long as you acknowledge that your odds to win are low, similar to playing a slot machine.
Some bettors have beat the odds and been lucky enough to nab astronomical parlay wins in the past. Here’s a round-up of five amazing parlay wins.
Last year brought a huge windfall to one FanDuel sportsbook bettor who won on a $200 parlay combining 15 NBA, NFL, and NHL bets. The bet hit in November 2019 when all of the bettor’s moneyline wagers won for a payout of $229,276.
The moneyline bets boosted this wager over the edge for a massive win, because moneylines tend to offer longer odds if you pick the underdog. Whether it was sheer luck or educated guessing, this bettor came out on top.
In March 2019, sportsbooks were starting to take off in Mississippi on the heels of an August 2018 launch. March brought one noteworthy parlay win that featured a little bit of everything.
Rather than sticking to one type of bet, this bettor wagered $25 on a 20-leg parlay. The parlay was a veritable smorgasbord of bets and sports, including point spreads, moneylines, and totals. The wager covered a slate of Friday-night games across the NBA and NCAA basketball.
According to ESPN, the customer at BetAmerica sportsbook in Vicksburg, Mississippi’s Riverwalk Casino wagered on 14 favorites, three underdogs, and three “over” totals bets.
After a few close calls, the 20-leg bet won, netting the bettor a $104,412 win.
In September 2020, a BetMGM customer raked in a $152,341 win on a $10 parlay.
The 11-leg bet featured five moneyline bets, five totals, and a single point spread wager (Duke +20.5). The majority of the bets predicted college football match-ups, but a few additional professional games sent the bet over the edge. The Rockets-Lakers under and the Yankees moneyline contributed to the win, resulting in a huge payday for the lucky bettor.
Amateur sports bettor Tayla Polia’s parlay success story is featured on countless lists just like this one, and for good reason. In 2015, Polia placed a $5, 15-leg parlay that included 14 point spread bets and one totals wager for the Steelers-Broncos matchup.
To her surprise, Polia’s bet won and paid out 20,000-1 for a cool $105,000. She actually thought the bet had failed initially because the Giants lost their match-up. But Polia had bet on the team to cover, which they did, completing her parlay and netting her a huge win.
In 2015, MLB fans worldwide witnessed history. For the first time since the league’s inception, all 15 home teams won their games on a single day.
One lucky bettor cemented his place in the story by predicting the event with a 15-leg parlay bet. The Ireland bettor had plenty of reason to celebrate proverbial Irish luck when his ~$78 bet, placed at William Hill’s sportsbook, won him $100,810.
You may see these wins and instantly open your sportsbook app to start placing a few parlays for yourself. Before you do, it’s important to note that these wins are the exception, not the rule. The sage advice from sports betting experts is to stay away from parlays.
However, it’s okay to place a parlay bet once in a while, especially if you feel confident about a select few match-ups. Parlays can be a fun way to get in on the action and invest yourself in the match-ups of the day. Just play responsibly and keep in mind that your chances of winning any parlay are slim.
If you’re planning to place parlay bets, there are a few tips to keep in mind.
Sure, a 15-leg parlay is enticing, especially if the payout has four, five, or even six digits. But the more bets you include, the less likely you are to win. IF you’re interested in placing parlays, keep them simple at first. Combine two or three bets and see how they perform. If you’re lucky, you might win a few hundred dollars.
Underdogs offer better payouts, but that’s only because they are viewed as less likely to win their match-up. If you’re building a parlay of moneyline bets, pay close attention to the odds. If one team is heavily favored to win, that might be the wiser pick.
Unless it’s the mid-90s and you’re placing Chicago Bulls bets every week, try to steer clear of home-team bets when you’re building a parlay. I’ve fallen victim to the trap many times–I place a 5-leg parlay bet that includes my Chicago Bears to win only to find a disappointing 4-1 parlay that loses me my initial bet thanks to a crushing Chicago loss.
If you want to bet on your home team, keep that wager out of your parlays or risk disappointment.
Betting on point spreads gives you smaller individual payouts, but combining them into parlays can produce big potential wins. Point spreads even out the odds of a given match-up, giving the predicted underdog a chance to cover the spread even if they lose the match.